GROWING THE ECONOMY FOR ALL AMERICANS: The economy continued its historic boom in 2018, benefiting all Americans as job creation soared and wages rose.
- The economy outperformed expectations for the second year in a row in 2018.
- Gross Domestic Product grew 3.1 percent from the fourth quarter of 2017 to the fourth quarter of 2018, the fastest such growth in 13 years.
- More than 2.6 million jobs were created in 2018 and the number of job openings surpassed the number of unemployed workers for the first time on record.
- The unemployment rate remained at or below 4 percent for the past 12 months, the longest streak in nearly five decades.
- The unemployment rate hit 3.7 percent in September 2018, a near 50-year low.
- The booming economy paid off for American workers last year – with nominal hourly wage growth exceeding 3 percent for the first time in almost a decade.
- Nominal wages grew 3.4 percent over the last 12 months, the fastest pace since 2009.
- The Trump economy has helped raise people out of poverty and increased self-sufficiency.
- Since the election, more than 5 million Americans have been lifted off food stamps.
ROLLING BACK BURDENSOME REGULATIONS: The Trump Administration has rolled back business killing regulations to unleash an economic boom across all sectors of the economy.
- President Trump has rolled back rising regulatory costs that stifled economic growth.
- In 2018, Federal agencies issued 12 deregulatory actions for every new significant regulatory action, saving $23 billion in regulatory costs.
- The President’s deregulation has unleashed the power of American energy, enabling more access to minerals on Federal lands and lowering costs that discouraged energy production.
- Under President Trump, oil and natural gas production have both hit all-time highs.
- The Trump Administration has taken a measured approach to financial regulation to preserve stability while addressing the failures of the Dodd-Frank Act.
- Last year, President Trump signed legislation providing regulatory relief to small banks.
- The Trump Administration has enhanced choice and price competition in the biopharmaceutical markets, resulting in a record number of generic drug approvals that saved Americans $26 billion during the first year and half of the Administration.
THE TAX CUTS ARE WORKING: The Tax Cuts and Jobs Act has spurred more business investment and put more money in the pockets of American workers. Americans are better off today thanks to President Trump’s historic tax cuts.
- The tax cuts are allowing American families to keep more of their hard earned money.
- Real disposable personal income increased by $2,300 from the end of 2017 to the fourth quarter of 2018.
- Business investment and productivity are on the rise thanks to the tax cuts.
- Capital Expenditures are up $300 billion from 2017.
- Private nonresidential fixed investment by nonfinancial businesses is up 9.2 percent.
- Business sector productivity grew at an annual rate of 1.9 percent, nearly twice the rate of the expansion prior to the tax cuts.