Economic Progress Under President Trump
President Donald Trump recently highlighted the economic achievements during his presidency at the American Business Forum in Miami, Florida. He emphasized the positive trends in wages, prices, and interest rates.
Rising Wages
Trump noted that under his presidency, wages have increased significantly for various professions. For instance, miner wages have risen by an average of almost $5,000, while construction worker wages have climbed by $2,200, and factory worker wages are up $1,300. These increases demonstrate the positive impact of Trump’s economic policies on American workers.
Falling Prices
In addition to rising wages, prices on many key goods are falling. Trump mentioned Walmart’s announcement that the average cost of a Thanksgiving dinner will decrease substantially this year. The cost of feeding 10 people will be just under $40, averaging about $4 per person, which is down from $7 per person last year. This reduction in prices is a significant relief for American families.
Decrease in Egg Prices
Trump also highlighted the decrease in egg prices, which have fallen by 85% since March. In contrast, egg prices increased by 147% during the Biden-Harris administration. This significant decrease in egg prices is a testament to the effectiveness of Trump’s economic policies.
Energy Prices and Mortgage Costs
Other areas where costs are dwindling include energy prices and new mortgage costs. Trump mentioned that energy prices have decreased, and the typical new mortgage costs have dropped by $3,000 this year. Furthermore, interest rates have fallen to the 3.75-4% range after a second-quarter point rate cut in October.
Job Statistics
Trump also touted job statistics, noting that 1.9 million more natural-born Americans are employed since he took office. All new jobs created under his presidency have been in the private sector, which is a significant achievement. Additionally, 100,000 bureaucrats have left the federal payroll, and government spending is down 2.5% this quarter compared to one year ago.
Interest Rate Cuts
The recent interest rate cut has lowered the federal funds rate to its lowest level in three years. The central bank also voted to end the runoff of Treasury securities from its $6.6 trillion balance sheet, halting the process of shrinking its holdings of government debt. This move is expected to have a positive impact on the economy.
Conclusion
In conclusion, President Trump’s economic policies have led to significant improvements in wages, prices, and interest rates. The decrease in prices, increase in wages, and creation of new jobs are all positive indicators of the economy’s progress under his presidency. As the economy continues to grow, it is likely that these trends will persist, benefiting American workers and families.
