The U.S. economy soared to unbeatable levels in the second quarter — the fastest in nearly a decade.
The giant uptick was driven by President Donald Trump’s massive tax reform and the president is hopeful that the growing economy will continue to accelerate under his leadership.
Never-Trumpers and anti-Trump economists are claiming this growth will not be sustainable, but we have the top five reasons why they are completely wrong.
Here are 5 Reasons why Trump’s economy will continue to grow —
Income and consumer spending are boomimg — and according to the Commerce Department, consumer spending rose for the fourth consecutive time in June. May and June also posted 4% increases in income, respectively.
Despite aggressive trade policies and the threat of a tariff war, business investments are up and could max out at a rise of 7%. The increase in business investments can be directly attributed to the decrease in the corporate tax rate from 35% to 21%. The significant increase in profits gives businesses plenty of reason to reinvest to become more competitive in the marketplace.
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The unemployment rate is down to 3.9%, the lowest in twenty years. The lower unemployment rate is part of an ongoing trend due to Trump Administration economic policies. As the Federal Reserve noted in an August 1st press release, “Job gains have been strong, on average, in recent months, and the unemployment rate has stayed low.”
According to a July 31st report by the Bureau of Economic Analysis, the personal saving rate rose 3.3% to 6.7% in 2017. Higher levels of savings among consumers means faster growth, more investments, and a stronger economy.
The rolling back of regulations removes government from the private sector. Obamacare is a prime example, as healthcare is nearly 20% of the US Economy. Everytime a regulation is rolled back, this returns those funds back to the private sector, and fuels and strengthens the economy.
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The anti-Trump economists are wrong again.
Liberals should be terrified of the next GDP report… which comes out 11 days before November midterms.
It is possible the robust Trump economy will look even better, and the Democrats’ dreams of gaining back control of Congress are dashed, once again!
–The Horn editorial team