Nearly one year ago, my father made a pledge that our economy would surge past 3 percent growth once his tax cuts were passed.
He was ridiculed. Economists laughed.
The Los Angeles Times’s Michael Hiltzik famously wrote “If Trump thinks he can get more than 3 percent economic growth, he’s dreaming.” The Hill reported that “Trump’s growth projections leave economists in disbelief.” The Wall Street Journal’s Greg Ip giggled that my father’s 3 percent growth target looked “out of reach.”
My father wasn’t laughing.
The second-quarter 2018 GDP data was reported last week: Our economy grew at 4.1 percent, well exceeding the 3 percent target that all the talking heads said was “unachievable.” Maybe for them, maybe for a past administration, but not today.
The United States is no longer playing games. My father’s milestone of 4.1 percent GDP growth for the second quarter of 2018 puts him on track to become one of the greatest economic presidents of all time. The last time quarterly economic growth rose at a comparable rate was in 2014, and GDP growth for a full year hasn’t crossed the 3 percent mark in 14 years.
Why the surge? Because Americans are starting to believe in the American Dream again, and that prosperity is possible and within reach. Americans are landing new jobs, bringing home substantially bigger paychecks, paying less in taxes, and enjoying the benefits of the free market like never before. Oh, and 401(k) retirement plans are way up since the election!
Small business confidence is approaching an all-time high while wages grow at their fastest pace in more than a decade. Unemployment rates across the board among African-Americans, Hispanics, Asians, and women are all at historic lows.
Every one point increase in the GDP adds another $3 trillion to our economy and creates approximately 10 million new jobs. This is exactly the kind of growth America has been yearning for and exactly the kind of growth my father promised.
By increasing growth to 3 percent over the next 10 years, 12 million new American jobs will be created along with $10 trillion in new American wealth.
It’s amazing what happens when the government stops regulating businesses to death, lowers tax rates, and actually supports American enterprise and prosperity. Moreover, it’s amazing what happens when our leaders show some backbone and stand up to nations and organizations who have used and ripped off our country for so long, to the detriment of all Americans.
China’s economy is down roughly 20 percent this year. Chinese stock markets have performed the worst of any major index.
Meanwhile, NATO countries have increased the alliance’s budget by tens of billions of dollars. The days of Germany contributing less than 1.5 percent of their GDP while we pay more than 4 percent of ours are over.
President Trump’s economic policies are working, despite the ongoing turmoil in the swamp, otherwise known as Washington, D.C. These actions will bring back more jobs, increase wages, and lower the prices of goods — all making the U.S. more competitive in the global marketplace.
Rest assured that when Donald Trump says the economy will continue to grow, you can take him at his word. As I said, he isn’t laughing.
Eric Trump (@EricTrump) is Executive Vice President of The Trump Organization and the second-oldest son of President Trump.
