Letter to the Editor: U.S. economy is booming under Trump
Friday, February 2, 2018
The never Trumpers and the Trump haters are missing an important time in history. Instead of looking at Donald Trump through damaged and distorted points of view, they should be looking at what is going on at the present time in history.
We have just completed an eight-year term of a president whom history is already starting to judge as one of the worst presidents in the history of the United States.
During President Obama’s term we had the longest period of slow growth in the United States since 1949. We had the lowest labor participation rate since the Carter presidency. We had the highest poverty rate since the Great Society of the 1960s. Those on welfare expanded the most since the implementation of our current welfare system in the 1960s. Those on food stamps were at one of the highest levels since the creation of the food stamp program. The unemployment rate for blacks, women and other non-whites was at the highest level since records were started. Wages had become stagnant where the people believed that government involvement was required to increase wages while at the same time reducing the number of available jobs.
Since President Trump took office, the economic growth of the United States is almost double that of the growth during the Obama administration. Those on foods stamps and welfare are declining at a rapid pace. The unemployment level for women is at a historic low. The same is true for the employment level for blacks and other non-white groups. The labor participation rate is returning to the level of the 1980s and 1990s. Wages are increasing because of the demands for labor. Wage increases are now looked at as a function of the labor market and do not require government involvement for an increase in wages.
The anticipation of, along with current decrease in income taxes, is one of the major contributors to the economic growth of the nation. Not only has the decrease contributed to economic, growth the anticipation and implementation of the tax cuts have helped to drive the growth in wages. The lower income taxpayers received a 20 percent reduction in the income taxes while the higher income taxpayer received a 6.5 percent reduction in income taxes.
It is time that we all looked at what is going on rather than what we think, or we have been fooled to believe is happening.