Democrats praise Obama, Republicans praise Trump, and the fight for who deserves more credit for the economy wages on and on and on …
Opinion contributor Madison Gesiotto laid out exactly why — in her opinion — the economy under President Donald Trump is stronger and will be longer sustained than the economy under President Barack Obama. Noting that while the economy is complex, regulation, employment and tax cuts are all important factors in why Trump’s economy trumps Obama’s.
Per The Hill:
For far too long, the policies of the Obama administration suffocated the economy. In its first two years alone, the Obama administration imposed $245 billion in regulatory compliance costs on businesses and families. The Trump administration quickly hit the ground running with aggressive deregulation. In 2016, there was a record 97,000 pages of regulations in the federal register. The Trump administration took bold action to bring this number down with 22 federal regulations slashed for every single regulation created. Since he assumed office, President Trump has saved the United States $33 billion in regulatory compliance costs.
The last sentence is a bit misleading in that Trump has saved U.S. companies $33 billion — not taxpayers — in regulatory compliance costs. But it’s impossible to argue against the fact that deregulation spurs greater profits, pushing up the economy.
On unemployment, which is at its lowest rate in nearly 50 years, a popular graphic has been making the rounds on social media for months now. The graph shows the steady rate of decline of unemployment that began a full decade ago, long before Trump took office (Trump’s term highlighted in red below).
Democrats argue the trend has merely continued under Trump. But it’s not just about unemployment, Gesiotta says, but rather the types of jobs people are getting, particularly in the manufacturing sector.
The unemployment rate is holding steady at 3.7 percent, the lowest level in 49 years. There are a record 7.1 million job openings and wages have been rising. Many argue that the numbers have remained fairly consistent with around 200,000 jobs added each month under both the Obama administration and the Trump administration. But it is important to look at the makeup of these jobs. Around 286,000 jobs in manufacturing were lost under the Obama administration. Under the Trump administration, around 446,000 jobs in manufacturing have been added. Workers from all backgrounds have benefited greatly from this White House agenda.
Tax Cuts and Jobs Act
Gesiotta’s final argument for Trump comes from the Tax Cuts and Jobs Act, and she mentions the administration is working with Congress on another round of tax cuts for Americans. She fails to mention, however, that it will never happen. Democrats take control of the House of Representatives and there’s a slim-to-none chance they’ll approve any more tax cuts, which would further balloon the national debt — a debt that is growing to Great Recession-level highs during a strong economy.
Generally, when the economy is going strong the country should pay down its debt, but the reverse is happening under the current administration.
Still, she makes valid points on what the first tax cut bill has done for the economy.
There have been promises delivered under the Tax Cuts and Jobs Act, including an average $2,200 more for middle class families. Moreover, a record $300 billion has been repatriated back to the United States. The corporate tax cuts have fueled more consumer confidence and business spending. The economy is on pace to grow above 3 percent for the first time since 2005. Consumer confidence is at the highest level in 18 years. Small business optimism is at the highest level since it was first measured in 1973.
In closing Gesiotta says the policies of Trump have helped our economy thrive.
Our businesses are no longer being excessively overtaxed and regulated. Americans are not only obtaining jobs, but they are finding better ones. We are paying fewer taxes and have greater confidence in our future.