(Press Release, December 31, 2019)
The White House has released an end-of-year statement promoting President Donald J. Trump’s accomplishments on a variety of issues. The following is the section on economic prosperity:
President Donald J. Trump Has Delivered Record Breaking Results For The American People In His First Three Years In Office
Issued on: December 31, 2019
PROMOTING ECONOMIC PROSPERITY FOR ALL: President Trump’s pro-growth policies have led to an economic boom that is lifting up Americans of all backgrounds.
Since President Trump’s election, more than 7 million jobs have been added to the economy.
For the first time on record there are more job openings than unemployed Americans.
- There are more than 7 million job openings, outnumbering job seekers by more than 1 million.
- Nearly two-thirds of Americans rate now as a good time to find a quality job, empowering more Americans with rewarding careers.
This year, the unemployment rate reached its lowest level in half a century.
- The unemployment rate has remained at or below 4 percent for the past 21 months.
- The unemployment rate for women reached its lowest rate in 65 years under President Trump.
Under President Trump, jobless claims hit their lowest level in half a century.
The number of people claiming unemployment insurance as a share of the population is the lowest on record.
American workers of all backgrounds are thriving under President Trump.
- The unemployment rates for African Americans, Hispanic Americans, Asian Americans, veterans, individuals with disabilities, and those without a high school diploma have all reached record lows under President Trump.
The booming economy is putting more money in Americans’ pockets.
- Wages are growing at their fastest rate in a decade, with year-over-year wage gains exceeding 3 percent for the first time since 2009.
- November 2019 marked the 16th consecutive month that wages rose at an annual rate of at or over 3 percent.
- Median household income surpassed $63,000 in 2018 – the highest level on record.
President Trump’s policies are helping forgotten Americans across the country prosper, driving down income inequality.
- Wages are rising fastest for low-income workers.
- Middle-class and low-income workers are enjoying faster wage growth than high-earners.
- When measured as the share of income earned by the top 20 percent, income inequality fell in 2018 by the largest amount in over a decade.
Americans are being lifted out of poverty as a result of today’s booming economy.
- Since President Trump took office, over 2.4 million Americans have been lifted out of poverty.
- Poverty rates for African Americans and Hispanic Americans have reached record lows.
- Since President Trump’s election, nearly 7 million Americans have been lifted off of food stamps.
Americans are coming off of the sidelines and back into the workforce.
- The prime age labor force has grown by 2.1 million under President Trump.
- In the third quarter of 2019, 73.7 percent of workers entering employment came from out of the labor force rather than from unemployment, the highest share since the series began in 1990.
President Trump’s pro-growth policies are helping businesses of all sizes thrive like never before.
- Small business optimism broke a 35-year old record in 2018 and remains historically high.
- The DOW, S&P 500, and NASDAQ have all repeatedly notched record highs under President Trump.
President Trump is following through on his promise to revitalize American manufacturing, with more than a half million manufacturing jobs added since the election.
President Trump has prioritized workforce development to ensure American workers are prepared to fill high quality jobs.
- The President has worked to expand apprenticeship programs, helping Americans gain hands-on training and experience with no student debt.
- Since President Trump took office, over 660,000 apprentices have been hired across the country.
- President Trump established the National Council for the American Worker, tasked with developing a workforce strategy for the jobs of the future.
- Over 370 companies have signed the President’s “Pledge to America’s Workers,” pledging to provide more than 14.4 million employment and training opportunities.
- President Trump signed an Executive Order prioritizing Cyber Workforce Development to ensure that we have the most skilled cyber workforce of the 21st century.
President Trump signed the Tax Cuts & Jobs Act in 2017 – the largest tax reform package in history.
- More than 6 million American workers received wage increases, bonuses, and increased benefits thanks to the tax cuts.
- $1 trillion has poured back into the country from overseas since the President’s tax cuts.
President Trump is revitalizing distressed communities through Opportunity Zones, which encourage investment and growth in underserved communities.
- More than 8,760 communities in all 50 States, the District of Columbia, and 5 Territories have been designated as Opportunity Zones.
- The White House Opportunity and Revitalization Council has taken more than 175 actions to encourage investment and promote growth within Opportunity Zones.
- The White House Opportunity and Revitalization Council is engaging all levels of government to identify best practices and assist leaders, investors, and entrepreneurs in using the Opportunity Zone incentive to revitalize low-income communities.
The President is ensuring that America is prepared to lead the world in the industries of the future, by promoting American leadership in emerging technologies like 5G and AI.
- The Administration named artificial intelligence, quantum information science, and 5G, among other emerging technologies, as national research and development priorities.
- President Trump launched the American AI Initiative to invest in AI research, unleash innovation, and build the American workforce of the future.
- President Trump signed an Executive Order that established a new advisory committee of industry and academic leaders to advise the government on its quantum activities.
President Trump has made supporting working families a priority of his Administration.
- President Trump signed legislation securing historic levels of funding for the Child Care and Development Block Grant, helping low-income families access child care.
- During his Joint Address to Congress and each State of the Union Address, the President called on Congress to pass a nationwide paid family leave plan.
- The President signed into law 12-weeks of paid parental leave for federal workers.
- President Trump’s tax reforms provided a new tax credit to incentivize businesses to offer paid family leave to their employees.
- The President’s historic tax reforms doubled the child tax credit, benefitting nearly 40 million American families with an average of over $2,200 dollars in 2019.
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