Since the recession of 2008, American workers and businesses have suffered through the slowest economic recovery since World War II. The U.S. lost nearly 300,000 manufacturing jobs during this period, while the share of Americans in the work force plummeted to lows not seen since the 1970s. The national debt doubled and middle class got smaller. To get the economy back on track, President Trump plans to create 25 million new American jobs in the next decade and return to 4 percent annual economic growth.
In 2015 alone, federal regulations cost the American economy more than $2 trillion. Trump has put into action moratoriums on new federal regulations and is ordering the heads of federal agencies and departments to identify job-killing regulations that should be repealed.
His intention is to ensure future trade agreements bring good-paying jobs to our shores and support American manufacturing, the backbone of our economy. The President plans to show America’s trading partners that we mean business by ensuring consequences for countries that engage in illegal or unfair trade practices that hurt American workers. A release from the White House Friday outlined results of his first 70 days in office regarding the economy:
BUILDING CONFIDENCE IN THE AMERICAN ECONOMY: Since President Donald J. Trump’s election, economic indicators have responded with record confidence to his pro-growth agenda.
- Today, the National Association of Manufacturers released its Manufacturers’ Outlook Survey showing the highest level of optimism in 20 years.
- The Dow Jones Industrial Average is up over 12 percent since Election Day 2016.
- The Weekly Gallup Economic Confidence Index turned positive shortly after the President’s election and has remained positive for 19 consecutive weeks.
- The Business Roundtable’s CEO Economic Outlook Index recently jumped 19 points, the largest jump since 2009.
- The National Association of Home Builders Confidence Index currently is at its highest level in 12 years.
- The Gallup Small Business Index reflects the most optimistic small business owners have been since July 2007.
- The Conference Board Consumer Confidence Index recently soared to its highest level in more than 16 years.
- The American Dream Index recently rebounded to 100.5, up from a 12-month low point in December, the final full month of the Obama administration.
EARLY PROGRESS: In just the first full month of President Trump’s Administration, the United States economy has already made promising strides in the job market.
- In February, the President’s first full month in office, the U.S economy created 235,000 new jobs.
- 58,000 new construction jobs were created.
- 28,000 new manufacturing jobs were created.
- In February, the U.S. unemployment rate fell to 4.7 percent.
- In February, the U.S. labor force participation rose to 63 percent.
- In February, long-term unemployment in the U.S. fell by 49,000.
IMPLEMENTING JOB CREATING POLICIES: President Trump is executing an agenda that favors the American worker.
- President Trump signed a Presidential Memorandum creating the White House Office of American Innovation, which will implement policies and scale proven private-sector models to spur job creation.
- President Trump ordered the United States to withdraw from the Trans-Pacific Partnership agreement and negotiations.
- President Trump initially signed a Presidential Memorandum to clear roadblocks to construction of the Keystone XL pipeline and recently his Administration formally approved the project.
- President Trump signed a Presidential Memorandum declaring that the Dakota Access pipeline serves the national interest and is being prepared to be put into service.
- President Trump signed a Presidential Memorandum to help ensure that new pipeline construction and repair work uses materials and equipment from the United States.
CUTTING GOVERNMENT RED TAPE: President Trump has quickly taken steps to get the Government out of the way of job creation.
- President Trump signed an Energy Independence Executive Order to help eliminate burdensome regulations on America’s energy industry.
- President Trump directed each agency to establish a Regulatory Reform Task Force to identify costly and unnecessary regulations in need of modification or repeal.
- President Trump has required that for every new Federal regulation, two existing regulations be eliminated.
- President Trump directed the Department of Commerce to streamline Federal permitting processes for domestic manufacturing and to reduce regulatory burdens on domestic manufacturers.
- President Trump signed legislation, House Joint Resolution 38, to prevent the burdensome “Stream Protection Rule” from causing further harm to the coal industry.
- President Trump ordered the review of the “Clean Water Rule: Definition of Waters of the United States,” known as the WOTUS rule, to evaluate whether it is stifling economic growth or job creation.
PARTNER OF THE PRIVATE SECTOR: President Trump has worked hand-in-hand with the private sector to get companies re-investing in America.
- Exxon Mobil Corporation announced a $20 billion investment in the United States, which will create more than 45,000 jobs.
- Charter Communications announced a $25 billion investment in the United States, and that it will hire 20,000 American workers in the next four years.
- Accenture announced the creation of 15,000 new high skilled jobs in the next four years and a $1.4 billion investment in training its own employees.
- Intel announced a $7 billion investment in a new factory in the United States, supporting over 10,000 jobs.
- Fiat Chrysler announced a $1 billion investment to modernize two plants in the United States, creating 2,000 jobs.
- General Motors announced plans to invest $1 billion in the United States, creating over 1,000 new jobs.
- Ford announced the cancelation of a plant in Mexico, while adding 700 jobs in Michigan.
FOLLOWING THROUGH FOR THE AMERICAN PEOPLE: President Trump campaigned on jumpstarting the economic engine of America so businesses could grow and Americans could get back to work.
- As a candidate, Mr. Trump promised “I am going to bring back the jobs that have been stripped away from you and your country.”
- As a candidate, Mr. Trump promised “we will make America the best place in the world to start a business; we’ll hire workers, and we’ll open factories.”
- As a candidate, Mr. Trump promised “we will also get rid of wasteful rules and regulations, which are destroying our job-creation capacity.”