When Americans celebrated our nation’s 243rd birthday Thursday, they could have also reveled in the country’s prosperity. Because America’s economic success — credit President Trump — has been monumental.
Since June 2009, following the end of the Great Recession, the economy has had an average growth of 2.3%.
Payroll growth, said CNBC Friday, rebounded sharply in June “as the U.S. economy added 224,000 jobs, the best gain since January and running contrary to worries that both the employment picture and overall growth picture were beginning to weaken. The unemployment rate edged up to 3.7% as labor force participation rose, according to the Labor Department.
“Economists surveyed by Dow Jones had expected nonfarm payrolls to rise by 165,000 and the unemployment rate to hold steady at 3.6%.”
Complementing and adding more explanation, The Wall Street Journal said: “Per capita incomes have grown at significantly faster rates under President Trump than they did under Barack Obama in Pennsylvania, Ohio, Nevada, Wisconsin and even Iowa despite retaliatory tariffs on American exports.
“… The Trump administration has for the most part focused on growth,” it continued. “Its policy mix of deregulation and tax reform has unleased more private investment and job creation that has lifted productivity and wages for the non-affluent. The result has been faster growth and less inequality.” Of course, the mainstream Democrat media press ignores this.
While Mark Moore in the New York Post said the economic surge has been slower than previous expansions — 3.9% growth in the 1990s and 4.2% in the 1980s — the decade long expansion has seen record low unemployment, record job growth with the creation of 21.4 million jobs and low interest rates. And though history says we’re due for a recession, many disagree.
“Do I think the market is priced to allow the possibility of a recession? Not in the U.S.,” Rob Arnott, founder of investing firm Research Affiliates, which advises on roughly $182 billion in assets worldwide, told the Journal.
“Few believe the U.S. will slide into recession imminently,” said the Journal, noting that in a June survey it conducted, only 4.9% of economists expected the next recession to start this year. Nearly half said they expected a recession in 2020, while 37% didn’t expect a recession until 2021.
In the meantime, the growth of the U.S. economy has been unparalleled — 121 consecutive months — marking the longest economic expansion in American history.
Which is, indeed, something to celebrate.