Originally posted on June 15, 2018.
Eight years of a Marxist influenced administration did untold damage to America’s economic engine. Businesses were reluctant to invest and bogged down by never ending regulation. In the final two years of the Obama presidency, the economy looked to be headed into the tank. Industrial production was contracting, business fixed investment was falling, and the leading indicators were sending worrying signals. Would Mrs. Clinton have won the election, we might be looking at a much different economy today.
Trump’s victory, along with majorities for the only major pro-growth party in America (well mostly) in both the Senate and House, helped set the stage for an economic resurgence. Corporate and individual tax reform along with a drastic roll-back in the Obama administration’s burdensome regulatory regime have ignited growth.
The unemployment rate has almost never been better. The number of small businesses giving workers raises is at the highest level on record. Main Street retirees are no longer getting raked over the coals with zero percent interest rates to recapitalize Wall Street.
The story is clear as day in my charts below. Almost as soon as Trump came into office, business and consumer confidence soared. Industrial production started to pick up and so did business investment. The stock market boomed and the leading economic indicators regained momentum.
Trump’s Pro-Business American Revolution has helped repair a lot of the damage caused over the prior administration’s eight years in office, but there is much left to be done.
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