President Donald Trump detailed the various ways in which the economy has been improvising under his watch on Tuesday night during his second State of the Union address.
Trump was elected by promising to help everyday workers by improving the economy.
His agenda has included deregulatory efforts, tax cuts and the renegotiation of international trade deals.
The hope is to lower taxes and the burden of the bureaucratic state to encourage economic growth.
“Over the past two years, my administration has moved with urgency and historic speed to address problems neglected by both parties over many decades,” Trump said. “In just over two years since the election, we have launched an unprecedented economic boom, a boom that has rarely been seen before. There’s been nothing like it.”
The economy has improved significantly since Trump began moving that agenda forward . Trump has overseen trends such as the employment rate and economic growth, though they were already improving as he entered office. But those trends continued to improve under his watch.
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“We have created 5.3 million new jobs and importantly added 600,000 new manufacturing jobs,” Trump said. “Something almost everyone said was impossible to do. But the fact is, we are just getting started.”
Republicans leaders echoed the positive outlook on the economy in the hours leading up to the address.
Senate Majority Leader Mitch McConnell (R-Ky.) said earlier in the day the agenda is helping people across the country instead of just coastal cities, as during the last administration.
Senate Republicans also discussed the improving the economy during a press conference on Tuesday.
The Tax Cuts and Jobs Act was a major piece of the Trump economic agenda when it became law in December 2017.
The law lowered taxes for most people across the income brackets, along with corporations and many small businesses.
It also simplified some parts of the tax code by reducing or eliminating certain deductions while increasing the standard deduction.
“Wages are rising at the fastest pace in decades and growing for blue collar workers who I promised to fight for,” Trump said. “They’re growing faster then anyone else thought possible. Nearly five million Americans have been lifted off … food stamps.”
The Bureau of Labor Statistics has tracked fairly steady monthly job growth with some exceptions over the past few years. The BLS reported particularly strong growth in the last report, at 304,000 new jobs despite concern over the recent government shutdown.
“The U.S. economy is growing almost twice as fast today from when I took office,” Trump said. “And we are considered by far the hottest economy anywhere in the world … Unemployment has reached its lowest rate in over half a century. African-American, Hispanic-American and Asian unemployment have all reached their lowest levels ever recorded.”
The National Federation of Independent Business has also tracked a jump in small-business optimism since the election.
There have also been signs that business conditions are improving for purchasing managers, an increase in business applications — and fewer employers having to close shop.
White House Council of Economic Advisers chairman Kevin Hassett challenged the narrative that the previous administration should take credit for some of these gains back on September 10. He showed reporters slides during a White House press conference demonstrating the trends that have improved since Donald Trump’s Inauguration Day.
Hassett at the time showed how business investments went up $300 billion since the election.
The chart was broken up into nonresidential fix investments, structures and equipment, all of which were trending down before bouncing back around the election of 2016.
He also showed how capital goods orders and shipments reversed their downward course.
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