Posted on 06/05/2018 11:44:01 AM PDT by Signalman
US voters will differ sharply on whether President Trump has 'made America great again,' but the economy over which he's presiding is undeniably on the upswing -- with several of his key policies playing essential roles in that comeback. The latest piece of data that fortifies America's renewed economic vigor is a surge in international competitiveness, as measured by a closely-watched annual ranking from a Switzerland-based think tank. Following tax reform's burst of hiring and growth, the United States has 'leapfrogged' back into the top slot (via Bloomberg):
The U.S. dethroned Hong Kong to retake first place among the world’s most competitive economies, thanks to faster economic growth and a supportive atmosphere for scientific and technological innovation, according to annual rankings by the Switzerland-based IMD World Competitiveness Center. The U.S., which reclaimed the No. 1 spot for the first time since 2015, scored especially well in international investment, domestic economy and scientific infrastructure sub-categories while earning below-average marks in public finance and prices. The renewed top ranking aligns with the positive U.S. growth narrative over the past year. Growth averaged 2.9 percent in the four quarters through March, versus 2 percent in the prior period.
Meanwhile, in addition to the fabulous May jobs report (which featured the lowest black unemployment rate ever recorded), US consumer confidence spiked to a 17-year high last month -- leading to a surge in consumer spending: "Americans’ spending gathered further momentum in April as incomes continued to rise, a sign consumers could drive stronger economic growth in the second quarter. Personal-consumption expenditures, a measure of household spending on everything from health care to magazines, increased a seasonally adjusted 0.6% in April from the prior month, the Commerce Department said Thursday. That was the largest increase in five months and above the 0.4% rise that economists...expected," the Wall Street Journal reports. The good news doesn't stop there. On President Trump's 500th day in office, Senate Majority Leader Mitch McConnell delivered a floor speech highlighting that more than one million American jobs have been created since the passage of tax reform:
"Since President Trump was elected alongside a Republican Congress, the number of Americans who say they’re optimistic about finding a good job has jumped by 25 percentage points. And small business owners report in record numbers that they’re optimistic about prospects of hiring new employees...But as impressive as some of these statistics may be, I think it’s important to keep in mind that these stories are -- at the end of the day -- human stories. More than one million new jobs have been created just since we passed tax reform last December. That’s not an abstract number...These aren’t just economic statistics. They are American men and women who have new chances to support their families and build their lives that they simply did not have under the policies of the previous administration. I’m glad we fought, won -- and will continue to win -- major accomplishments for the middle-class families we represent."
One million new jobs (and counting), a sizable portion of which the CBO attributes directly to the GOP tax law, which every single Democrat in Congress opposed -- making false, apocalyptic predictions to justify their hysterical, knee-jerk resistance. Like Hillary Clinton, they're being proven wrong by actual results, and they're responding with a 'repeal' tantrum. Repealing the tax cuts for middle class families (all income groups received a tax cut) would reduce incomes and hamper economic consequences. Repealing the business tax cuts, which restored American competitiveness, would claw back crucial progress on job creation and wage growth. It's not hard to tell that the robust economic news is now a source of alarm to election-minded Democrats.
Why should voters trust Democrats on the economy? Their policies helped contribute to the 2008 meltdown, then choked what should have been a major bounceback with wasteful and destructive policies, leading to the slowest recovery since World War II. After that, they've railed against Republican-led progress, fighting it at every turn. If not for a unified GOP government, our economy would likely still be puttering along. Democrats see all this and wring their hands as Trump gets the credit, with 2018 polling moving accordingly:
A blue wave may yet crash down on the GOP (this distinction is important, and references the late breaker effect that propelled Republicans to a smashing win in 2014), but the roaring economy is unquestionably buoying the GOP's chances.
What is that slogan President Trump keeps using?
Make America what Again? Come on Libs say it. Say it. SAY IT!
H/T Sam Kinnison
And this, my friends, is what WINNING looks like. Go, Trump!
The lowest black unemployment in history is an awesome feat. It also means promotions and advancements for those already working. All Americans should be joyful for this magnificent color blind economic dynamo.
Thanks. Love it!
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Great article! Thanks for the ping.
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