Before the Coronavirus spread from China across the globe, President Trump helped America build its strongest economy in history. Median household incomes rose to their highest level ever in 2019, while the poverty rate hit an all-time low. Under the Trump Administration, more Americans were employed than ever before—160 million—and the unemployment rate fell to a 50-year low. The unemployment rates for African-Americans, Hispanic-Americans, and Americans without a high-school diploma all hit record lows, while the Trump “Blue-Collar Boom” saw wages grow faster for workers than for managers or supervisors.
After COVID-19 forced a temporary economic shutdown, President Trump signed the largest relief package in American history to protect workers and families from economic devastation. Under President Trump’s leadership, the American economy surged back to life within months, seeing record growth and job gains.
Administration Achievements
UNPRECEDENTED ECONOMIC BOOM
Before the Coronavirus invaded our shores, we built the world’s most prosperous economy
America gained 7 million new jobs—more than three times government experts’ projections
Middle-class family income increased nearly $6,000—more than five times the gains during the entire previous administration
The unemployment rate reached 3.5 percent, the lowest in a half-century
Achieved 40 months in a row with more job openings than job hirings
More Americans reported being employed than ever before—nearly 160 million
Jobless claims hit a nearly 50-year low
The number of people claiming unemployment insurance as a share of the population hit its lowest level on record
Incomes rose in every single metro area in the United States for the first time in nearly three decades
Delivered a future of greater promise and opportunity for citizens of all backgrounds
Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, and those without a high school diploma all reached record lows
Unemployment for women hit its lowest rate in nearly 70 years
Nearly 7 million people were lifted off of food stamps
Poverty rates for African Americans and Hispanic Americans reached record lows
Income inequality fell for two straight years—and by the largest amount in over a decade
The bottom 50 percent of American households saw a 40 percent increase in net worth
Wages rose fastest for low-income and blue-collar workers—a 16 percent pay increase
African American homeownership increased from 41.7 percent to 46.4 percent
Brought jobs, factories, and industries back to the USA
Created more than 1.2 million manufacturing and construction jobs
Put in place policies to bring back supply chains from overseas
Small business optimism broke a 35-year-old record in 2018
Hit record stock market numbers and record 401ks
The DOW closed above 20,000 for the first time in 2017 and topped 30,000 in 2020
The S&P 500 and NASDAQ have repeatedly notched record highs
Achieved a record-setting economic comeback by rejecting blanket lockdowns
An October 2020 Gallup survey found 56 percent of Americans said they were better off now than four years ago, even in the midst of a global pandemic
During the third quarter of 2020, the economy grew at a rate of 33.1 percent—the most rapid GDP growth ever recorded
Since coronavirus lockdowns ended, the economy has added back over 12 million jobs, more than half the jobs lost
Jobs have been recovered 23 times faster than the previous administration’s recovery
Unemployment fell to 6.7 percent in November, from a pandemic peak of 14.7 percent in April—beating expectations of well over 10 percent unemployment through the end of 2020
The 8 percentage point decline in the unemployment rate from April to November is the largest seven-month reduction ever recorded
Under the previous administration, it took 49 months for the unemployment rate to fall from 10 percent to under 7 percent, compared to just 3 months for the Trump Administration
Since April, the Hispanic unemployment rate has fallen by 10.5 percent, Asian-American unemployment by 7.8 percent, and Black-American unemployment by 6.4 percent
80 percent of small businesses are now open, up from just 53 percent in April
Small business confidence hit a new high
Homebuilder confidence reached an all-time high, and home sales hit their highest reading since December 2006
Manufacturing optimism nearly doubled
Household net worth rose $7.4 trillion in Q2 2020 to $112 trillion, an all-time high
Home prices hit an all-time record high
The United States rejected crippling lockdowns that crush the economy and inflict countless public health harms and instead safely reopened its economy
Business confidence is higher in America than in any other G7 or European Union country
Stabilized America’s financial markets with the establishment of a number of Treasury Department supported facilities at the Federal Reserve
FAIR AND RECIPROCAL TRADE
Secured historic trade deals to defend American workers
Immediately withdrew from the job-killing Trans-Pacific Partnership (TPP)
Ended the North American Free Trade Agreement (NAFTA), and replaced it with the brand new United States-Mexico-Canada Agreement (USMCA)
The USMCA contains powerful new protections for American manufacturers, auto-makers, farmers, dairy producers, and workers
The USMCA is expected to generate over $68 billion in economic activity and potentially create over 550,000 new jobs over 10 years
Signed an executive order making it government policy to Buy American and Hire American, and took action to stop the outsourcing of jobs overseas
Negotiated with Japan to slash tariffs and open its market to $7 billion in American agricultural products while ending its ban on potatoes and lamb
Over 90 percent of American agricultural exports to Japan now receive preferential treatment, and most are duty-free
Negotiated another deal with Japan to boost $40 billion worth of digital trade
Renegotiated the United States-Korea Free Trade Agreement, doubling the cap on imports of American vehicles and extending the American light truck tariff
Reached a written, fully enforceable Phase One trade agreement with China on confronting pirated and counterfeit goods, as well as the protection of American ideas, trade secrets, patents, and trademarks
China agreed to purchase an additional $200 billion worth of United States exports and opened market access for over 4,000 American facilities to exports while all tariffs remained in effect
Achieved a mutual agreement with the European Union (EU) that addresses unfair trade practices and increases duty-free exports 180 percent to $420 million
Secured a pledge from the EU to eliminate tariffs on American lobster—the first United States-European Union negotiated tariff reduction in over 20 years
Scored a historic victory by overhauling the Universal Postal Union, whose outdated policies were undermining American workers and interests
Engaged extensively with trade partners like the EU and Japan to advance reforms to the World Trade Organization (WTO)
Issued a first-ever comprehensive report on the WTO Appellate Body’s failures to comply with WTO rules and interpret WTO agreements as written
Blocked nominees to the WTO’s Appellate Body until WTO Members recognize and address longstanding issues with Appellate Body activism
Submitted 5 papers to the WTO Committee on Agriculture to improve Members’ understanding of how trade policies are implemented, highlight areas for improved transparency, and encourage members to maintain up-to-date notifications on market access and domestic support
Took strong actions to confront unfair trade practices and put America First
Imposed tariffs on hundreds of billions worth of Chinese goods to protect American jobs and stop China’s abuses under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974
Directed an all-of-government effort to halt and punish efforts by the Communist Party of China to steal and profit from American innovations and intellectual property
Imposed tariffs on foreign aluminum and foreign steel to protect our vital industries and support our national security
Approved tariffs on $1.8 billion in imports of washing machines and $8.5 billion in imports of solar panels
Blocked illegal timber imports from Peru
Took action against France for its digital services tax that unfairly targets American technology companies
Launched investigations into digital services taxes that have been proposed or adopted by 10 other countries
ECONOMY & JOBS
President Trump: ‘We Have Rejected Globalism and Embraced Patriotism’
Aug 7, 2020
INVESTING IN AMERICA’S WORKERS AND FAMILIES
Affordable and high quality Child Care for American workers and their families
Doubled the Child Tax Credit from $1,000 to $2,000 per child and expanded the eligibility for receiving the credit
Nearly 40 million families benefitted from the child tax credit (CTC), receiving an average benefit of $2,200, totaling credits of approximately $88 billion
Signed the largest-ever increase in Child Care and Development Block Grants—expanding access to quality, affordable child care for more than 800,000 low-income families
Secured an additional $3.5 billion in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help families and first responders with child care needs
Created the first-ever paid family leave tax credit for employees earning $72,000 or less
Signed into law 12-weeks of paid parental leave for Federal workers
Signed into law a provision that enables new parents to withdraw up to $5,000 from their retirement accounts without penalty when they give birth to or adopt a child
Advanced apprenticeship career pathways to good-paying jobs
Expanded apprenticeships to more than 850,000 workers and established the new Industry-Recognized Apprenticeship programs in new and emerging fields
Established the National Council for the American Worker and the American Workforce Policy Advisory Board
Over 450 companies have signed the Pledge to America’s Workers, committing to provide more than 16 million job and training opportunities
Signed an executive order that directs the Federal Government to replace outdated degree-based hiring with skills-based hiring
Advanced women’s economic empowerment
Included women’s empowerment for the first time in the President’s 2017 National Security Strategy
Signed into law key pieces of legislation, including the Women, Peace, and Security Act and the Women Entrepreneurship and Economic Empowerment Act
Launched the Women’s Global Development and Prosperity (W-GDP) Initiative—the first-ever whole-of-government approach to women’s economic empowerment that has reached 12 million women worldwide
Established an innovative new W-GDP Fund at USAID
Launched the Women Entrepreneurs Finance Initiative (We-Fi) with 13 other nations
Announced a $50 million donation on behalf of the United States to We-Fi providing more capital to women-owned businesses around the world
Released the first-ever Strategy on Women, Peace, and Security, which focused on increasing women’s participation to prevent and resolve conflicts
Launched the W-GDP 2x Global Women’s Initiative with the Development Finance Corporation, which has mobilized more than $3 billion in private-sector investments over three years
Preserved American jobs for American workers and rejected the importation of cheap foreign labor
Pressured the Tennessee Valley Authority (TVA) to reverse their decision to lay off over 200 American workers and replace them with cheaper foreign workers
Removed the TVA Chairman of the Board and a TVA Board Member
Rescued the American economy from the impact of the Coronavirus pandemic with nearly $3.4 trillion in relief, the largest financial aid package in history
Secured an initial $8.3 billion Coronavirus Preparedness and Response Act, supporting the development of treatments and vaccines and helping to procure critical medical supplies and equipment
Signed the $100 billion Families First Coronavirus Relief Act, guaranteeing free Coronavirus testing, emergency paid sick leave and family leave, Medicaid funding, and food assistance
Signed the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing unprecedented and immediate relief to American families, workers, and businesses
Signed additional legislation providing nearly $900 billion in support for Coronavirus emergency response and relief, including critically needed funds to continue the Paycheck Protection Program
Signed the Paycheck Protection Program and Healthcare Enhancement Act, adding an additional $310 billion to replenish the program
Delivered approximately 160 million relief payments to hardworking Americans
Through the Paycheck Protection Program, approved over $525 billion in forgivable loans to more than 5.2 million small businesses, supporting more than 51 million American jobs
The Treasury Department approved the establishment of the Money Market Mutual Fund Liquidity Facility to provide liquidity to the financial system
The Treasury Department, working with the Federal Reserve, was able to leverage approximately $4 trillion in emergency lending facilities
Signed an executive order extending expanded unemployment benefits
Signed an executive order to temporarily suspend student loan payments, evictions, and collection of payroll taxes
Small Business Administration expanded access to emergency economic assistance for small businesses and faith-based entities
Protected jobs for American workers impacted by COVID-19 by temporarily suspending several job-related nonimmigrant visas, including H-1Bs, H-2Bs without a nexus to the food-supply chain, certain H-4s, as well as Ls and certain Js
https://trumpwhitehouse.archives.gov/issues/economy-jobs/
After COVID-19 forced a temporary economic shutdown, President Trump signed the largest relief package in American history to protect workers and families from economic devastation. Under President Trump’s leadership, the American economy surged back to life within months, seeing record growth and job gains.
Administration Achievements
UNPRECEDENTED ECONOMIC BOOM
Before the Coronavirus invaded our shores, we built the world’s most prosperous economy
America gained 7 million new jobs—more than three times government experts’ projections
Middle-class family income increased nearly $6,000—more than five times the gains during the entire previous administration
The unemployment rate reached 3.5 percent, the lowest in a half-century
Achieved 40 months in a row with more job openings than job hirings
More Americans reported being employed than ever before—nearly 160 million
Jobless claims hit a nearly 50-year low
The number of people claiming unemployment insurance as a share of the population hit its lowest level on record
Incomes rose in every single metro area in the United States for the first time in nearly three decades
Delivered a future of greater promise and opportunity for citizens of all backgrounds
Unemployment rates for African Americans, Hispanic Americans, Asian Americans, Native Americans, veterans, individuals with disabilities, and those without a high school diploma all reached record lows
Unemployment for women hit its lowest rate in nearly 70 years
Nearly 7 million people were lifted off of food stamps
Poverty rates for African Americans and Hispanic Americans reached record lows
Income inequality fell for two straight years—and by the largest amount in over a decade
The bottom 50 percent of American households saw a 40 percent increase in net worth
Wages rose fastest for low-income and blue-collar workers—a 16 percent pay increase
African American homeownership increased from 41.7 percent to 46.4 percent
Brought jobs, factories, and industries back to the USA
Created more than 1.2 million manufacturing and construction jobs
Put in place policies to bring back supply chains from overseas
Small business optimism broke a 35-year-old record in 2018
Hit record stock market numbers and record 401ks
The DOW closed above 20,000 for the first time in 2017 and topped 30,000 in 2020
The S&P 500 and NASDAQ have repeatedly notched record highs
Achieved a record-setting economic comeback by rejecting blanket lockdowns
An October 2020 Gallup survey found 56 percent of Americans said they were better off now than four years ago, even in the midst of a global pandemic
During the third quarter of 2020, the economy grew at a rate of 33.1 percent—the most rapid GDP growth ever recorded
Since coronavirus lockdowns ended, the economy has added back over 12 million jobs, more than half the jobs lost
Jobs have been recovered 23 times faster than the previous administration’s recovery
Unemployment fell to 6.7 percent in November, from a pandemic peak of 14.7 percent in April—beating expectations of well over 10 percent unemployment through the end of 2020
The 8 percentage point decline in the unemployment rate from April to November is the largest seven-month reduction ever recorded
Under the previous administration, it took 49 months for the unemployment rate to fall from 10 percent to under 7 percent, compared to just 3 months for the Trump Administration
Since April, the Hispanic unemployment rate has fallen by 10.5 percent, Asian-American unemployment by 7.8 percent, and Black-American unemployment by 6.4 percent
80 percent of small businesses are now open, up from just 53 percent in April
Small business confidence hit a new high
Homebuilder confidence reached an all-time high, and home sales hit their highest reading since December 2006
Manufacturing optimism nearly doubled
Household net worth rose $7.4 trillion in Q2 2020 to $112 trillion, an all-time high
Home prices hit an all-time record high
The United States rejected crippling lockdowns that crush the economy and inflict countless public health harms and instead safely reopened its economy
Business confidence is higher in America than in any other G7 or European Union country
Stabilized America’s financial markets with the establishment of a number of Treasury Department supported facilities at the Federal Reserve
FAIR AND RECIPROCAL TRADE
Secured historic trade deals to defend American workers
Immediately withdrew from the job-killing Trans-Pacific Partnership (TPP)
Ended the North American Free Trade Agreement (NAFTA), and replaced it with the brand new United States-Mexico-Canada Agreement (USMCA)
The USMCA contains powerful new protections for American manufacturers, auto-makers, farmers, dairy producers, and workers
The USMCA is expected to generate over $68 billion in economic activity and potentially create over 550,000 new jobs over 10 years
Signed an executive order making it government policy to Buy American and Hire American, and took action to stop the outsourcing of jobs overseas
Negotiated with Japan to slash tariffs and open its market to $7 billion in American agricultural products while ending its ban on potatoes and lamb
Over 90 percent of American agricultural exports to Japan now receive preferential treatment, and most are duty-free
Negotiated another deal with Japan to boost $40 billion worth of digital trade
Renegotiated the United States-Korea Free Trade Agreement, doubling the cap on imports of American vehicles and extending the American light truck tariff
Reached a written, fully enforceable Phase One trade agreement with China on confronting pirated and counterfeit goods, as well as the protection of American ideas, trade secrets, patents, and trademarks
China agreed to purchase an additional $200 billion worth of United States exports and opened market access for over 4,000 American facilities to exports while all tariffs remained in effect
Achieved a mutual agreement with the European Union (EU) that addresses unfair trade practices and increases duty-free exports 180 percent to $420 million
Secured a pledge from the EU to eliminate tariffs on American lobster—the first United States-European Union negotiated tariff reduction in over 20 years
Scored a historic victory by overhauling the Universal Postal Union, whose outdated policies were undermining American workers and interests
Engaged extensively with trade partners like the EU and Japan to advance reforms to the World Trade Organization (WTO)
Issued a first-ever comprehensive report on the WTO Appellate Body’s failures to comply with WTO rules and interpret WTO agreements as written
Blocked nominees to the WTO’s Appellate Body until WTO Members recognize and address longstanding issues with Appellate Body activism
Submitted 5 papers to the WTO Committee on Agriculture to improve Members’ understanding of how trade policies are implemented, highlight areas for improved transparency, and encourage members to maintain up-to-date notifications on market access and domestic support
Took strong actions to confront unfair trade practices and put America First
Imposed tariffs on hundreds of billions worth of Chinese goods to protect American jobs and stop China’s abuses under Section 232 of the Trade Expansion Act of 1962 and Section 301 of the Trade Act of 1974
Directed an all-of-government effort to halt and punish efforts by the Communist Party of China to steal and profit from American innovations and intellectual property
Imposed tariffs on foreign aluminum and foreign steel to protect our vital industries and support our national security
Approved tariffs on $1.8 billion in imports of washing machines and $8.5 billion in imports of solar panels
Blocked illegal timber imports from Peru
Took action against France for its digital services tax that unfairly targets American technology companies
Launched investigations into digital services taxes that have been proposed or adopted by 10 other countries
ECONOMY & JOBS
President Trump: ‘We Have Rejected Globalism and Embraced Patriotism’
Aug 7, 2020
INVESTING IN AMERICA’S WORKERS AND FAMILIES
Affordable and high quality Child Care for American workers and their families
Doubled the Child Tax Credit from $1,000 to $2,000 per child and expanded the eligibility for receiving the credit
Nearly 40 million families benefitted from the child tax credit (CTC), receiving an average benefit of $2,200, totaling credits of approximately $88 billion
Signed the largest-ever increase in Child Care and Development Block Grants—expanding access to quality, affordable child care for more than 800,000 low-income families
Secured an additional $3.5 billion in the Coronavirus Aid, Relief, and Economic Security (CARES) Act to help families and first responders with child care needs
Created the first-ever paid family leave tax credit for employees earning $72,000 or less
Signed into law 12-weeks of paid parental leave for Federal workers
Signed into law a provision that enables new parents to withdraw up to $5,000 from their retirement accounts without penalty when they give birth to or adopt a child
Advanced apprenticeship career pathways to good-paying jobs
Expanded apprenticeships to more than 850,000 workers and established the new Industry-Recognized Apprenticeship programs in new and emerging fields
Established the National Council for the American Worker and the American Workforce Policy Advisory Board
Over 450 companies have signed the Pledge to America’s Workers, committing to provide more than 16 million job and training opportunities
Signed an executive order that directs the Federal Government to replace outdated degree-based hiring with skills-based hiring
Advanced women’s economic empowerment
Included women’s empowerment for the first time in the President’s 2017 National Security Strategy
Signed into law key pieces of legislation, including the Women, Peace, and Security Act and the Women Entrepreneurship and Economic Empowerment Act
Launched the Women’s Global Development and Prosperity (W-GDP) Initiative—the first-ever whole-of-government approach to women’s economic empowerment that has reached 12 million women worldwide
Established an innovative new W-GDP Fund at USAID
Launched the Women Entrepreneurs Finance Initiative (We-Fi) with 13 other nations
Announced a $50 million donation on behalf of the United States to We-Fi providing more capital to women-owned businesses around the world
Released the first-ever Strategy on Women, Peace, and Security, which focused on increasing women’s participation to prevent and resolve conflicts
Launched the W-GDP 2x Global Women’s Initiative with the Development Finance Corporation, which has mobilized more than $3 billion in private-sector investments over three years
Preserved American jobs for American workers and rejected the importation of cheap foreign labor
Pressured the Tennessee Valley Authority (TVA) to reverse their decision to lay off over 200 American workers and replace them with cheaper foreign workers
Removed the TVA Chairman of the Board and a TVA Board Member
Rescued the American economy from the impact of the Coronavirus pandemic with nearly $3.4 trillion in relief, the largest financial aid package in history
Secured an initial $8.3 billion Coronavirus Preparedness and Response Act, supporting the development of treatments and vaccines and helping to procure critical medical supplies and equipment
Signed the $100 billion Families First Coronavirus Relief Act, guaranteeing free Coronavirus testing, emergency paid sick leave and family leave, Medicaid funding, and food assistance
Signed the $2.3 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, providing unprecedented and immediate relief to American families, workers, and businesses
Signed additional legislation providing nearly $900 billion in support for Coronavirus emergency response and relief, including critically needed funds to continue the Paycheck Protection Program
Signed the Paycheck Protection Program and Healthcare Enhancement Act, adding an additional $310 billion to replenish the program
Delivered approximately 160 million relief payments to hardworking Americans
Through the Paycheck Protection Program, approved over $525 billion in forgivable loans to more than 5.2 million small businesses, supporting more than 51 million American jobs
The Treasury Department approved the establishment of the Money Market Mutual Fund Liquidity Facility to provide liquidity to the financial system
The Treasury Department, working with the Federal Reserve, was able to leverage approximately $4 trillion in emergency lending facilities
Signed an executive order extending expanded unemployment benefits
Signed an executive order to temporarily suspend student loan payments, evictions, and collection of payroll taxes
Small Business Administration expanded access to emergency economic assistance for small businesses and faith-based entities
Protected jobs for American workers impacted by COVID-19 by temporarily suspending several job-related nonimmigrant visas, including H-1Bs, H-2Bs without a nexus to the food-supply chain, certain H-4s, as well as Ls and certain Js
https://trumpwhitehouse.archives.gov/issues/economy-jobs/
