Tag: Jobs and Economy

MAGAnomics in full swing

Trump Economy is on the rise

By: Mick Mulvaney director of OMB

Last week, calculations of the country’s economic growth for the fourth quarter of 2017 were revised to show a growth rate of 2.9 percent. That revision didn’t get nearly as much attention as when the initial read of that quarter’s growth came in below expectations at 2.6 percent. While we would all like to see faster growth, it is quite an accomplishment that over the first full three quarters of the Trump administration the economy has grown at an annual rate of nearly 3.1 percent.

While many are predicting GDP growth for the first three months of this year may not be as high, we should weigh that possibility against this certainty: the Left, and many in the media, will pounce on any report to throw doubt on not only the health of the American economy, but on the efficacy of President Donald Trump‘s MAGAnomics (Make America Great Again) agenda of tax reform, deregulation,  trade renegotiation and domestic energy independence.

There will be headlines bellowing “slower growth” and a “stalling economy.” Cable news talking heads will breathlessly, and endlessly, opine as to the supposed failure of tax reform and the true health of the economy, all the while hinting (and secretly hoping) that things will soon be much worse.

When they do — and believe me, they will — I encourage you to keep a few things in mind:

Foremost, confidence in the American economy among businesses and consumers is near historic highs. That means businesses, both small and large, and just as importantly, ordinary Americans, have more hope in the future of their jobs, their opportunities, and their own savings accounts.

Secondly, job openings are at a record high and the unemployment rate at 4.1 percent is at its lowest level since the turn of the century. People have stopped worrying about jobs and instead are able to focus on building their careers. A job is important, but a career is a life. And the creativity and productivity a career provides is what makes work enjoyable. As of today, Americans are much more comfortable taking more steps to build their lives.

Lastly, it’s easy to see that most of the left has been wrong about the economy for quite some time now (some of us think they’ve been wrong since Karl Marx’s “Das Kapital” was originally published in 1867.) I certainly remember what they said about our projections for 3 percent GDP. They mocked: “impossible.” They criticized: “There is nothing in policy that would raise the growth rate.” They laughed: “Assumptions are assumptions, but assuming 3 percent growth is just pie in the sky.”

But even with a slow first quarter, things are looking up: the average projected growth rate for the first quarter among four prominent real-time GDP trackers is 2.2 percent — a full percentage point higher than the same quarter last year. That means the economy will have grown by 2.8 percent during the first four full quarters of the Trump administration. That’s dramatically higher than the 1.9 percent the Obama administration told us to expect on their way out the door.

And dramatically higher than the administration even predicted. In our first budget we forecast economic growth would average 2.3 percent over the course of 2017. We achieved an average of 2.6 percent. With the president’s tax cuts just beginning to kick in, we are well on our way to achieving the 3 percent growth we projected in our most recent budget.

After you’ve been in Washington long enough, you start to sense an eerie feel for the place. One of the biggest undercurrents is that things never really change that much. But under President Trump and his MAGAnomics agenda, we’ve been able to restore the fundamental dynamism of the American economy. People are believing in the system again, business owners are no longer afraid of looming red tape, and families are beginning to see new opportunities to invest in their futures.

People, quite simply, are better off than they were the day before the 2016 election. Yes, some of those people work on Wall Street. But many, many more work in factories in Ohio, in construction in Florida, and in small businesses in Wisconsin.

MAGAnomics is a simple formula, you just have to believe in capitalism and work and our people. You have to believe in America. And in Americans. This administration certainly does.

Trump imposes harsh tariffs on imported washers & solar panels

President Trump adds another campaign promise to the giant heap of winning, imposing harsh tariffs on imported washing machines and solar panels on Monday, marking his first moves to erect trade restrictions under seldom-used trade laws that allow unilateral actions.

The decisions in the two “Section 201” safeguard cases followed findings by the U.S. International Trade Commission that both imported products “are a substantial cause of serious injury to domestic manufacturers,” U.S. Trade Representative Robert Lighthizer said in a statement.

The washer tariffs exceeded the harshest recommendations from ITC members, while the solar tariffs were lower than domestic producers had hoped for.

President Trump will impose a 20 percent tariff on the first 1.2 million imported large residential washers in the first year, and a 50 percent tariff on machines above that number. The tariffs decline to 16 percent and 40 percent respectively in the third year.

A 30 percent tariff will be imposed on imported solar cells and modules in the first year, with the tariffs declining to 15 percent by the fourth year. The tariff allows 2.5 gigawatts of unassembled solar cells to be imported tariff-free in each year.

Whirlpool Corp, which brought the washers “safeguard” case against rivals Samsung Electronics and LG Electronics after years of anti-dumping cases, stands to benefit from the decision.

“This announcement caps nearly a decade of litigation and will result in new manufacturing jobs in Ohio, Kentucky, South Carolina and Tennessee,” Whirlpool Chairman Jeff Fettig said in a statement.

“By enforcing our existing trade laws, President Trump has ensured American workers will compete on a level playing field with their foreign counterparts.”

The decisions were the first of several potential tariff actions that Trump may take in the coming weeks and months. He is considering recommendations on import restrictions for steel and aluminum on national security grounds under a 1962 trade law and tariffs or other trade sanctions against China over its intellectual property practices.

The intellectual property, washer and solar panel probes were done under a 1974 trade law that has been seldom invoked since the World Trade Organization was launched in 1995.

The domestic solar panel producers who sought the trade remedies wanted tariffs of 50 percent – the highest allowed under law. Petitioners Suniva and SolarWorld have said they cannot compete with the influx of cheap imports, mostly from China.

Solar panel prices have dropped more than 30 percent since early 2016, benefiting buyers but harming producers across the globe.

Suniva, applauded the decision, saying:

“Over the last 5 years, nearly 30 American solar manufacturers collapsed. Today the President is sending a message that American innovation and manufacturing will not be bullied out of existence without a fight.”

Under President Trump, Americans Are Getting Back To Work

From The Office of The White House

AMERICA’S ECONOMY IS FIRING ON ALL CYLINDERS:

President Donald J. Trump has unleashed America’s economic growth engine and ushered in a new era of economic optimism.

• Under President Trump, nearly 1.7 million new jobs have been created.

• 159,000 jobs have been created in the manufacturing industry.

• 57,000 jobs have been created in the mining and logging industries.

• The unemployment rate has fallen to 4.1 percent, the lowest in nearly 17 years.

• Thirteen States have reached record low unemployment rates.

• Gross Domestic Product (GDP) in the United States has grown by more than 3 percent in the last two quarters.

• The GDP growth rate was 3.3 percent in the third quarter of this year.

• The GDP growth rate was 3.1 percent in the second quarter of this year.

• Productivity in the United States economy grew to 3 percent last quarter.

• Americans’ confidence in the economy has soared to record highs under President Trump.

• The Conference Board Consumer Confidence Index reached a 17-year high in November.

• The National Association of Manufacturers’ Outlook Index had the highest annual average it has ever recorded.

• The Dow Jones Industrial Average has hit record highs 70 times in 2017—the most ever recorded in one year.

• For the first time in its history, the Dow closed higher than 24,000 points.

• Since President Trump was elected, more than $5 trillion in wealth has been added to the United States economy.

HARD AT WORK:

The Department of Labor has implemented pro-growth programs, rolled back overreaching regulations, and taken action to support American workers.

• The Department of Labor has convened a Task Force on Expanding Apprenticeships, which will work to create more opportunities for American job seekers and job creators.

• The 20-person task force brings together leaders from business, labor unions, educational institutions, and trade groups to advise the Administration on how to expand the number and breadth of apprenticeships.

• Following President Trump’s Executive Orders on regulatory reform, the Department of Labor is working to identify regulations that place an undue burden on employers with minimal impact on worker protections.

• The Department of Labor is actively involved in the process of renegotiating and improving the North Atlantic Free Trade Agreement.

• Secretary of Labor Alexander Acosta has directed the Department to aggressively confront visa fraud and abuse.