As President Trump celebrates 500 days in office, he has taken the opportunity to publicize the accomplishments of his administration. On Twitter and in a statement issued by the White House, he proclaimed that his administration has reached “500 Days of American Greatness.”
Strong Economy
The cornerstone of President Trump’s success is the strengthening U.S. economy. “The American economy is stronger today and American workers are better off thanks to President Trump’s pro-growth agenda,” the White House said.
The Trump administration has prioritized strengthening our nation’s economy, which is to be expected given his background in business. From the very beginnings of his campaign, Trump promised to put America and American jobs first, in everything from foreign policy and trade to tax legislation.
The biggest bragging point remains the low unemployment rate. At 3.8 percent, unemployment has reached its lowest level since April 2000. Unemployment peaked in October 2009 at 10 percent.
It is worth noting that unemployment has been steadily decreasing since its peak in late 2009. While it is at the lowest level the country has seen in almost two decades, it may be thanks to prolonged economic improvement rather than specific measures Trump has taken in the last 500 days.
More Jobs for Americans
In his campaign, President Trump was clear that he wanted to bring back jobs to hard-working Americans.
After 500 days, the White House attributes the creation of 3 million new jobs to his “pro-growth agenda.” This includes 304,000 manufacturing jobs and 337,000 construction jobs. This growth in the skilled-trade job sector is significant. According to the Department of Labor, “the skilled trades are critical to our country’s infrastructure and its economic competitiveness.”
To facilitate job creation while strengthening the U.S. infrastructure, President Trump signed an Executive Order in June 2017 to expand apprenticeship and job training programs. Recognizing that four-year degrees were not preparing those entering the workforce for available jobs, but only creating massive amounts of debt, the Trump administration sought to help American workers “obtain relevant skills and high-paying jobs.”
With the unemployment rate falling to 3.8% in May, the lowest in over 18 years, America’s job market remains strong. pic.twitter.com/hu5ltOayAI
— Secretary Acosta (@SecretaryAcosta) June 1, 2018
Tax Reform
The President also took on reforming the U.S. tax code to both simplify and make it more advantageous for American businesses conducting commerce in America.
The “Tax Cuts and Jobs Act,” passed at the end of 2017 to go into effect for Tax Year 2018, saw changes to both personal and business tax laws.
According to numbers cited by the White House, “American families received $3.2 trillion in gross cuts and saw the child tax credit double.”
The biggest contributors to these tax cuts were increasing the standard deduction, lowering marginal tax rates on qualifying income, and increasing the child tax credit for qualifying individuals.
Many individual deductions will no longer be offered, such as unreimbursed employee expenses, moving expenses, and other expenses employees may incur. The increase in the standard deduction was touted as a more effective and simple way of lowering taxable income to account for these types of expected expenses.
Individual tax cuts will expire in 2026, reverting back to the tax rates of 2017.
Businesses saw some of the most advantageous tax changes, with the corporate tax rate lowered to 21 percent from 35 percent. This falls short of Trump’s desired 15 percent, but is still a change in the direction that he wants to see.
President Trump signed the historic Tax Cuts and Jobs Act into law, cutting taxes for American families and making American business more competitive: https://t.co/Nh7d3Mic1q pic.twitter.com/3jWYow5TT2
— The White House (@WhiteHouse) June 4, 2018
Pro-business Agenda
Other changes celebrated by the White House include reducing “unnecessary job-killing regulations” on American businesses and working to “advance free, fair, and reciprocal trade deals that protect American workers.”
Not everyone is celebrating reducing regulations as a win for the American people. The Clean Power Plan, an Obama-era policy to reduce carbon emissions, was “put on hold by the Supreme Court” when states opposed the policy. But, many are still calling for legislation to address growing concern about climate change and the government’s responsibility to address it.
Trump’s campaign slogan, “Make America Great Again,” was focused on bringing economic growth back to American workers and American companies. His focus on economic growth in his first 500 days has been to reduce unemployment, create jobs, and bring business dollars back to the United States and, ultimately, back to the pockets of American consumers.
President Donald J. Trump’s 500 Days of Strengthening the American Economy ⬇️ https://t.co/orb9EDfMNd
— The White House (@WhiteHouse) June 4, 2018
Whether due to his specific policy changes or just inevitable economic growth as the country recovers from the economic downturn of 2008 and 2009, the numbers are showing a strengthening U.S. economy.
