Guest post by Joe Hoft
In the two years since the 2016 Presidential election, the US economy is on fire. Yet every step of the way, the far-left liberal MSM has ignored and derided the economic success of President Donald J. Trump. Today is no exception.
The US stock market is a barometer of economic activity and since President Trump was elected the markets have skyrocketed.
The stock market on Wednesday, January 17th, 2018, said it all. On that day the Dow broke 26,000 points for the first time in its history. As a result the Dow broke the record for the fastest 500, 1,000, 2,000, 3,000, 4,000, 5,000, 6,000 and 7,000 point increases between major milestones in the history of the Dow. All of these increases occurred since Donald Trump was elected President.
After President Trump was elected the DOW exploded. On November 8th, 2016, the DOW stood at 18,332. Since that date the DOW has soared and it never looked back.
Not only has the DOW skyrocketed since Donald Trump was elected President, the market’s rise is record breaking. Since the 2016 election, the DOW has closed at new record all-time highs 103 times! (President Obama never saw a new all-time high in the DOW his entire first term and only saw 105 all-time closing highs from his first election win until Trump’s.)
President Trump’s first year in office (2017) saw the most all-time stock market closing highs (71) as well as the largest increase in DOW history (4,956 points). Prior to 2017, no year in the DOW’s more than 100-year history ever saw the DOW increase by more than 3,500 points, let alone 4,900. The most all-time highs in a year prior to 2017 was 69 in 1995.
Since President Trump was elected President the DOW tied the record for the most consecutive all-time closing highs in a row. In January of 1987 President Reagan saw the DOW increase to new all-time highs a record 12 days in a row. In February of 2017, President Trump matched Reagan’s record.
The DOW today stands at nearly 32% up from where it was in November of 2016, the day of the election!
But today because of the recent downturns in the markets since October 3rd after the Fed announced more interest rates hikes, the MSM is all gloom and doom.
It’s clear that the Fed overstepped its mandate and killed the stock market with their interest rate threats. There are no signs of inflation and commodities are steady and yet the Fed wants to continue to increase rates, something it never did under Obama’s Presidency. The Fed gave Obama zero rates for seven years and then only a quarter rate increase in 2015, his last year. Under President Trump the Fed has increased rates seven times since his election.
The markets are taking notice of the Fed’s efforts to kill the economy by increasing interest rates. These efforts and reactions are causing the markets to be out of sync with reality and the solid economy.
The truth is the economy is in its best shape maybe ever. The stock markets as of Friday are still up nearly a third (32%) since the election.
President Trump’s economy reached a GDP of 4.2% in the 2nd quarter of 2018 and 3.5% in the 3rd quarter. With a GDP in the 4th quarter near 3%, the GDP for the year will be greater than 3%. Something the prior President Obama never did and said no longer could be done.
President Trump has managed to increase GDP and slow of debt increases, thereby decreasing the debt to GDP ratio in the 2 years since the 2016 election. This is a very good result that is rarely if ever mentioned by the MSM. President Trump has done this in spite of headwinds from the Fed.
President Trump is the ‘Jobs President’. The Bureau of Labor Statistics reported that 250,000 new jobs were created in October. In President Trump’s first two years since elected President, the US has gained over 4.3 million jobs. (In President Obama’s first two years the US lost over (4.2) million jobs.) More people are working in the US than ever before and unemployment is at 50 year lows landing at 3.7% last month.
The President’s tax plan passed in late December 2017 is greatly benefiting Americans and American companies. Employees will see increases in their income tax refunds next year due to the lower Federal taxes.
Millions of Americans received bonuses due to the tax cuts and major companies announced plans to move capital and operations to the US due to these cuts. On top of income tax refund increases, Americans also are benefiting from the highest wage increases in a decade.