Economists Credit Trump For Booming Economy, Growth Will Continue In 2018 Thanks To Trump’s Tax Bill
Reported by Matt Vespa | Posted: Jan 15, 2018 12:45 PM
CNBC’s economic survey released prior to Christmas showed that for the first time in over a decade a majority was optimistic about the economy, and there was a shift as to who should receive credit for it: Donald J. Trump. The economic growth for the fourth quarter was near four percent. Over 100 companies gave bonuses of at least $1,000 or more to over a million workers, even some part-timers got a piece of that action. The GOP tax bill, which the Left said was going to be a prelude to Armageddon, was exactly the opposite for the American worker, who the Democratic Party decided to bet against to try and undercut Trump. Over 90% of middle class Americans will be receiving a tax cut. The Democratic Party is going to have to explain that move, especially when this tax bill becomes more popular.
As for the economy, economists said we should expect to see unemployment continue to go down and the economy to grow in 2018. Economists credit two things: President Trump and his tax bill. For Obama, his polices received good grades for providing financial stability, though they led to anemic economic growth and job creation (via WSJ):
Economists surveyed by The Wall Street Journal say President Donald Trump has had generally positive effects on U.S. economic growth, hiring and the performance of the stock market during his first year in office.
The professional forecasters also predicted 2018 would see solid growth and a continued decline in the jobless rate. One factor: the tax cuts signed into law by Mr. Trump in December, which most economists say will boost the economy for several years at least.
More broadly, most forecasters surveyed by the Journal suggested Mr. Trump’s election deserves at least some credit for the economy’s recent strength.
Asked to rate Mr. Trump’s policies and actions to date, a majority of economists said he had been somewhat or strongly positive for job creation, gross domestic product growth and the stock market. Most also said he had been either neutral or positive for the country’s long-term growth trajectory, while his influence on financial stability was seen as largely neutral.
“There is definitely a sense in the business community that the president’s actions on taxes and regulations have led to a more pro-growth environment for them to operate,” said Chad Moutray, chief economist at the National Association of Manufacturers.
A year ago, President Barack Obama got mixed grades as he prepared to leave office after eight years. Most economists surveyed by the Journal in January 2017 saw his policies as positive for financial stability, positive or neutral for job creation, negative or neutral for GDP growth and negative for long-term potential growth.
Democrats are confident about the 2018 midterms. With the current numbers now, they should be—but we’re 10 months away from the midterms elections. Anything can happen.