Is the US economy really doing as well as Trump says?

Are the positive US economy figures for which the president spoke of really the result of his management, there is doubt as to how much is actually in the data he wielded.

The president assures that his reduction of taxes will contribute to generate employment.

They are good times for the economy of the United States

1. “Since the elections we have created 2.4 million new jobs, including 200,000 only in the industrial sector”

Donald Trump won the election on November 8, 2016 and took office as president on January 20, 2017.

Considering the figures since his victory over Hillary Clinton, the US economy has added 2.37 million jobs.

According to data from the Department of Labor, 196,000 jobs were created in the manufacturing sector.

Trump said unemployment among blacks is at historic lows.

Job growth, however, began before Trump began his tenure.

In fact, the pace of job creation has slowed down since the time of his predecessor, Barack Obama .

Although that may also be due to the fact that with only 4.1% of the unemployed active population, close to what economists consider a situation of full employment, there are fewer and fewer people looking for work.

The US labor market does not suffer a decline in employment in monthly terms since September 2010.

2. “Unemployment among African-Americans and Hispanics remains at the lowest level since there are records”

The Department of Labor has been measuring unemployment among the black population since 1972.

The rate in December was 6.8%, the lowest ever recorded. Its highest level occurred in the years 1982 and 1983, when it stood above 20%.

The strength of the United States economy

Federal services also account for unemployment among the Hispanic or Latino population since 1973 and are at their lowest level since 1973, at 4.9%.

However, the figures remain above those of the white (3.7%) and Asian (2.5%) population.

In general, the data reflect a decline in unemployment that began during the Obama presidency.

3. “We have approved the highest tax reduction and tax reform in the history of the United States”

Before last Christmas, the business tax was reduced from 35% to 21%.

Taxes on individuals also fell, but do they represent “the biggest cut in history”?

The data and news verification portal Politifact says no.

Donald Trump finally got his fiscal reform approved.

Using statistics from the Treasury Department, Politifact assures that three reforms of the tax framework had a greater impact in terms of gross amount of money than that approved by the Trump government.

In addition, if measured in terms of percentage of gross domestic product (GDP), it is estimated that six other tax laws had a greater impact.

4. “Since we approved the tax cuts, around three million workers have already received bonuses, some of them thousands of dollars per worker”

After the tax cut was announced, several companies announced additional payments to their staff.

For example, Disney made a one-time payment of a bonus of US $1,000 to 125,000 employees. The automaker Fiat-Chrysler said 60,000 workers would receive an extra US $2,000.

The American Tax Reform lobby group (ATR), which campaigns for lower and simpler taxes, has kept track of all the bonuses.

He assures that 285 companies have announced salary increases, bonuses and other advantages that they attributed to the tax reduction.

ATR ensures that at least three million workers will benefit from this.

It is difficult to gauge how these companies would have behaved without the tax cuts and how many of them are not really giving the Republican Party credit for a decision they had already planned.

5. “The stock market breaks one record after another.”

The US Stock Exchange has risen since Trump took over, with the S & P 500 index rising 24.7% and posting several records.

But in comparison, the same index rose to 26.3% at the beginning of the Obama era, specifically in 2009 and early 2010.

At that time, the level of the stock market was well below, reflecting the impact in the United States of the global financial crisis and the deep recession that followed.

Under Obama’s mandate, the markets experienced a strong recovery and, from 2013, also chained a series of records.

In any case, the importance of this data for ordinary Americans is relative.

According to The Huffington Post analyst Alex Edmands, “markets are merely a mirror that passively reflects how the economy is, but do not actively affect it.”

 

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