While President Trump’s detractors continue to challenge him in the realm of identity politics, objective observers note that the US economy has been on a positive trend since Trump assumed office.
According to the Wall Street Journal, the S&P 500 on Thursday closed at a new high, marking the longest streak of record closes in two decades. Additionally, Bloomberg reports that consumer sentiment has just surged to a 13-year high, indicating Americans are now more likely to spend money — which provides a boost to the economy.
The stock market has been setting one record high after another since Trump’s election. The market is not only setting records for its closings, but for the consecutive days at which it’s closing at record highs.
The favorable market performance is widely seen as a reaction to President Trump’s agenda, which includes a number of pro-business measures. Specifically, Trump is eliminating costly regulations that inhibit economic growth.
On the campaign trail, Trump vowed to cut two regulations for every new regulation created. As Breitbart notes, the President has far exceeded this pledge, slashing over 860 Obama-era regulations during his brief time in office.
According to Christian News Alerts, Trump’s regulation-cutting is saving American businesses $4 billion per year. The savings are sparking business investment, which, in turn, contributes to job growth. Indeed, the unemployment rate is at a 16-year low.
Trump has also fast-tracked lucrative projects that the Obama administration had halted due to environmental concerns. Most notably, the President signed executive actions to advance the Dakota Access and Keystone XL pipelines, as reported by CNBC.
These projects are creating thousands of employment opportunities for American workers while bringing in heavy investment into the communities where they will be built. Additionally, the pipelines grow the domestic petroleum supply, reducing dependence on foreign oil.
Falling gasoline prices, and a rebound in personal finance following a series of major hurricanes has led to a 13-year high in consumer sentiment. This is good news for the country as a whole: consumer sentiment directly correlates with spending, which stimulates the economy. Buyers are more optimistic, and this is leading to greater investment.
According to the Bloomberg report, 83 percent of respondents saw buying conditions for household durables as favorable — which is better than the country has seen in a decade. Nearly six out of 10 consumers thought the economy had improved in October. Richard Curtin, director of the University of Michigan consumer survey, explained what these figures mean for the economy generally.
“While the early October surge indicates greater optimism about the future course of the economy,” Curtin said, “it also reflects an unmistakable sense among consumers that economic prospects are now about as good as could be expected.”
Americans are more confident in the economy than they have been for the last 20 years. Do you think President Trump is boosting the economy?
President Trump has taken note of the market’s record performances under his watch and has touted the numbers on several occasions. “The US has gained more than 5.2 trillion dollars in Stock Market Value since Election Day! Also, record business enthusiasm,” he wrote on Twitter on Monday.
Regulatory reform, coupled with tax reform and Trump’s proposed reduction of immigration levels, will put America on the road to a historic economic boom.