After Trump's election, Nobel-prize-winning economist Paul Krugman But a former Obama economic advisor says there are less rosy trends outside the stock market.
But anything relating to business investment or manufacturing or trade has been quite tough," economist Austan Goolsbee, who advised President Obama's campaign and chaired Obama's Council of Economic Advisers, told FOX Business. "The unemployment rate for African Americans, Hispanic Americans and Asian Americans has reached the lowest levels in history," he said. "Manufacturing has literally been in recession. "As the government started easing off the more socialistic policies, that was good ... and helps explain much of the recovery," he said.Slow-growing wages are a common critique of the administration. That encourages more investment in the American economy," he said. "The administration policies on tax cuts and deregulation have been good for both Wall Street and Main Street," economist David Henderson, who served on President Ronald Reagan's Council of Economic Advisers, told FOX Business. "Average hourly earnings growth did continue throughout 2019, by 3.1% on average - a generally upward trend which began during President Obama's administration.But that's not the whole story. However, this figure takes into account the final months of the Obama presidency. The index was highly volatile at times during 2019, reflecting worries about the trade confrontation with China, and a gloomier outlook for the global economy.But it's begun 2020 by notching up more gains So, what's happening with employment and wages?In his State of the Union address, President Trump said unemployment was at its lowest for half a century. Trump's allies see a president who is competently leading the country in the right direction on jobs and the economy, the issues that typically matter … Cohn and Hassett also note that lowest-income workers have seen the biggest raises this year. As for the numbers in employment, almost seven million more people were recorded as employed in January this year than when Mr Trump was elected in November 2016. The index is currently low, hinting that the near future of manufacturing might be bleak.Unemployment fell under Trump, but it was already falling at a rapid pace before he came to office:Economists say that the continued decline is particularly impressive since the rate is nearing record lows. Consumer related things have been strong. President Trump also highlighted record low levels of unemployment amongst specific groups. Mr Trump's supporters argue that his corporation tax cuts along with his US-focused policies, his clampdown on bureaucracy and his promises of infrastructure investment have all helped. Part of that has come from the damage from the tariffs. The African American and Hispanic American unemployment rate hit 5.5% and 3.9% respectively in September 2019 - the lowest rates recorded since the US Labor Department started collecting these statistics in the 1970s.For Asian Americans, records only go back to 2003. This is lower than the real wage increases of more than 2% that President Obama oversaw in 2015.Household income has also been growing - but the rate of increase has slowed in the last few years.In 2018, median household income was $63,179, which official data says is not statistically different from the previous year. All rights reserved. These are external links and will open in a new windowSpeaking at his State of the Union address in February, he reinforced those claims by And the trade war with China, rising tensions in the Middle East and fears over the health of the global economy have unsettled markets at various points, and led the US central bank, the Federal Reserve, to lower interest rates. "Perhaps more importantly ... eliminating harmful economic regulations has clearly been good for American business and markets in general," he added.Quotes delayed at least 15 minutes. The current rate is lowest it has been "We are approaching ... record low unemployment rates and once one gets so close to zero, it cannot continue to fall at the rates that it [used to]," Ed Stringham, President of the American Institute for Economic Research, told FOX Business.Former Trump advisors also note that after Trump came to office, government estimates had to be dramatically revised in a positive direction to match the new reality. Unemployment shot up dramatically during the financial crisis at the end of George W. Bush's and …
President Trump has repeatedly tweeted that the current US economy is the greatest in American history. For 2019, the data shows an annual average growth of 2.3%, ending the year at 2.1% for the fourth quarter.This is significantly less than the 5.5% peak achieved in the second quarter of 2014 during the Obama presidency.And if you go further back, there were times in the 1950s and 1960s when GDP growth was even higher. Another part has been that the tax cuts did not seem to generate anything close to the kind of sustained improvement that was promised.

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