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U.S. Economy Booms Under President Trump In The First 100 Days

- April 24, 2017

President Trump Has Reenergized Our Economy With Pro-Growth Policies


TOP TAKEAWAYS

  • President Trump's pro-business policies help to boost consumer confidence and have led to private sector investments and job creation.
  • By carefully reviewing old regulations, setting strict criteria for new regulations, and rolling back Obama-era regulations, President Trump has fostered a friendly environment for businesses and revitalized the coal and other energy sectors in the U.S.
  • President Trump took command of our trade deals by withdrawing from the job-killing Trans-Pacific Partnership, holding our trade partners accountable, and putting American jobs first.
  • President Trump's agenda has led to low unemployment, increased wages, hundreds of thousands of new jobs, and has put the U.S. on a path towards unprecedented economic growth.

PRESIDENT TRUMP'S ECONOMIC AGENDA STIMULATES THE AMERICAN MANUFACTURING SECTOR AND ALLOWS THE PRIVATE SECTOR TO MAKE SIGNIFICANT INVESTMENTS IN THE U.S.

President Trump Revitalized The U.S. Manufacturing Industry By Immediately Greenlighting Projects That Grow The Economy And Create Construction Jobs

In His First Week In Office, President Trump Issued An Executive Order "Expediting Environmental Reviews And Approvals For High Priority Infrastructure Projects." "To that end, it is the policy of the executive branch to streamline and expedite, in a manner consistent with law, environmental reviews and approvals for all infrastructure projects, especially projects that are a high priority for the Nation, such as improving the U.S. electric grid and telecommunications systems and repairing and upgrading critical port facilities, airports, pipelines, bridges, and highways." (President Donald J. Trump, "Executive Order Expediting Environmental Reviews And Approvals For High Priority Infrastructure Projects," White House Office Of The Press Secretary , 01/24/17)

In His First Week In Office, The President Signed An Executive Memorandum Initiating The Process To Begin Construction Of The Keystone XL Pipeline. "I hereby invite TransCanada Keystone Pipeline, L.P. (TransCanada), to promptly re-submit its application to the Department of State for a Presidential permit for the construction and operation of the Keystone XL Pipeline, a major pipeline for the importation of petroleum from Canada to the United States." (President Donald J. Trump, Memorandum For The Secretary Of The Army, White House Office Of The Press Secretary , 01/24/17)

President Obama's State Department Reported That The Keystone XL Pipeline "Will Support Approximately 42,100 Jobs" And Create "$2 Billion In Earnings Throughout The United States." "During construction, proposed Project spending would support approximately 42,100 jobs (direct, indirect, and induced), and approximately $2 billion in earnings throughout the United States." (Final Supplemental Environmental Impact Statements For The Keystone XL Project," United States Department Of State , 01/31/14)

  • Construction Of The Pipeline Would Create 3,900 Construction Jobs And Contribute $3.4 Billion To The U.S. Gross Domestic Product (GDP). "Of these jobs, approximately 3,900 would be direct construction jobs in the proposed Project area in Montana, South Dakota, Nebraska, and Kansas (3,900 over 1 year of construction, or 1,950 per year if construction took 2 years). Construction of the proposed Project would contribute approximately $3.4 billion (or 0.02 percent) to the U.S. gross domestic product (GDP)." (Final Supplemental Environmental Impact Statements For The Keystone XL Project," United States Department Of State , 01/31/14)

In His First Week In Office, The President Signed An Executive Memorandum Declaring The Dakota Access Pipeline Serves The National Interest And Initiating The Process To Continue Construction. "I believe that construction and operation of lawfully permitted pipeline infrastructure serve the national interest." (President Donald J. Trump, Memorandum For The Secretary Of The Army, White House Office Of The Press Secretary , 01/24/17)

  • The Dakota Access Pipeline Project Will Support 12,000 Jobs Which Include Jobs In The Region To Support The Increase In Business Activity During Construction. "The company's calculation of 12,000 jobs also includes those indirect, non-construction roles at businesses in the region that expect an increase in activity during the short-term period of construction on the pipeline." (Adam Kelsey, "Majority Of Promised Dakota And Keystone Pipeline Jobs Expected To Be Temporary," ABC News , 01/24/17)

President Trump's Businesses Acumen, As Well As His "Economic And Trade Policies" Have Secured Billions In Investments And Thousands Of American Jobs From The Private Sector

In His First Week In Office, President Trump Announced "The Manufacturing Jobs Initiative," Which Allows "Some Of The World's Most Successful And Creative Business Leaders To Share Their Experiences And Gain Their Insights." "President Trump announced today that as part of his overall job creation agenda he will launch a Manufacturing Jobs Initiative. The President will be meeting with some of the world's most successful and creative business leaders to share their experiences and gain their insights." ("President Trump Announces Manufacturing Jobs Initiative," The White House , 1/27/17)

In January 2017, Ford Motor Announced It Would "Cancel Production Of A $1.6 Billion Plant In Mexico, And Will Instead Invest $700 Million" In Michigan And Add 700 Direct New Jobs. " Ford Motor, which had been bashed by Donald Trump for shipping jobs outside the U.S., announced Tuesday that it will cancel production of a $1.6 billion plant in Mexico, and will instead invest $700 million in Flat Rock, Michigan. The U.S. auto giant said it will add 700 direct new jobs in Flat Rock to produce high-tech electrified and autonomous vehicles, plus the Ford Mustang and Lincoln Continental." (Berkley Lovelace Jr., "Ford Canceling Plans For $1.6 Billion Plant In Mexico, Investing $700 Million In Michigan Expansion Instead," CNBC , 01/03/17)

  • Ford CEO Mark Fields: "The Investment Is 'A Vote Of Confidence' In The Pro-Business Environment Being Created By Donald Trump." (Heather Long and Poppy Harlow, "Ford Cancels Mexico Plant. Will Create 700 U.S. Jobs In 'Vote Of Confidence' In Trump," CNN , 01/03/17)

In January 2017, Facing Pressure From President Trump, General Motors Announced It Would Invest $1 Billion In U.S. Plants And "Add Or Retain 1,000 Jobs" In The U.S. "General Motors Co., facing pressure from President-elect Donald Trump to boost hiring, plans to announce on Tuesday it will invest $1 billion in U.S. plants over several years, according to a person familiar with the matter. The largest U.S. automaker expects to add or retain 1,000 jobs at several existing facilities, said the person, who asked not to be identified because the matter is private." (David Welch, "GM Plans $1 Billion U.S. Investment In Nod To Trump," Bloomberg , 01/16/17)

In February 2017, Intel Corp. Credited "Trump's Economic And Trade Policies," When The Company Announced Plans To Invest $7 Billion To Build A New Factory That Will Create 10,000 Jobs In The United States. " Intel Corp. announced a $7 billion investment Wednesday that the company projects will create 10,000 new jobs. The company will use the $7 billion to complete its Fab 42 factory in Chandler, Ariz., Intel CEO Brian Krzanich said at a meeting at the White House with President Trump. Krzanich said the decision to make the announcement with the White House was borne out of Intel's support for Trump's economic and trade policies. (Ali Breland, "Intel, Trump Tout New $7 Billion Investment To Create 10K Jobs," The Hill , 02/08/17)

In March 2017, At A Meeting With President Trump At The White House, Charter Communications Committed To Investing $25 Billion In Broadband Infrastructure And Announced That The Company "Expected To Hire 20,000 New U.S. Employees Over The Next Four Years." "The chief executive of Charter Communications committed in a meeting with President Trump on Friday to invest $25 billion on broadband infrastructure while joining a trend of business leaders touting previously announced job creation at the White House. In the case of Charter - Southern California's dominant cable-TV and Internet service provider - Chief Executive Thomas Rutledge said he expected to hire 20,000 new U.S. employees over the next four years. Charter had made the hiring promise in 2015 when it was purchasing Time Warner Cable. The new development was the time period in which it will occur." (Jim Puzzanghera, "Charter Promises Trump Something New ($25 Billion Investment) And Something Old (20,000 Jobs)," Chicago Tribune , 03/24/17)

PRESIDENT TRUMP SLASHED UNECCESARY REGULATIONS AND BURDENSOME REGULATIONS TO SAVE JOBS AND ALLOW BUSINESSES TO GROW

President Trump Quickly Took Deliberative Steps To Slow The Onslaught Of New Regulations And Identify And Eliminate Unnecessary Regulations

On His First Day In Office, President Trump Issued A Presidential Memorandum Ordering A "Regulatory Freeze." "Subject to any exceptions the Director or Acting Director of the Office of Management and Budget allows for emergency situations or other urgent circumstances relating to health, safety, financial, or national security matters, or otherwise, send no regulation to the Office of the Federal Register until a department or agency head appointed or designated by the President after noon on January 20, 2017, reviews and approves the regulation." ("Memorandum For The Heads Of Executive Departments And Agencies," White House Office Of The Press Secretary , 1/20/17)

On January 30, 2017, The President Signed An Executive Order That Calls For Agencies And Departments Within The Executive Branch To Identify At Least Two Existing Regulations To Be Repealed Upon Proposal Of A New Regulation. "(a) Unless prohibited by law, whenever an executive department or agency (agency) publicly proposes for notice and comment or otherwise promulgates a new regulation, it shall identify at least two existing regulations to be repealed." (The White House Press Office, " Presidential Executive Order On Reducing Regulation And Controlling Regulatory Costs ," 01/30/17)

On February 24, 2017, The President Signed An Executive Order Requiring Every Executive Agency To Create A Regulatory Reform Officer To Identify Costly And Unnecessary Regulations. "Sec. 2. Regulatory Reform Officers. (a) Within 60 days of the date of this order, the head of each agency, except the heads of agencies receiving waivers under section 5 of this order, shall designate an agency official as its Regulatory Reform Officer (RRO). Each RRO shall oversee the implementation of regulatory reform initiatives and policies to ensure that agencies effectively carry out regulatory reforms, consistent with applicable law." (The White House Press Office, " Presidential Executive Order On Enforcing The Regulatory Reform Agenda ," 02/24/17)

The President Rolled Back Regulations To Jump-Start The Energy Industry And Stop President Obama's War On Coal

On March 28, 2017, The President Signed An Executive Order To Promote Energy Independence And Economic Growth, Which Suspended, Revised, Or Rescinded Four Obama Executive Actions That Stifled American Energy . "Sec. 3. Rescission of Certain Energy and Climate-Related Presidential and Regulatory Actions. (a) The following Presidential actions are hereby revoked: (i) Executive Order 13653 of November 1, 2013 (Preparing the United States for the Impacts of Climate Change); (ii) The Presidential Memorandum of June 25, 2013 (Power Sector Carbon Pollution Standards);(iii) The Presidential Memorandum of November 3, 2015 (Mitigating Impacts on Natural Resources from Development and Encouraging Related Private Investment); and (iv)The Presidential Memorandum of September 21, 2016 (Climate Change and National Security)." ("Presidential Executive Order On Promoting Energy Independence And Economic Growth," White House Office Of The Press Secretary , 03/28/17)

  • The Executive Order Rolls Back President Obama's Clean Power Plan. "President Trump is expected to sign an executive order Tuesday [March 28th] to roll back the Clean Power Plan rule, keeping a campaign vow to undo the Obama administration's aggressive attempts to reduce carbon emissions." (Ledyard King, "President Trump's Executive Order Will Undo Obama's Clean Power Plan Rule," USA Today , 03/27/17)
  • According To The U.S. Chamber Of Commerce, President Obama's Carbon Regulations Could "Put 224,000 Americans Out Of Work" Annually, "Cost $51 Billion In GDP Loss," And "Lower Disposable Household Income By 586 Billion." ("Assessing The Impact Of Potential New Carbon Regulations In The United States," U.S. Chamber Of Commerce , 2014)

President Trump Blocked The Stream Protection Rule (SPR) Which Was Put In Place In The Waning Hours Of The Previous Administration. "President Donald J. Trump last week signed H.J. Res 38, a joint resolution of disapproval under the Congressional Review Act related to the Office of Surface Mining Reclamation and Enforcement's (OSM) final Stream Protection Rule (SPR) which was put in place in the waning hours of the previous administration." (Blog Post, "President Trump Fulfills Promise To Miners, Signs Bipartisan Legislation To Repeal Stream Protection Rule," U.S. Department Of The Interior , 02/24/17)

  • According To The U.S. Chamber Of Commerce, The Stream Protection Rule Could Have Caused Miners To "Lose Access To Up To 40% Of Nationwide Coal Reserves" And "Eliminate Up To 270,000 Jobs, Including 80,000 Mining Jobs." "The SPR will place massive amounts of coal reserves-and the affordable energy they provide-off limits. It does so by ignoring the diversity in mining operations or physical conditions that occur across the U.S. The National Mining Association estimates that companies could lose access to up to 40% of nationwide coal reserves, and remaining reserves will be far more costly to mine. The rule is expected to eliminate up to 270,000 jobs, including 80,000 mining jobs. The annual value of coal lost to production as a result of the rule is estimated to be between $14 billion and $29 billion. This translates to reduced annual federal and state tax revenue due to lost production of between $3.1 and $6.4 billion." (Dan Byers, "The Stream Protection Rule: A Regulatory Solution In Search Of A Problem," U.S. Chamber Of Commerce , 1/26/17)

On January 24, 2017, The President Signed An Executive Order Expediting The Environmental Review And Approval Process For Infrastructure Projects. "To that end, it is the policy of the executive branch to streamline and expedite, in a manner consistent with law, environmental reviews and approvals for all infrastructure projects, especially projects that are a high priority for the Nation, such as improving the U.S. electric grid and telecommunications systems and repairing and upgrading critical port facilities, airports, pipelines, bridges, and highways." (The White House Press Office, " Executive Order Expediting Environmental Reviews And Approvals For High Priority Infrastructure Projects ," 01/24/17)

On February 14, 2017, President Trump Signed Into Law House Joint Resolution 41, A Bill "Eliminating A Costly Regulation That Threatened To Put Domestic Extraction Companies And Their Employees At An Unfair Disadvantage." "Today, President Donald J. Trump signed legislation (House Joint Resolution 41) eliminating a costly regulation that threatened to put domestic extraction companies and their employees at an unfair disadvantage." (Press Release, "President Trump: Cutting Red Tape For American Businesses," White House Office Of The Press Secretary , 2/14/17)

  • This Bill Will Save Businesses As Much As $600 Million In Regulatory Compliance Costs. "This legislation could save American businesses as much as $600 million annually in regulatory compliance costs and spare them 200,000 hours of paperwork." (Press Release, "President Trump: Cutting Red Tape For American Businesses," White House Office Of The Press Secretary , 2/14/17)

TO PUT AMERICA-FIRST, PRESIDENT TRUMP ENSURES TRADE DEALS PRIORITIZE THE U.S. ECONOMY, PRODUCTS, AND WORKERS

President Trump Took Important Steps To Address Unfair Trade Deals, Prioritize U.S. Materials And Companies, And Hold Foreign Countries Accountable That Break Trade Agreements

On January 23, 2017, The President Signed An Executive Memorandum Ordering The U.S Withdrawal From The Trans-Pacific Partnership Agreement And Negotiations. "Based on these principles, and by the authority vested in me as President by the Constitution and the laws of the United States of America, I hereby direct you to withdraw the United States as a signatory to the Trans-Pacific Partnership (TPP), to permanently withdraw the United States from TPP negotiations, and to begin pursuing, wherever possible, bilateral trade negotiations to promote American industry, protect American workers, and raise American wages." (President Donald J. Trump, Memorandum For The United States Trade Representative, White House Office Of The Press Secretary , 01/23/17)

  • A Study At Tufts University Found TPP Would Increase Inequality, Decrease GDP And Cause Employment To Decline By 448,000 Jobs In The United States. "More importantly, we find that TPP would lead to losses in employment and increases in inequality. This is particularly true for the United States, where GDP is projected to fall slightly (-0.54 percent), employment to decline by 448,000 jobs, and inequality to increase as labor's share of income falls by 1.31 percent." (Jeronim Capaldo and Alex Izurieta, "Trading Down: Unemployment, Inequality, And Other Risks Of The Trans-Pacific Partnership Agreement," Global Development And Environment Institute At Tufts University , 01/16)
  • AFL-CIO President Richard Trumka Praised Trump's Withdrawal From The TPP Saying The Action "Is An Important First Step Toward A Trade Policy That Works For Working People." "Today's announcement that the US is withdrawing from TPP and seeking a reopening of NAFTA is an important first step toward a trade policy that works for working people." (Press Statement, "TPP Withdrawal Good First Step Toward Building Trade Policies That Benefit Working People," AFL-CIO , 01/23/17)

On January 24, 2017, The President Signed An Executive Memorandum Ordering That All New Pipeline Construction And Repair Work Use U.S. Materials And Equipment Produced In The U.S. "The Secretary of Commerce, in consultation with all relevant executive departments and agencies, shall develop a plan under which all new pipelines, as well as retrofitted, repaired, or expanded pipelines, inside the borders of the United States, including portions of pipelines, use materials and equipment produced in the United States, to the maximum extent possible and to the extent permitted by law. The Secretary shall submit the plan to the President within 180 days of the date of this memorandum." (The White House Press Office, " Presidential Memorandum Regarding Construction Of American Pipelines ," 01/24/17)

On April 18, 2017, President Trump Signed An Executive Order Called "Buy American, Hire American" Which Tightens Rules On Visas For Foreign Workers And Bars Foreign Contractors From Bidding On Federal Projects. "President Trump signed an executive order Tuesday that would tighten rules that award visas to skilled foreign workers and directs the federal government to enforce rules that bar foreign contractors from bidding on federal projects. The order is a first effort to promote a "Buy American, Hire American" agenda, a key promise Trump made during the campaign." (Abby Phillip, "Trump Signs 'Buy American, Hire American' Executive Order, Promising To Fight For American Workers," The Washington Post , 04/18/17)

President And CEO Of American Iron And Steel Institute (AISI) Thomas J. Gibson "Applauded" Trump's "Buy America, Hire America" Saying The Buy American Provisions "Are Vital To The Health Of The Domestic Steel Industry, And Have Helped Create Manufacturing Jobs And Build American Infrastructure." "Strong Buy America domestic procurement preferences for federally funded infrastructure projects are vital to the health of the domestic steel industry, and have helped create manufacturing jobs and build American infrastructure. The foundation of a strong Buy America program is the longstanding requirement that all iron and steel-making processes occur in the U.S. for a product to be Buy America compliant - from the actual steel production to the finishing processes. This 'melted and poured' standard has been successfully applied since 1983 and must continue to be the standard used in federal Buy America rules for steel procurement. We applaud President Trump for affirming his commitment to full and effective enforcement of our Buy America laws, and to addressing the issue of unfairly dumped and subsidized steel, in signing this Executive Order today." (Press Statement, "AISI Comments On President's Signing Today Of 'Buy American, Hire American,'" President And CEO Thomas J. Gibson , 04/18/17)

On March 31, 2017, President Trump Signed A Pair Of Executive Orders To Review U.S. Trade Deficits And Implement A Framework To Collect All Import Taxes Levied On Foreign Exporters That Break Trade Rules. "President Trump on Friday signed two executive orders aimed at tackling concerns about trade abuses as the White House seeks to launch a major overhaul of U.S. policy. The White House's latest executive orders kick-off a comprehensive review of U.S. trade deficits and also would start the process of implementing a framework to collect all import taxes levied on foreign exporters that break global trade rules." (Vicki Needham, "Trump Signs Executive Orders Ramping Up Trade Enforcement," The Hill , 03/31/17)

PRESIDENT TRUMP'S DECISIVE AGENDA HAS ALREADY LED TO LOW UNEMPLOYMENT, INCREASED WAGES, AND HUNDREDS OF THOUSANDS OF NEW JOBS

Unemployment Is Down Across The Board

The Level For Insured Unemployment As Of April 8, 2017 Is The Lowest Since 2000. "The advance number for seasonally adjusted insured unemployment during the week ending April 8 was 1,979,000, a decrease of 49,000 from the previous week's unrevised level of 2,028,000. This is the lowest level for insured unemployment since April 15, 2000 when it was 1,962,000." (News Release, "Unemployment Insurance Weekly Claims, United States Department Of Labor , 04/20/17)

Under President Trump, The Unemployment Rate Has Decreased From 4.8 Percent To 4.5 Percent. ( Bureau Of Labor Statistics , Accessed 04/23/17)

  • Under President Trump, The Unemployment Rate For 16-24 Year Olds Has Decreased From 10.1 Percent To 9.1 Percent. ( Bureau Of Labor Statistics , Accessed 04/23/17)
  • Under President Trump, The Unemployment Rate For 20-24 Year Olds Has Decreased From 8.3 Percent To 7.3 Percent. ( Bureau Of Labor Statistics , Accessed 04/23/17)
  • Under President Trump, The Unemployment Rate For 25-34 Year Olds Has Decreased From 4.9 Percent To 4.5 Percent. ( Bureau Of Labor Statistics , Accessed 04/23/17)
  • Under President Trump, The Hispanic Unemployment Rate Has Decreased From 5.9 Percent To 5.1 Percent. ( Bureau Of Labor Statistics , Accessed 04/23/17)

Average Wages Are Higher

Under President Trump, Average Hourly Earnings For All Employees Have Increased From $26.02 To $26.14. ( Bureau Of Labor Statistics , Accessed 04/23/17)

Hundreds Of Thousands Of New Jobs Have Been Created

Under President Trump, The Nation Has Gained 317,000 Nonfarm Jobs. ( Bureau Of Labor Statistics , Accessed 04/23/17)

Under President Trump, The Nation Has Gained 65,000 Construction Jobs. ( Bureau Of Labor Statistics , Accessed 04/23/17)

Under President Trump, The Nation Has Gained 37,000 Manufacturing Jobs. ( Bureau Of Labor Statistics , Accessed 04/23/17)

Under President Trump, Consumer Confidence Has Dramatically Increased

In March 2017, The Consumer Confidence Index Rose To 125.6. "The Conference Board Consumer Confidence Index, which had increased in February, improved sharply in March. The Index now stands at 125.6 (1985=100), up from 116.1 in February." ("The Conference Board Consumer Confidence Index Increased Sharply in March," The Conference Board , 3/28/17)

  • Consumer Confidence Is At Its Highest Level Since December 2000. "Consumer confidence increased sharply in March to its highest level since December 2000 (Index, 128.6)," said Lynn Franco, Director of Economic Indicators at The Conference Board." ("The Conference Board Consumer Confidence Index Increased Sharply in March," The Conference Board , 3/28/17)
  • According To The Conference Board, Consumers' Assessment Of Current Labor And Market Conditions Have Improved "Considerably." "Consumers' assessment of current business and labor market conditions improved considerably. Consumers also expressed much greater optimism regarding the short-term outlook for business, jobs and personal income prospects." ("Consumer Confidence Survey," The Conference Board , 3/28/17)
  • More Consumers Are Seeing Market Conditions As Good Consumers And Less Are Seeing Them As Bad. "Consumers' appraisal of current conditions improved considerably in March. The percentage saying business conditions are 'good' increased from 28.3 percent to 32.2 percent, while those saying business conditions are 'bad' decreased from 13.4 percent to 12.9 percent." ("Consumer Confidence Survey," The Conference Board , 3/28/17
  • Consumers View The Number Of Jobs As "Plentiful" Less Hard To Come By. "Consumers' assessment of the labor market was also more positive. The percentage of consumers stating jobs are 'plentiful' rose from 26.9 percent to 31.7 percent, while those claiming jobs are 'hard to get' decreased moderately, from 19.9 percent to 19.5 percent." ("Consumer Confidence Survey," The Conference Board , 3/28/17)

Gallup's U.S. Economic Confidence Index Continues To Reflect Americans' Optimism About The Economy . "Americans remained about as upbeat about the economy in March as they were in February, with Gallup's U.S. Economic Confidence Index averaging +9 for the third month of 2017." (Justin McCarthy, "US Economic Confidence Index Unchanged in March," Gallup , 4/4/17)

At The End Of March, The Bloomberg Consumer Comfort Index Was 50.2. "Weekly comfort measure rose to 50.2 in period ended April 2, from 49.7." (Sho Chandra, "Consumer Comfort In U.S. Rises For Fifth Time In Last Six Weeks," Bloomberg , 4/6/17)

  • This Has Resulted In The Strongest Quarterly Sentiment Since 2007. "Americans' confidence climbed for the fifth time in the last six weeks, resulting in the strongest quarterly sentiment since 2007, Bloomberg Consumer Comfort Index figures showed Thursday." (Sho Chandra, "Consumer Comfort In U.S. Rises For Fifth Time In Last Six Weeks," Bloomberg , 4/6/17)

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