Every year the Executive Office is to issue a report that gives a state of the economy for the year.
The purpose of such a report is to provide Congress with the information they need to understand the state of how the economy is fairing around the nation.
The report is also to provide Congress with the current Administrations plan of achieving the goals that have been set forth for the coming year.
The report is set up to, “Creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare, conditions under which there will be afforded useful employment opportunities, including self-employment, for those able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power.”
The Employment Act of 1946 has set the standard for such a report.
The report has shown that for two years straight the United States economy has exceeded all expectations and gone beyond all normal trends.
In 2017 the Congressional Budget Office predicted that the economy would grow by two percent and that unemployment would go down by one-tenth percent.
When the actual numbers came out the first three quarters had a 3.2 percent growth and unemployment came out to 3.7 percent. Three-tenths of a percent lower than was predicted.
The total economic in the third quarter of 2018 was at $250 billion which was 1.3 percent larger than was thought to be.
Much of the growth was large in part to a rise in private investment found within fixed assets.
The fixed investments were 10.6 percent higher than was originally thought to grow.
The report goes on to mention, “these departures from the recent trend are not accidental but rather reflect the Trump Administration’s deliberate measures to create and maintain conditions under which the U.S. economy can achieve maximum employment, production, and purchasing power.”
Throughout the report it is shown that this is all possible because free enterprise and competitive markets.
The report also mentions that the tax cuts that the President signed into law have contributed much to the overall health of the economy.
The tax cuts were retroactive back to September 2017. It is reported that an average bonus size for people was around $1,200 and disposable income was up $640 per household.
This growth is made possible by the tax cuts that the President gave to the people.
One thing that did change in the country was where the people have been investing. The trend has been to invest in overseas markets. T
his past year more people invested within the United States.
Deregulation was the topic of chapter two and it pointed out that the President has saved the country nearly $30 billion by cutting some red tape that was choking out growth.
This was a different trend that was seen in the years prior to the President taking office as the cost of regulation would grow $8.2 billion before the President took office.
This just goes to show that he is saving people money by cutting the regulations in place stopping them from expanding their business and infrastructure to meet growing needs.
Some more interesting facts include:
- There are now 7.6 million job openings. This means that there are more jobs than employees.
- Generic drug options have saved the people $26 billion.
- The United States is now in the number one spot for oil production in the world.
- There is a push to retrain 6.5 million workers.
There are so many more facts contained within the report that prove that the President of the United States and his Administration is doing exactly what the American people expect them to be doing.
The President has gone out of his way to promote a healthy economy and a growing country.
He has strengthened the military that has been weakened over the years under previous Presidents.
Trump is now focusing on the last half of his current term with the agenda of making America greater than it is today.