Americans chose the slogan ‘Make America Great Again‘ against ‘Stronger Together.’ In the 2016 presidential elections, Donald. J Trump took over the oval office as a Republican presidential candidate and served as the 45th President of the United States of America.
During his four-year tenure, he has been in global news for his tweets and policies. As the Democrat’s presidential candidate Joe Biden is about to take over the white house officially in January, as the 46th President of the United States, Let’s look back and analyze, has Trump helped the economy.
Has Trump helped the economy, or has he failed to serve his slogan?
Overall overview of economic policies by Trump
According to the Whitehouse statement, Trump has reversed the failed economy and lifted it with his policies. It regards Trump’s economic policies as a historical achievement to uplift downsized American destiny.
According to the reports, the real GDP has outgrown as much to beat the Congressional Budget Office during Trump’s era. Moreover, it also claims that it exceeded the expansion that was initiated by Obama’s government.
Not only this, but more than five million jobs were created as well. When checked, the statics were more than what CBO projected in 2016. Other than this, the number of jobs created exceeded in only one year what CBO predicted to happen throughout Trump’s full tenure. Moreover, the unemployment rate dropped by 1.4 % compared to CBOs pre-election reports.
Trumps Policies to create financial opportunities for the Americans
You must have gone through how Trump fought unemployment. However, we will talk about it in a bit of detail because the American economy runs on consumerism. The US follows the Capitalist economic system and most of the economic boost depends on consumer spending. It is why; reducing unemployment will help the country’s economy to heights. If people will have jobs, they would be able to spend more. Moreover, if they spend, the economy will grow simultaneously.
As the statistics show the unemployment rate touched the bottom during 2019, and this is a historical achievement as the rate hasn’t been this low for the past five decades. Moreover, not only the Native Americans got jobs, but it was a fruitful year for African Americans, Hispanics, Asian Americans, and Differently abled Americans as well.
Other than this, Trump created altogether around seven million jobs, including around five hundred thousand in the manufacturing industry alone. Additionally, an increase in the prime-age labor force is also seen that decreased by almost 1.6 million under the former government.
Poverty control and equal distribution of wealth among Americans
According to statistical data, Trump was able to lift more than 2.5 million Americans and 1.4 million children out of poverty. Not only the natives Americans enjoyed betterment in their livelihood, but African Americans and Hispanic Americans also saw an upliftment.
Moreover, the bottom 10% earner saw a drastic increase in wages than the top 10% of the earners. The data also suggests that the wage increase in employees surpassed the manager’s wage increase. Other than this, the bottom earners also enjoyed lower tax rates and financial gains due to Trump’s historic tax reforms. Altogether, Trump’s financial decisions proved to be fruitful for bottom earners as their household net wealth increased to forty-seven percent compared to the one percent of top earners.
Pro-Growth policies by Trump benefits in need American families
If we talk about real money, Trump’s policies have surely benefited society in the bigger picture. Through his efforts, Americans saw an increase of $12 trillion in real household wealth. Moreover, as costly regulations were cut down to zero, it saved families approximately $3100 annually per household.
The domestic energy boom and shale energy revolution have also saved approximately $2500 a year of a family’s income. With all this, Trump also introduced affordable healthcare and childcare plans for American families.
Expansion of Association health plans and short term plans while cutting down the mandatory penalty, Trump increased around $450 billion in the economic benefits. Other than this, he also saved around $2200 for many families by doubling the Child Tax Credit.
As we saw an impeccable performance of Trump that has not only benefitted the country’s economy, but it has also been fruitful for the normal American people who are not wealthy. However, many of Trump’s efforts bounced back due to the Pandemic and long lockdowns.
According to reports, Trump will carry forward the transition process by 20 January, which marks an end to Trump’s era, and from now, Biden’s administration will take over.