Despite the fear-mongering from Democrats and the liberal media, the Trump economy is still running in high gear, producing widespread, indiscriminate prosperity for working Americans.
The Democrats know that an economic contraction is their only chance to defeat President Trump in the 2020 presidential election, which is why they’re actively rooting for a recession. But for middle-class workers, this is a blockbuster economy – maybe the best job market in any of our lifetimes. The latest jobs report has seven million open jobs and only 6 million unemployed Americans.
Wages were up nearly 4% last year and the bigger paychecks are translating into more consumer spending. Retail sales for stores like Target, Lowes and Home Depot continue to surge and these companies recently reported recorded earnings. Airline sales and amusement park sales have hit all-time highs and hotel bookings are strong. People are spending and shopping because the Trump paycheck increased real take-home pay for workers of all income levels.
The mainstream media have created recent recession fears out of thin air, a phantom recession if you will, apparently hoping to create a self-fulfilling prophecy by deflating the historic optimism of American businesses and consumers. They’re facing an uphill battle, though, because President Trump’s pro-growth policies have created the most robust economy we’ve seen in decades, marked by the lowest unemployment rate since 1969, soaring markets, millions of new jobs, and the fastest wage growth in a decade.
While liberals spread downer rumors of an impending recession, the economic data reveal a strong Main Street economy that continues to fuel unprecedented prosperity. The latest Jobless claims of 209,000 claims for unemployment benefits are still near their lowest level since the late 1960s. Businesses are desperate to find workers and this too pushed up wages.
The results mean that workers are not only enjoying enhanced employment prospects in the Trump economy but greater job security, as well. When workers feel secure in their jobs, it creates a ripple effect throughout the economy, feeding the optimism that induces people to take the risks that allow the economy to grow even stronger.
Worker compensation also represents a larger share of production costs than it has since before the Great Recession, meaning workers are enjoying a larger slice of the nation’s economic pie.
President Trump’s America First economic policies have brought prosperity to Main Street, and liberals can’t stand it. While they callously root for a recession that would hurt American workers and families, though, the Trump economy just continues to deliver undeniable benefits to Americans everywhere and for blacks, whites, Hispanics, men, and women.
Steve Moore is an economist with Freedom Works and served as the economic advisor for the Donald J. Trump 2016 presidential campaign.