Trump’s Economy Booming
Leftists are having to talk their comrades down from ledges.
President Trump’s economic boom is undeniably underway which means that the Left will grow increasingly strident and desperate in the lead-up to this year’s midterm congressional elections and beyond.
The better things go under Trump, the more looney the Left becomes. Left-wingers need something new to excite their base but they’re not likely to find it anytime soon. They’re going to recycle the same old garbage.
Despite potentially the ensnaring of a handful of people in FBI perjury traps, the crazy Trump-Russia electoral collusion conspiracy theory is going nowhere.
Because the lies in the Fusion GPS dossier aren’t helping the Left move the needle toward impeaching Trump, these people are back to the bogus sexual harassment allegations and the claims that Trump is mentally incompetent that conveniently emerged during the 2016 campaign. Richard Wolff’s wacky tell-all book is being attacked even on the Left and Wolff comes across as emotionally disturbed and malicious in TV interviews. His 15 minutes of fame are almost up.
But President Trump’s “economic sanity” should be beyond question, Charles Gasparino writes in the New York Post.
In fact, it’s safe to say that the current president, for all his temperamental flaws and petty insecurities, makes his tightly wound predecessor, Barack Obama, look like a raving madman when it comes to showing sense on economic growth. Armchair psychiatrists are having a field day diagnosing the president’s mental state from afar, especially after his increasingly bizarre tweeting, but the market says otherwise.
President Trump has recently been doing victory laps for his economic accomplishments, as well he should.
At 9:20 a.m. yesterday President Trump tweeted:
African American unemployment is the lowest ever recorded in our country. The Hispanic unemployment rate dropped a full point in the last year and is close to the lowest in recorded history. Dems did nothing for you but get your vote! #NeverForget @foxandfriends
Even the left-wingers at NPR were forced to grudgingly admit Trump was right.
NPR acknowledges that the unemployment rate for black Americans hit a record low in December, falling to 6.8 percent which is the lowest level since the federal government started keeping records on the matter in 1972. Hispanic unemployment fell a percentage point in the last year to 4.9 percent last month after dipping to 4.8 percent in November.
The stock market keeps setting new records and the dramatic correction bearish forecasters keep warning us about never seems to come.
The market has to fall again at some point, but for now President Trump is right to be boastful. On Jan. 5 at 6:35 a.m., he tweeted:
Dow goes from 18,589 on November 9, 2016, to 25,075 today, for a new all-time Record. Jumped 1000 points in last 5 weeks, Record fastest 1000 point move in history. This is all about the Make America Great Again agenda! Jobs, Jobs, Jobs. Six trillion dollars in value created!
Trump has in fact dramatically outperformed Obama in the first year of their respective presidencies, according to the most widely used measure of stock market strength, the Dow Jones Industrial Average (DJIA).
The DJIA closed yesterday – about 50 weeks into Trump’s presidency – at 25,283, after closing at 18,332 on Election Day (Nov. 8) 2016. That’s a massive 37.9 percent Trump jump.
Markets did not respond with the same enthusiasm when Marxist market-hater Barack Obama was elected president. Investors panicked early in Obama’s presidency, driving the DJIA down to 6,547 on March 9, 2009. Markets recovered over time.
At the 50-week mark in Obama's presidency, or Jan. 8, 2010, the DJIA closed at 10,618, after closing at 9,625 on Election Day (Nov. 4) 2008. That’s a ho-hum increase of just 10.3 percent in the early days of the Obama administration, but an improvement over the market meltdown level of 6,547.
And the future looks bright, at least in the medium term.
With corporate tax rates falling and job-killing regulations being dismantled daily, corporations are hiring more workers and giving current employees bonuses, a fact that has driven many leftists stark raving mad.
Construction jobs are up and the manufacturing sector is strengthening. Wages are beginning to rise after eight years of anemic growth under Obama.
Trump’s tax reforms, the largest overhaul of the tax system in decades, promises economic growth for years to come. The tax legislation reduces corporate and personal income tax rates, increases the child tax credit, doubles the estate tax exemption, repeals Obamacare’s hated individual mandate, and opens part of the Arctic National Wildlife Refuge (ANWR) to energy exploration.
The Heritage Foundation projects the legislation “will increase the level of gross domestic product in the long run by 2.2 percent. To put that number in perspective, the increase in GDP translates into an increase of just under $3,000 per household.”
The tax reforms are causing apoplexy and aneurysms on the Left where allowing people to keep their own hard-earned money is heresy. Anything that tends to roll back government power is a threat to left-wingers who are happiest when bossing other people around.
Nothing is more frightening to leftists than economic freedom.
As President Trump’s economic policies take hold, the Left has every reason to be frightened.