Difference between revisions of "Donald Trump achievements: Economic policy and labor"

Revision as of 01:39, July 16, 2019

Official presidential photo of President Donald Trump

Main article: Donald Trump achievements

This article is a non-exhaustive list of achievements by U.S. President Donald Trump, his administration, and Congress related to economic and labor policy.

2017

President Trump speaking in Ypsilanti, Michigan, in March 2017

Legislation signed, 2017

• March 27, 2017—One of the four Congressional Review bills which Trump signed into law that day repealed Obama's Blacklisting Rule, which would have required firms contracted by federal agencies to disclose every claim of unfair labor practices concerning them – something which would have given unionized contractors an upper-hand. On the same day, President Trump signed an executive order repealing the contracting rule.^[1]
• November 1, 2017—President Trump signed a Congressional Review bill into law repealing a regulation enacted by the Consumer Financial Protection Bureau banning mandatory arbitration clauses in contracts regarding financial services which would allow consumers to join class-action lawsuits against banks and credit card companies.^[2]
• December 22, 2017—President Trump signed a $1.5 trillion tax cut bill into law.^[3] Despite keeping the number of individual income tax brackets at seven, the bill lowered their rates.^[4] It also reduced the corporate tax rate from 35% to 21%, changed how multinational U.S. companies are taxed, and repealed the ObamaCare individual mandate, among other changes.^[4] Because of the tax bill, hundreds of companies announced major bonuses for their employees,^[5] and over 100 utilities reduced their rates because of the tax cuts.^[6] Most American companies increased their investments due to the tax cuts,^[7] and a 2018 study by the University of Wisconsin-Madison found that companies significantly increased their contributions to defined-benefit pension plans in 2017 because of the cuts.^[8] A study by Americans for Tax Reform in 2018 also found that companies expanded benefits for their employees and their families because of the tax cuts.^[9] The tax cuts helped achieve other positive economic developments.^[10]

Executive actions, 2017

• February 3, 2017—President Trump signed an order directing Treasury Secretary Steven Mnuchin, upon his confirmation, to plan changes to the Dodd-Frank bank regulatory law in order to cut much of it.^[11]
• March 27, 2017—President Trump signed an executive order repealing Obama-era labor law compliance requirements^[1] for federal contractors, along with signing a resolution of disapproval that day on the same topic.^[12]
• April 21, 2017—President Trump signed one executive order and two memorandums. The order directed the Treasury Secretary Mnuchin to look at the U.S. tax code and recommend the removal of unnecessary regulations and the two memorandums directing the Treasury Secretary to conduct a review of portions of the Dodd-Frank law.^[13]
• June 15, 2017—President Trump signed executive orders to loosen federal regulations on job-training programs and to encourage apprenticeships and vocational learning.^[14]
• June 16, 2017—The Justice Department under Jeff Sessions officially changed its position on the Supreme Court case NLRB v. Murphy Oil – it is not common for the Justice Department to change its position in court cases.^[15]
• July 28, 2017—The Treasury Department announced it would end an Obama Administration program started in 2015, which was intended to help Americans without 401k plans save for retirement, because it was not cost-effective.^[16]
• September 29, 2017—President Trump disbanded the federal labor-management council, which was created by President Obama, due to it being a waste of time and taxpayer dollars.^[17]

Other achievements, 2017

While the following achievements were not official United States government policy actions by the Trump Administration, they were closely related to the Trump Administration and its policies:

Improving economy, growing optimism

The U.S. economy rebounded during President Trump's first year in office.^[18] As an illustration of that economic growth in 2017, the Spectrem Group estimated that it caused the country to gain 700,000 new millionaires that year.^[19]

• By the summer of 2017, the economy was clearly improving and growing.^[20] The economy rose faster than expected in June 2017, with 222,000 jobs being added,^[21] and jobless claims applications and benefits fell.^[22] The economy grew faster than expected in July 2017,^[23] and it was reported that month that economic growth had increased to 2.6%.^[24] The number of job openings greatly increased.^[25] The rate of economic growth for the second quarter of 2017 was 3.1%, above the 3% level that Trump pledged to achieve for a sustained period.^[26] The U.S. economy again reached 3% economic growth for Q3.^[27] By the end of 2017, the U.S. was on track to reach its strongest level of growth since 2005.^[28]
• The unemployment rate decreased, falling to its lowest point in 16 years by the summer of 2017.^[29] Also in mid-2017, the black American unemployment rate fell to its lowest point in 17 years,^[30][31] and the gap between black and white unemployment fell to the lowest recorded level ever.^[32] In December 2017, the black unemployment rate fell to 6.8%, the lowest level ever recorded.^[33] The Latino unemployment rate reached its lowest recorded level ever.^[31][34] In October 2017, the number of jobless claims fell to the lowest level since 1973 – 44 years,^[35] and the number of Americans on unemployment benefits also saw a 44-year low in December 2017.^[36] In 2017, Hispanic poverty in the U.S. reached a record low according to the U.S. Census Bureau.^[37]
• One million new jobs were created in President Trump's first six months in office.^[38] Also, 2017 saw the lowest number of job cuts since 1990.^[39]
• The average credit scores of Americans reached an all-time high by July 2017.^[40]
• Food stamp levels fell after Trump took office.^[41][42] By August 2017, the number of people on food stamps had fallen by 1.1 million people since the beginning of Trump's presidency,^[43] and it was reported in September 2017 that the number of people using food stamps had declined each month of Trump's presidency to that point.^[44] By the end of Fiscal Year 2017, the number of people on food stamps had dropped by over 2 million,^[45] and the number fell to 2.2 million fewer in Trump's first full year in office.^[46] In FY 2017, the federal government spent the lowest amount of money on the food stamp program in seven years.^[47] Between October and November 2017, four million people stopped using food stamps,^[48] and in December 2017, it dropped by over 500,000.^[49] According to the USDA, in 2017, participation in the Women, Infant, and Children (WIC) food stamp and welfare program reached its lowest level in 17 years.^[50] In 2017, the number of people applying for disability benefits through the Social Security Administration fell below 1.5 million – the lowest level since 2002, and something attributed to the strong economy.^[51] The drop was so large that the SSA had to revise its estimates of how much longer the program would remain financially stable.^[51]
• It was reported in early July that U.S. factory activity rose to its highest level since August 2014.^[52] It was reported in September 2017 that U.S. manufacturing reached its highest pace of expansion in six years.^[53] According to the Institute for Supply Management (ISM) in October 2017, U.S. factory activity reached its highest level since 2004.^[54] Also according to the ISM, in the last three months of 2017, U.S. manufacturing expanded at the fastest rate since 2004.^[55]
• In addition to the improving economy, Americans' confidence and optimism increased.^[56] By June 2017, Americans' confidence in the economy had risen,^[57] and by August it had reached a 16-year high^[58] and had doubled since Trump took office.^[59] According to the Consumer Confidence Index in October 2017, consumer confidence surged to a 17-year-high.^[60] According to CNBC's All-American Economic Survey in December 2017, more than half of all people rated the economy as "good" or "excellent," the first time in the survey's 11-year history.^[61] It was reported in August 2017 that the optimism of small business owners was at a ten-year high,^[62] and overall, 2017 was a very strong year for small business owner optimism.^[63] A Wells Fargo/Gallup poll conducted in late July and early August 2017 found that investor confidence reached a 17-year high.^[64] It was reported in late September 2017 that the optimism of manufacturers was the highest it had been in 20 years.^[65] In December 2017, homebuilder confidence reached its highest level since July 1999, according to the National Association of Home Builders.^[66] Consumer spending rose in September 2017.^[67] According to Pew Research Center, public confidence in job growth in October 2017 reached the highest point ever since Pew started keeping track in 2001.^[68] According to Gallup in December 2017, Americans were twice as confident in finding a new job compared to five years previously.^[69] By the end of 2017, business owners' confidence in the Trump Administration's economic agenda had caused them to begin increasing their investment in the U.S. economy.^[70]
• It was reported in August 2017 that because of the weakening dollar, American corporations had their best earning season in 13 years, with three-quarters of S&P 500 corporations reporting actual earnings above prior estimates and with every sector having at least half its companies meeting or exceeding earnings forecasts.^[71]
• According to the Federal Reserve, U.S. household wealth rose by $1.7 trillion to a record high in the second quarter of 2017.^[72] The U.S. Census Bureau reported that in 2017, U.S. median income reached a record high, adjusting for inflation, and the poverty rate fell to the lowest level since 2006.^[73]
• Home sales unexpectedly surged, reaching their highest level in 10 years by November 2017.^[74]
• On July 26, 2017, the large manufacturing company Foxconn announced it would build a $10 billion factory in Wisconsin which would bring about 13,000 jobs to the area.^[75] President Trump attended the groundbreaking for the new factory on June 28, 2018.^[76]

Trump and the stock market, 2016–2017

Despite expectations that Trump's election victory would cause the markets to plunge,^[77] the Dow Jones Industrial Average actually performed very strongly, closing at the highest level it had ever reached in history after the second day.^[78] It is rare for the stock market to rise immediately after a U.S. presidential election regardless of the winner.^[78] The stock market had its best week in five years due to the optimism of a Trump presidency.^[79]

Trump was very busy in his first week and showed he was serious about his campaign promises. This caused the stock market to increase, and the Dow Jones passed 20,000 points for the first time in its history.^[80][81] It had been only 42 days since the Dow Jones passed 19,000 points, making it the second-fastest 1,000 point move of the Dow in its history.^[82] On March 1, 2017, the day after Trump made his first address to a joint-session of Congress, the stock market rose dramatically again, with the Dow Jones passing the 21,000 mark for the first time in history.^[83][84][85] The stock market had one of the best performances in the first 100 days of Trump's presidency compared to the first 100 days of previous presidents in U.S. history.^[86] The stock market continued to perform well after President Trump's first 100 days.^[87] President Trump played a large role in causing this rise.^[88]

On June 1, 2017, the same day President Trump announced his decision to withdraw from the Paris Climate Agreement, and the day after,^[89] the stock market rose strongly, mainly due to news of increased economic growth.^[90] On August 2, 2017, the Dow Jones closed above 22,000 for the first time in its history, after six days of consecutive record highs.^[91] By early October 2017, the Dow Jones industrial average closed 62 times at record-highs and had risen nearly 25% since the 2016 presidential election.^[92] The Dow Jones passed the 23,000 mark for the first time on October 17, 2017 and closed for the first time above 23,000 the next day, the fifth 1,000-point milestone since Trump's election in November 2016.^[93] Between Trump inauguration and mid-January 2018, the Dow Jones rose by 31%, the largest rise in the first year of a U.S. presidency since Franklin D. Roosevelt's first year in office,^[94] and the S&P 500 rose 23%, the highest ever for a Republican president's first year in office.^[95]

Of course, the stock market did not see only growth during the Trump Administration in 2017; on May 17, 2017, for example, the Dow Jones fell 372 points (1.78%) due to the fallout from the James Comey controversy.^[96] The stock market also fell after President Trump spoke harshly against North Korea.^[97]

2018

By May 2018, the Trump Administration had taken numerous steps to reduce banking regulations, both through legislation and through executive actions.^[98] It also continued advancing economic nationalist policies.^[99] It took steps to roll back the Obama Administration's labor policy.^[100]

Legislation signed, 2018

• May 24, 2018—President Trump signed a bill into law repealing some financial regulations put into place under the Dodd–Frank law, including reducing the amount of regulation and oversight for banks having under $250 billion in assets.^[101] The Act was described as the largest change to U.S. banking regulations since the Dodd–Frank law.^[102]

Executive actions, 2018

• February 15, 2018—The Securities and Exchange Commission blocked a Chinese attempt to buy the Chicago Stock Exchange.^[103]
• May 25, 2018—President Trump signed three executive orders reforming federal workforce rules, such as making it easier to fire federal employees for misconduct, weakening the power of federal labor unions, and making the workforce more efficient and less costly.^[104] Among these changes, federal workers were required to use at least 75% of their work time to actually do the jobs they were hired to do rather than doing union-related work.^[104] That same day, Trump signed another executive order exempting tour operators from an Obama-era regulation that required a certain minimum wage for those working for companies contracting with the federal government.^[105] On July 5, 2018, the White House's Office of Personnel Management moved to implement the orders,^[106] and on November 8, 2018, the Department of Veterans Affairs announced it would end the practice of "official time" for its medical employees.^[107]
• July 11, 2018—The Centers for Medicare and Medicaid Services began the process of ending a 2014 Obama Administration regulation that allowed unions to collect dues direct from Medicaid payments to American workers despite a law prohibiting this practice in most cases.^[108] The administration finalized this rule on May 2, 2019.^[109]
• July 17, 2018—The Labor Department rescinded an Obama-era regulation – called the "Persuader Rule" – requiring employers to publicly reveal the consultants they hire to help them persuade workers to reject unionization.^[110]
• July 19, 2018—President Trump signed an executive order creating the National Council for the American Worker to help retrain American workers for jobs in a changing economy, and he announced that several major U.S. companies had pledged to retrain workers in the next five years.^[111]
• August 31, 2018—President Trump signed an executive order to make it easier for small businesses to offer retirement plans to their employees.^[112] The Department of Labor formally proposed a rule to implement the order on October 22, 2018.^[113]
• October 24, 2018—The National Labor Relations Board issued a memo making it easier for workers to sue their unions for negligence.^[114]
• December 12, 2018—President Trump signed an executive order creating a White House council to help improve economically depressed communities through the promotion of "opportunity zones."^[115]

Proclamations, 2018

• September 3, 2018—President Trump issued a strongly-worded Labor Day proclamation, praising American workers and highlighting his pro-worker policies, including on trade, deregulation, taxes, and immigration.^[116] The proclamation also stated that "in all economic decisions, we believe in our sovereign obligation to defend and protect our country’s workforce, and to seek its economic interests above that of any other country."^[116]

Other achievements, 2018

While the following achievements were not official United States government policy actions by the Trump Administration, they were closely related to the Trump Administration and its policies:

• The media noted that Trump's presidency had caused the Republican and Democrat parties to focus on the working class as an important voting group.^[117] Blue-collar and union workers shifted toward the GOP, and vice-versa.^[118]
• In the first quarter of 2018, over $300 billion in overseas profits were repatriated to the U.S., more than the amount of money repatriated in 2016 and 2017 combined.^[119] By the end of the second quarter of 2018, $465 billion had been repatriated altogether.^[120] Repatriations continued in the third quarter.^[121] In 2018 overall, repatriations quadrupled from the previous year.^[122]
• October 23, 2018—The White House released a 72-page report strongly criticizing socialism and the policies resulting from it.^[123]

Continued economic growth

The U.S. economy continued growing, beating expectations,^[124] and it performed better than the economies of many European and Asian countries.^[125] Even many Democrats recognized that the economy was performing well under President Trump.^[126] The economic growth helped President Trump in his trade actions, and it despite the fears of anti-tariff economists.^[127] Between the beginning of Trump's presidency and the end of 2018, 4.8 million Americans joined the workforce.^[128]

• The stock market continued its record-breaking rise.^[129] On January 4, 2018, the DOW Jones passed 25,000 points for the first time, after what was the fastest 1,000-point gain in the DOW's history.^[130] The three-day government shutdown in late January 2018 did not stop the market's rise.^[131] Later in the year, the solid growth phase ended, and the stock market became more volatile and even fell sharply some days,^[132] though it still was performing very well by August 2018, reaching the longest bull market ever on August 22, 2018.^[133] On September 20, 2018, the Dow Jones and the S&P 500 both reached new record highs,^[134] coinciding with the Dow's 100th record high since the 2016 presidential election.^[135] In the third quarter of 2018, the S&P 500 had its largest gains since 2013.^[136] Very late in 2018, however, the stock market fell several thousand points.^[137]
• In addition to the stock market, the economy continued going well,^[138] and economists credited President Trump for it.^[139] U.S. manufacturing continued its expansion at a robust pace in January 2018,^[140] and in February 2018 it expanded at its fastest pace since May 2004.^[141] It was reported in March 2018 that in the previous 12 months, more manufacturing jobs had been created since 1998,^[142] and by the end of June, 362,000 manufacturing jobs had been created since the beginning of Trump's presidency, meaning that the number of employed manufacturing workers reached a ten-year high.^[143] The number increased to 400,000 the following month.^[144] By July 2018, manufacturing job growth was experiencing its best year since 1995,^[145] and it remained that way through early October 2018.^[146] The number of manufacturing jobs created in President Trump's first 21 months exceeded the number created in Obama's first 21 months by a factor of ten.^[147] Manufacturing had a very strong month in June 2018,^[148] and the Institute of Supply Management reported that U.S. manufacturing activity in August 2018 expanded at the strongest pace in fourteen years.^[149] The Labor Department reported that 32,000 manufacturing jobs had been created in October 2018, the largest expansion of manufacturing jobs in the month of October since 1998.^[150] The Federal Reserve reported that in October 2018, manufacturing output rose more than expected.^[151] The ISM reported that manufacturing growth increased in November 2018, better than expected,^[152] and the Labor Department reported similar statistics shortly afterward.^[153] While manufacturing activity's growth decreased in December, it continued its expansion nonetheless,^[154] and the Federal Reserve reported that production saw the largest increase in ten months.^[155] The Atlanta Fed reported that in December 2018, manufacturing wage growth reached the highest level since May 2008.^[156] In 2018, 284,000 manufacturing jobs were created, making it the best year for manufacturing since 1997.^[157]
• Among other positive statistics, job security increased for factory workers compared to previous periods of economic growth.^[158] Between July 2017 and July 2018, blue-collar jobs grew at the fastest rate since 1984, and they also grew faster than service jobs along the more liberal coastlines.^[159] The number of homebuilding permits in the U.S. rose in January 2018 to the highest level since 2007,^[160] and in May 2018, homebuilding almost reached an 11-year high.^[161] Homebuilding in October 2018 performed better than estimates had predicted, though solely because of apartment construction.^[162] Because of high shipping demand in the strong economy, truck factories saw very high backlogs.^[163] According to the National Federation of Independent Business in July 2018, the hiring of new employees by small businesses reached a 12-year-high, and the percentage of business owners planning on creating new jobs reached a record high.^[164] The Labor Department reported that worker productivity in the second and third quarters of 2018 had the best back-to-back performance in four years, even though it did not rise as much as hoped in the third quarter.^[165] In 2018 overall, productivity increased at the fastest pace since 2010.^[166] Construction spending and home sales both significantly increased in November 2019.^[167] According to Cognizant, jobs that it labeled "jobs of the future" saw strong growth in 2018.^[168]
• The Commerce Department reported in August 2018 that corporate profits in the past year had risen at the largest rate in six years.^[169]
• 2018 saw strong wage growth. In January 2018, wages grew at the fastest pace since 2009.^[170] In April 2018, the Department of Labor reported that wages were rising at the fastest rate since 2008.^[171] According to the Bureau of Economic Analysis in June 2018, wages for manufacturing workers and miners rose by double-digits in the First Quarter of 2018, among other positive news – and prior to Trump's presidency, wages for miners had been shrinking for nine consecutive months.^[172] According to the Commerce Department, wages continued to rise in May even as spending on utilities fell.^[173] The recruitment and wage-tracking company Glassdoor reported in July 2018 that blue-collar and working-class jobs had seen strong wage growth, even as college-graduate jobs saw wages stagnate,^[174] and the Bureau of Labor Statistics also reported that blue-collar wages grew faster than white-collar wages in 2018.^[175] Even wages for interns rose due to the tightening job market.^[176] According to the Labor Department in July 2018, American workers saw the largest increase in wages and benefits over the previous twelve months since September 2008,^[177] and the Commerce Department reported the same day that household incomes were rising on pace with consumer spending.^[178] According to the National Federation of Independent Business in July 2018, a relatively large proportion of small businesses were raising their workers' wages.^[179] The Labor Department reported in early September 2018 that wages in the previous year grew at the fastest rate since 2009.^[180] An October 2018 American Enterprise Institute analysis of Bureau of Labor Statistics data found that the working class was seeing large wage growth due to a tight job market.^[181] The Labor Department reported that wages for private-sector American workers in the third quarter of 2018 rose at the highest level since the second quarter of 2008,^[182] and two days later, it reported that wage growth in the past year was the most since 2009.^[183] Credit Suisse reported in November 2018 that 878,000 Americans became millionaires in the previous 12 months.^[184] The Commerce Department reported in late November 2018 that income and consumer spending had increased more than expected while inflation rose less than expected.^[185] According to the Fed's "Beige Book" reported in December 2018, wages in the U.S. had grown faster than prices, among some other positive statistics.^[186] Additionally, young Americans saw the smallest difference between their wages and those of older Americans since 2002.^[187] In the third quarter of 2018, the ratio of household debt to income shrank to nearly the lowest level since reliable data began being collected.^[188] The Atlanta Fed reported that from January 2018 to January 2019, Americans who switched jobs saw the largest wage increases since 2007.^[189] Other examples exist of American workers seeing rising wages in 2018.^[190] Despite all this, some government data in 2018 indicated that inflation was rising faster than wage growth, showing that the claimed labor shortage often used to justify mass migration did not actually exist,^[191] and businesses continued finding many Americans to hire despite claiming the job market was too tight.^[192] Other individuals argued that income stagnation probably did not exist for American workers,^[193] and according to Sentier Research, American households in 2018 saw the first year of increased real income since 2000.^[194] The Bureau of Labor Statistics reported that in the fourth quarter of 2018, wage growth for workers surpassed 3% for the first time in just over ten years.^[195]
• In January 2018, the Department of Labor reported that the number of jobless claims was far lower than expected and at a 45-year-low.^[196] In February 2018, the number of jobless claims dropped to their lowest level since 1969 – 49 years^[197] – and the same happened in April 2018.^[198] The number of jobless claims remained at record low levels,^[199] and it performed better than expected, as illustrated with several reports in June 2018.^[200] It was reported in April 2018 that jobless claims stayed below 300,000 for the longest period on record, since records began in 1967.^[201] In addition to this, the Bureau of Labor Statistics reported in April 2018 that in the past year, 14 states recorded record-low unemployment levels, including eight in the previous month alone.^[202] In April 2018, the unemployment fell to 3.9%, the lowest level since 2000.^[203] According to a Rasmussen Reports rating released in May 2018, the number of Americans who knew an unemployed person fell by nearly half since 2011.^[204] On June 1, 2018, the Labor Department released an especially positive report on U.S. economic growth, with significantly more jobs created in May than expected and the unemployment rate reaching an 18-year low.^[205] The country saw greater job growth than expected in June 2018,^[206] and while the unemployment increased slightly, analysts actually saw this as a good sign for the economy.^[207] In July 2018, the number of jobless claims again fell to the lowest level since 1969,^[208] and while they rose very slightly later that month, the data indicated a strong labor market.^[209] The July 2018 jobs report continued to show a strong economy, though job growth was slower than previous months,^[210] and the report found that the proportion of employed prime-aged Americans reached its highest level since May 2008.^[211] In early August 2018, jobless claims unexpectedly fell despite trade war fears.^[212] The Labor Department reported that the youth unemployment rate in July 2018 fell to its lowest level in 52 years.^[213] In early September 2018, the number of jobless claims again fell to the lowest level since 1969,^[214] and the Labor Department reported that job growth in August 2018 again beat expectations.^[180] The Labor Department reported that in September 2018, the U.S. unemployment rate fell to 3.7%, the lowest level since 1969.^[215] In mid-October 2018, the number of continuing jobless claims – as opposed to new jobless claims – fell to the lowest level since 1973, a 45-year low.^[216] In November 2018, the Labor Department released a very strong jobs report for the previous month, showing 250,000 jobs created in October and the unemployment rate at a 49-year low, among other positive news.^[183] In November 2018, the San Francisco Federal Reserve reported that the U.S. had reached full employment.^[217] The Labor Department reported that the unemployment rate remained at 3.7% in November 2018.^[218] The Coalition for a Prosperous America estimated in late November 2018 that 2.1 million jobs would be created in 2018 because of the Trump Administration's steel tariffs and other economic policies.^[219] ADP/Moody's Analytics reported that private sector hiring strongly increased in December 2018, higher than expectations,^[220] and the Labor Department reported a day later that job growth in December significantly surpassed expectations.^[221] According to CNSNews, by the end of 2018, the number of employed Americans had reached record highs fourteen times since the beginning of Trump's presidency.^[222] In 2018, U.S. veteran unemployment fell to 3.5%, the lowest level since 2001, and the unemployment rate for post-9/11 veterans fell to the lowest level on record.^[223]
• As a sign of how strong the economy was performing and of how well the U.S. had recovered from the 2008 recession, the Labor Department reported that the number of job openings in March 2018 had reached a record high since the data started being recorded and was equal to the number of unemployed workers.^[224] The Bureau of Labor Statistics reported that in April 2018, the number of job openings again hit a record high, now exceeding the number of unemployed Americans looking for jobs.^[225] The number of job openings hit another record high in July 2018.^[226] In August 2018, the number of job openings exceeded 7 million for the first time and exceeded the number of unemployed Americans,^[227] and in September 2018, the number of job openings outnumbered unemployed Americans by over 1 million.^[228] This trend continued later in the year,^[229] and it was seen throughout the country.^[230] In December 2018, the number of job openings reached 7.3 million, another record high.^[231]
• In July 2018, the Commerce Department announced that Second Quarter economic growth reached 4.1% – the highest level since 2014 – among other strong statistics, including rising export levels, decreasing inflation, and high consumer spending.^[232] The Trump Administration reported that in the Third Quarter of 2018, economic growth reached 3.5%, higher than expected,^[233] and while economic growth slowed in the fourth quarter, it too was higher than expected at 2.6%, with the growth rate in 2018 estimated at 2.9%.^[234]
• Unemployment rates for ethnic minorities continued reaching record lows.^[235][236] Both the black and Hispanic unemployment rates fell to record lows in April 2018.^[237] In May 2018, the black unemployment rate again hit a record low,^[238] and in June 2018, the Hispanic unemployment rate also reached another record low.^[239] Hispanic unemployment hit another record low in July 2018,^[240] and again in December 2018.^[241] Asian unemployment fell to the lowest level ever recorded in May 2018.^[235][242] According to the Minority 2018 Small Business Trends survey, the number of black-owned businesses increased 400% between 2017 and 2018.^[243] The employment to population ratio for blacks rose faster than for white-skinned people, and by 2018, the proportion of employed blacks was the closest to that of whites since the government started tracking that data in 1972.^[244] In addition to ethnic minorities, women benefited from the Trump economy.^[236][245]
• The unemployment rate for Americans with the least formal education reached record lows. In July 2018, the unemployment rate for high school dropouts reached a record low,^[246] while the unemployment rate for college dropouts remained at a 17-year-low.^[247] In December 2018, the labor market for high school dropouts was described as "the best on record."^[248] The employment gap between those without a high school degree and better-educated people also became very narrow.^[249]
• The difference between job growth for foreign-born workers versus American-born workers narrowed in May and June 2018, to the advantage of the American-born workers.^[250] Because of the Trump Administration's visa policies, American businesses made a stronger effort to American college graduates rather than foreigners.^[251] Among other positive developments, the tight job market reported caused businesses to increase their hiring of disabled Americans,^[252] and it caused some businesses to relocate to more economically remote areas of the country.^[253]
• Confidence continued to rise. According to a Job Creators Network survey in January 2018, 64% of small business owners believed President Trump's policies had helped their businesses.^[254] According to the National Federal of Independent Business in February 2018, a record number of small business owners believed that it was now a good time to expand.^[255] Also, in February, consumer confidence rose significantly.^[256] The National Federation of Business reported in March 2018 that American small business owners were more optimistic about the economy than any other point in the previous 35 years.^[257] According to the University of Michigan in March 2018, consumer confidence reached its highest point since 2004.^[258] Consumer confidence remained strong by May 2018.^[259] According to the NFIB in May 2018, small business optimism remained at record levels and they were experiencing a record growth in profits,^[260] and later that month it reported that a record proportion of small businesses were raising wages for their workers.^[261] According to Gallup in May 2018, 67% of Americans – a record number – believed that it was currently a good time to find good jobs.^[262] According to the NFIB in June 2018, small business optimism the previous month rose to its highest level in 34 years and second highest level in 45 years.^[263] In May 2018, retail sales grew far faster than expected, a sign of consumer confidence,^[264] and the University of Michigan also reported increased confidence in June 2018.^[265] According to a National Association of Manufacturers survey in June 2018, 95.1% of manufacturers had a "positive outlook for their companies," the highest number in the survey's 20-year existence.^[266] According to CNBC's All-American Economic Survey, 51% of Americans approved of President Trump's handling of the economy, and 54% believed the economy was doing excellent or good, the highest-recorded number in the survey's ten-year history.^[267] According to the Small Business Optimism Index, small business confidence remained at very high levels in June 2018,^[268] and the Confidence Board reported strong consumer confidence – at the highest level since 2001 – in July 2018.^[269] In August 2018, the Small Business Optimism Index reached the second highest level in its existence and the highest since 1983,^[270] and a CNBC/SurveyMonkey Small Business Survey in late July and early August 2018 found that a record percentage of small business owners were confident about business conditions.^[271] Retail sales rose strongly in July 2018, more than expected.^[272] According to the National Association of Home Builders, homebuilding confidence remained strong in August 2018.^[273] According to the Conference Board, U.S. consumer confidence in August 2018 reached its highest level since October 2000.^[274] The Conference Board also reported that job satisfaction reached the highest level since 2005,^[275] and Gallup reported about the same time that "employee engagement" tied its highest level in the survey's existence.^[276] The National Federation of Independent Business reported that its Small Business Optimism Index reached its highest level ever, surpassing the previous record set in 1983.^[277] A Zogby Analytics in August 2018 found that 83% of business executives believed that their businesses were performing better than they had two years prior, and 76% of these executives were optimistic that their businesses would continue growing.^[278] In early September 2018, the University of Michigan again reported strong consumer confidence, the second highest since 2004,^[279] and in late September, it found that consumer confidence for lower-income Americans reached the highest level since November 2000.^[280] A Gallup poll released in September 2018 found that the proportion of Americans who saw the economy as the most important problem facing the country reached the lowest level the survey ever recorded.^[281] The Conference Board reported in late September 2018 that its Consumer Confidence Index rose to the highest level in 18 years.^[282] The National Association of Manufacturers reported in October 2018 that manufacturing confidence reached its highest level in the 20 years of the organization's survey's existence.^[283] The University of Michigan found in October 2018 that confidence in economic policy reached a 15-year high.^[284] According to CNBC's All-America Economic Survey in October 2018, the percentage of Americans optimistic about the current and future economy reached the highest level in the survey's 11-year history and over double the percentage from December 2016.^[285] In October 2018, the Conference Board reported that consumer confidence had increased, reaching its highest level since September 2000.^[286] A Washington Post poll in November 2018 found that economic optimism had reached an 18-year high.^[287] The University of Michigan reported in November 2018 that consumer confidence remained at very high levels, keeping the U.S. on pace to have the highest yearly confidence since 2000.^[288] The NFIB reported in November 2018 that small business optimism remained at near-record high levels.^[289] The Commerce Department reported that in October 2018, retail sales and consumer spending strongly increased.^[290] According to the University of Michigan on December 7, 2018, consumer confidence remained steady despite the stock market's volatility at that time,^[291] and it reported later that month that consumer confidence had reached the highest level in 20 years.^[292] The National Association of Manufacturers reported in December 2018 that manufacturing confidence reached the highest level since it started its survey.^[293]
• In 2018, the number of Americans voluntarily quitting their jobs rose to a 17-year high, indicating strong economic conditions and high confidence in the job market.^[294]
• Partially due to the high levels of economic growth in the U.S. – though also attributed to the Trump Administration's efforts to crack down on fraud – enrollment on food stamps fell to its lowest level in eight years.^[295] By July 2018, the number of people on food stamps fell to the lowest level since November 2009,^[296] and participation continued to fall.^[297] Between February 2017 and September 2018, the number of people on food stamps fell by 3.5 million,^[298] and it reached 3.8 million by November 2018.^[299] By October 2018, the number of households on food stamps fell by 1.4 million since the beginning of Trump's presidency.^[300][301] In December 2018, the number of people on food stamps fell to 37 million for the first time since October 2009.^[302] In Fiscal Year 2018, the number of people on food stamps declined each month.^[303] These reductions in food stamp use saved taxpayers over $8.5 billion by late 2018.^[304]
• By June 2018, the Iron Range of Minnesota was experiencing a strong and rapid economic turnaround after years of poor economic conditions.^[305] In the South, the Commerce Department reported that home sales in the region in May 2018 rose 17.9%, the highest level since July 2007.^[306] The media also pointed out Iowa's strong economic performance.^[307] A tightening labor market helped increase wages in Wisconsin.^[308] Peoria County, Illinois, saw 24% wage growth in a year because of a manufacturing boom in the area,^[309] and manufacturing contributed to economic growth in the wider Midwest.^[310] Factories in Texas expanded at a strong pace,^[311] and the Federal Reserve Bank of Richmond found strong manufacturing growth in the fifth Federal Reserve district.^[312]
• According to the World Economic Forum's annual Global Competitiveness Report, released in October 2018, the U.S. became the world's most competitive economy for the first time since 2008.^[313]
• In 2018, record numbers of Americans were estimated to have traveled for Memorial Day,^[314] Independence Day,^[315] and Thanksgiving.^[316] Additionally, in 2018, the price of a Thanksgiving dinner reached the lowest level in a decade.^[317] Black Friday sales in 2018 reached record highs,^[318] and overall Holiday Season sales were estimated to have also been strong.^[319]

Failures, 2018

Many of these failures and setbacks to the MAGA agenda, if not all of them, were caused by Congress or officials in the Trump Administration, rather than President Trump himself:

• By mid-2018, the Trump Administration had come to fully support the Export-Import Bank of Washington, despite its numerous problems.^[320] This came after President Trump made statements supporting the bank in 2017 despite opposing it during his 2016 presidential campaign,^[321] and after the U.S. Senate rejected the administration's nomination of Scott Garrett, a critic of the bank, to lead it.^[322]

2019

Executive actions, 2019

• The Trump Administration continued promoting apprenticeships as in the previous two years.^[323]
• January 31, 2019—The National Mediation Board proposed a new rule that would make it easier for railroad and airline employees to decertify their labor unions.^[324]
• March 27, 2019—President Trump signed a memorandum directing his administration to develop a plan to reform the federal housing-finance system, including Fannie Mae and Freddie Mac.^[325]
• April 1, 2019—The Labor Department proposed a rule rolling back an Obama-era joint-employer regulation.^[326]
• April 3, 2019—President Trump signed a memorandum cracking down on online counterfeit goods trafficking on websites such as Amazon and eBay.^[327]
• April 17, 2019—The Treasury Department issued new guidelines for "opportunity zones" in low-income areas, making it easier and more attractive for investors to invest in them.^[328]
• April 23, 2019—The Federal Reserve proposed clarifying regulations and making it easier for investors to own large stakes in banks without needing Fed oversight.^[329]
• April 29, 2019—The Labor Department ruled that "gig economy" workers are independent contractors rather than workers, a decision helping the gig economy and which undid an Obama Administration decision.^[330]
• May 2, 2019—The Centers for Medicare and Medicaid Services finalized a rule that repealed a 2014 Obama Administration regulation that had allowed unions to collect dues directly from Medicaid payments to American workers despite a law prohibiting this practice in most cases.^[109] The CMS had originally proposed the rule on July 11, 2018.^[108]

Other achievements, 2019

President Trump speaking at Lima Army Tank Plant, March 2019

While the following achievements were not official United States government policy actions by the Trump Administration, they were closely related to the Trump Administration and its policies:

• President Trump denounced socialism several times in 2019.^[331] In his State of the Union Address on February 5, 2019, President Trump condemned socialism, stating that "America was founded on liberty and independence and not government coercion, domination and control" and that "we renew our resolve that America will never be a socialist country."^[332] On February 18, 2019, in a speech primarily condemning Venezuela's Maduro regime, President Trump strongly denounced socialism.^[333] Among other Trump Administration officials,^[334] Larry Kudlow strongly condemned socialism at CPAC,^[335] along with Vice President Mike Pence.^[336] Council of Economic Advisers chairman Kevin Hassett also criticized socialism.^[337] In a March 2019 interview, President Trump described socialism as "seductive" and "tough to govern on, because the country goes down the tubes."^[338] On March 19, 2019, speaking with conservative Brazilian President Jair Bolsonaro, President Trump again criticized socialism,^[339] and at another meeting with Bolsonaro on June 28, 2019, Trump again criticized socialism and joked that the Democratic Party would rename itself the "Socialist Party."^[340] On July 15, 2019, President Trump again criticized the Democratic Party for its embracing of socialism.^[341]
• Because of the 2017 tax cut bill, the average tax refund increased 1.3% by February 2019 according to the IRS.^[342] According to H&R Block, based on tax returns filed through March 31, 2019, Americans paid 25% less on average in taxes in 2018.^[343] The National Taxpayers Union Foundation reported that the tax cuts saved American taxpayers 41 million hours of tax filing preparation.^[344]
• March 18, 2019—The 2019 Economic Report of the President, released by the Council of Economic Advisers, strongly criticized socialism and socialist policies.^[345]
• March 20, 2019—Speaking at a tank plant in Ohio, President Trump criticized labor unions and left-wing union bosses.^[346]

Economic growth

The U.S. economy continued its strong growth in 2019.^[347] Between November 2016 and the end of January 2019, over 5.3 million new jobs were created.^[348] The Council of Economic Advisers reported in March 2019 that 71% of newly-employed people under the Trump Administration came from outside the labor force,^[349] and the labor force continued expanding despite predictions that the opposite would happen.^[350] By March 2019, the economy under President Trump averaged lower unemployment than any other president at that point in their respective presidencies.^[351] In July 2019, the economic boom broke the record for the longest period of economic expansion in United States history.^[352]

• The stock market continued increasing.^[353] In the first quarter of 2019, the stock market experienced its best quarter in nearly a decade, with the S&P 500 having its best first quarter of the year since 1998.^[354] On April 23, 2019, the S&P 500 and Nasdaq closed at record highs.^[355] On April 26, 2019, the S&P 500 and Nasdaq again closed at record high levels.^[356] In the first week of June, U.S. stocks had their best week since November 2018,^[357] and the S&P 500 reached additional record highs on June 20 and 21, 2019.^[358] During the entire month of June 2019, the Dow Jones saw its best June in 81 years while the S&P 500 saw its best June in 64 years and best first half of the year in 22 years.^[359] The S&P 500 hit another record high on July 1, 2019,^[360] and it did so again on July 3, 2019, along with the Dow Jones and Nasdaq.^[361] On July 10, 2019, the S&P 500 reached 3,000 points for the first time ever,^[362] and the following day, the Dow Jones closed above 27,000 for the first time ever.^[363]
• The Commerce Department reported that in the first quarter of 2019, the U.S. saw an economic growth rate of 3.2%, exceeding expectations.^[364]
• Manufacturing levels increased in the U.S.^[365] as it fell in China.^[366] According to the Institute for Supply Management, manufacturing levels increased in January 2019,^[367][368] and the Atlanta Fed reported that manufacturing wage growth in December 2018 and January 2019 reached the highest level since May 2008.^[156] By early 2018, U.S. manufacturing employment had increased for eighteen consecutive months.^[369] In January 2019, U.S. durable goods orders increased at the highest level in six months,^[370] and over 300,000 durable goods manufacturing job openings existed in January 2019, a 17% increase from the previous year.^[371] While durable goods orders fell in February 2019, the decline was less than expected.^[372] In March 2019, the Philadelphia Fed manufacturing index increased more than expected.^[373] According to the Institute for Supply Management, U.S. manufacturing activity increased in March 2019.^[374] For April 2019, different studies showed differing results, with IHS Markit reporting an increase in factory activity,^[375] and between January and March 2019, manufacturing wages grew the most since 2008.^[376] In March 2019, U.S. factory orders increased at the highest level in seven months.^[377] The New York Fed's Empire State Manufacturing Survey in May 2019 found an increase in manufacturing activity in New York State,^[378] while the Philadelphia Fed's Manufacturing Business Outlook Survey in May 2019 also found an increase in manufacturing activity.^[379] A significant number of manufacturing jobs were created in May^[380] and June 2019,^[381] and the U.S. was one of the only countries in the world to see manufacturing activity improve that month.^[382]
• By 2019, not only did wages increase for American workers, but productivity also improved.^[369] In the first quarter of 2019, worker productivity increased at the fastest rate since 2014, and the yearly productivity rate increased at the fastest pace since 2010.^[383] Wages continued increasing for American workers.^[384] For example, in February 2019, wages increased 3.4% from a year earlier, the fastest growth since April 2009.^[385][386] According to the Spectrum Group in March 2019, 10.2 households — more than the entire population of Sweden — had a net worth of between $1 million and $5 million.^[387] The tight labor market also helped increase wages.^[388]
• Inflation remained lower than expected in January 2019,^[389] and it remained at low levels in February 2019.^[390] Producer prices grew slower than expected in April 2019,^[391] and the rate of consumer price increases also remained low.^[392]
• In the first week of 2019, jobless claims fell more than expected, illustrating the strong economy,^[393] and later that month, jobless claims fell to a 49-year low.^[394] According to ADP/Moody's Analytics, the private sector added significantly more jobs than expected.^[395] The Labor Department also reported that 304,000 jobs were created in January 2019, significantly more than expected and the most in eleven months,^[368][396] making it the 100th month of increased employment.^[397] Jobless claims fell more than expected in mid-February 2019.^[398] The services sector performed well in February 2018, among other positive economic data.^[386][399] In mid-March 2019, weekly jobless claims fell more than expected,^[400] and they again fell later that month.^[401] In the last week of March, the number of jobless claims fell to the lowest level since 1969,^[402] and they fell again to the lowest level the following week.^[403] The Labor Department's jobs report for March 2019 was very strong, with significantly more jobs created than predicted and with the unemployment rate remaining steady at 3.8%.^[404] In mid-April 2019, jobless claims fell again, this time to a nearly 50-year low.^[405] ADP and Moody’s Analytics reported that 275,000 new private sector jobs were created in April 2019,^[406] and in an extremely positive report, the Labor Department reported 263,000 jobs created in April 2019 while the unemployment fell to 3.6%, nearly a 50-year low.^[407][408] In early May 2019, jobless claims fell more than expected,^[409] and they fell even further later in the month.^[410] In mid-June 2019, jobless claims fell more than expected.^[411] The Labor Department's jobs report for June 2019 was very positive with a significantly greater number of jobs created than expected and with a stable unemployment rate.^[412] Jobless claims fell more than expected in the week ending in very late June 2019,^[413] and they fell again in the first week of July 2019.^[414]
• In January 2019, the number of job openings increased more than expected and outnumbered unemployed Americans by 1 million.^[415] In March 2019, the number of job openings again increased more than expected.^[416] In April 2019, the number of job openings again increased while the number of Americans hired for jobs rose to a record high.^[417]
• In the economic boom, women performed very well,^[418] entering the labor force faster than men.^[419] In April 2019, the unemployment rate for women reached the lowest level since 1953.^[420][421] In April 2019, Hispanic unemployment fell to the lowest level ever recorded.^[422][420] Also in April 2019, unemployment for those without bachelor's degrees fell to the lowest level in 19 years,^[423] and in May 2019, unemployment for the same group fell to a record low.^[424] Unskilled workers benefited significantly from the economic boom.^[425] Veteran unemployment reached the lowest level in 19 years in April 2019.^[426] Meanwhile, Asian-American unemployment fell to 2.1%.^[408]
• Entering 2019, a Pew Research Center survey, as well as other polls, found high economic confidence and general approval of President Trump's economic performance.^[427] A UBS Investor Watch Pulse Poll conducted in early January 2019 found very high levels of long-term investor confidence,^[428] and a Zogby Analytics Poll found that 79% of businesses planned on hiring new employees.^[429] Also in January 2019, the Bank of America found that consumer spending and optimism remained strong.^[430] A Gallup poll released in February 2019 found that the optimism of Americans in their finances reached a 16-year high, and the percentage of Americans who stated they were better off financially compared to the previous year reached the highest level since 2007.^[431] In February 2019, the University of Michigan reported that consumer confidence increased more than expected.^[301][432] Homebuilder confidence increased more than expected in February 2019.^[433] According to the Conference Board, not only did consumer confidence increase in February 2019, but Americans' views of the economy reached the best level since December 2000.^[434] The National Association of Manufacturers reported continued record optimism from both large and small manufacturing companies regarding economic growth.^[435] The University of Michigan reported in early March 2019 that consumer sentiment increased more than expected.^[436] A CNN poll in Mach 2019 found that 71% of Americans believed the economy was in good condition, the highest level since February 2001.^[437] According to the University of Michigan, consumer sentiment increased in March 2019, with the survey reporting that the monthly proportion of American households seeing wage gains reached the highest level since 1966.^[438] In March 2019, consumer spending rose at the highest level in nine years.^[439] The Conference Board reported that consumer confidence rose more than expected in April 2019.^[440] A Gallup poll in April 2019 found that financial optimism reached the highest level in eighteen years and that a majority stated their financial situation was either "excellent" or "good."^[441] A Wells Fargo/Gallup Small Business Survey released in May 2019 found that 84% of small business owners had high optimism for the coming year.^[442] The National Federation of Independent Business's Small Business Optimism Index for April 2019 found an increase in small business optimism.^[443] In May 2019, the University of Michigan found that consumer sentiment rose to the highest level in fifteen years.^[444] Gallup found in May 2019 that Americans' confidence in the job market reached a record high level.^[445] A May 2019 Quinnipiac University poll found that 71% of Americans – including Democrats – thought the economy was "excellent" or "good," the highest proportion in nearly 18 years.^[446] The Conference Board reported an increase in consumer confidence in May 2019.^[447] A Job Creators Network/ScottRasmussen.com Weekly Pulse poll in May 2019 found that 52% of Americans thought the economy was either "excellent" or "good."^[448] The NFIB's small business optimism index found that optimism increased in May 2019.^[449] In May 2019, American consumer spending increased, exceeding expectations.^[450] The University of Michigan reported that while consumer sentiment declined in June 2019, it performed better than expected.^[451]
• On January 14, 2019, VW announced it would spend $800 million on an expanded plant in Tennessee that would create 1,000 new jobs.^[452] In early February 2019, Ford announced it would invest $1 billion into two Chicago-area factories, something which would create 500 new jobs and which Fort announced as it reduced its overseas operations.^[453] On February 26, 2019, Fiat Chrysler announced it would spend a total of $4.5 billion to expand its operations in Michigan and create 6,500 new jobs, including building the first new auto assembly plant within Detroit's city limits since 1991.^[454] On March 14, 2019, Toyota announced it would invest an additional $3 billion in five American plants, with a total investment of $13 billion by 2021, creating an additional 600 new jobs.^[455] On March 20, 2019, Ford announced it would spend $900 million and create 900 new jobs in Michigan to manufacture electric and self-driving vehicles.^[456] On March 22, 2019, GM announced it would invest $300 million in one of its plants in Michigan, creating 400 new jobs,^[457] as well as $1.8 billion in overall investment in all its U.S. factories.^[458]
• The economy performed well across the country in 2019. Among other notable examples, wages in Indiana grew quickly because of President Trump's policies,^[459] and the unemployment rate in Pittsburgh reached the lowest level since the early 1970s.^[460] Red counties, which supported Trump in 2016, performed well economically compared to the country overall.^[461]

Failures, 2019

Many of these failures and setbacks to the MAGA agenda, if not all of them, were caused by Congress or officials in the Trump Administration, rather than President Trump himself:

• Because of opposition from the GOP Senate establishment, President Trump was unable to appoint pro-Trump conservatives to the Federal Reserve Board.^[462]

References