Growing the American Economy: The Economic Report of the President

Official portrait of President Donald J. Trump, Friday, October 6, 2017. (Official White House photo by Shealah Craighead)

Read the Economic Report of the President here.

A GROWING ECONOMY: President Donald J. Trump’s pro-growth policies are reviving the United States economy, and the Economic Report of the President (ERP) shows a path for continued growth.

  • The Trump Administration is the first since that of President Ronald Reagan to see positive economic growth exceed its first-year forecast.
    • In 2017, the United States economy saw 2.5 percent growth in real gross domestic product (GDP), up from 1.8 percent in 2016.
  • Growth helped the United States economy add 2.2 million nonfarm jobs in 2017, as American workers saw the lowest unemployment rate since 2000 at 4.1 percent.
  • The White House Council of Economic Advisers (CEA) projects economic growth will increase to 3.1 percent in 2018, remaining above 3 percent through 2020 and adding a cumulative $1.1 trillion to the economy.
    • If fully implemented, President Trump’s economic agenda would lead to 3 percent annual GDP growth on average throughout the next decade.
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TAX REFORM IS DELIVERING RESULTS: President Trump’s tax cuts are benefiting United States workers and businesses, providing long-term benefits and putting America on a path to greater prosperity.

  • The CEA projects that President Trump’s corporate tax reform will lead to a $4,000 annual wage increase for American workers.
  • The Tax Cuts and Jobs Act’s (TCJA) reforms and cuts to the individual tax code will raise GDP by an estimated 1.3 to 1.6 percent over the next three years.
  • To date, over 370 companies have announced new investments, raises, bonuses, or other benefits as a result of tax reform that will positively affect 4.1 million workers.
    • Through January, the CEA tallied $190 billion in new investment projects that were related to the passage of the TCJA.

REDUCING RED TAPE: By eliminating costly, unnecessary, and ineffective regulations, President Trump is freeing the United States economy.

  • President Trump is prioritizing the cutting of burdensome red tape and has ordered Government agencies to eliminate two old rules for every new one.
    • In the first eight months of the Trump Administration, Federal agencies issued 67 deregulatory actions and just three regulatory actions, far exceeding this two-for-one goal.
  • According to the CEA, the economics literature indicates that excessive Government regulation places a drag on the American economy, slowing productivity and stifling entrepreneurship.
    • The Obama Administration’s overregulation likely played a role in slow economic growth rates of the last eight years.

BUILDING A STRONGER AMERICA: President Trump wants to rebuild our Nation’s infrastructure by working with State and local governments and the private sector to spur new investment.

  • The CEA estimates that a $1.5 trillion investment in infrastructure, as proposed by the President, could add approximately 0.1 to 0.2 percentage points to economic growth over the next decade.
  • The CEA finds that growth will be encouraged through a plan that streamlines the permitting process, encourages the prioritization of spending, and optimizes use of infrastructure assets.

FAIR AND RECIPROCAL TRADE: President Trump is standing up for American workers and businesses, enforcing the rules and ensuring that trade deals are fair and reciprocal.

  • American producers face higher barriers to selling their products abroad than competitors do selling products in the United States.
    • President Trump is seeking to break down barriers to United States exports and crack down on unfair trade practices.
    • Given America’s comparative advantages, American energy and agriculture sectors are well-positioned to benefit from these policies and increase their exports to the rest of the world.
  • President Trump is also seeking to improve existing United States trade deals that did not achieve the intended result and negotiate new ones that will break down barriers to United States exports.

INNOVATION IN HEALTHCARE: The Trump Administration is focusing on policies that will promote competition, improve health outcomes, and lower healthcare costs for Americans.

  • Competition, choice, and innovation are key to improving America’s healthcare system.
    • Obamacare drove up costs and significantly curtailed choices of coverage options. Taxpayers have spent an enormous amount expanding Medicaid, without a substantial benefit to population health.
    • Freeing consumers and providers from excessive government regulation and promoting competition through healthcare markets will lower prices and increase choice in order to improve our national quality of life.
  • The CEA estimates that Americans pay more than 70 percent of the world’s patented biopharmaceutical profits among developed nations funding drug innovation.
    • Policies must be developed to lower drug prices for Americans and to encourage pharmaceutical companies to have other countries pay their fair share of development costs.

DEFENDING AMERICAN CYBER SECURITY: With billions of dollars lost each year to cyber-crime, American cybersecurity is of paramount importance to our economic well-being.

  • Using the most recent data available, the CEA estimates that malicious cyber activity lowered United States output by as much as $109 billion in 2016.
  • Even as information technology has increased in importance to American economic interests, the ERP indicates that the market alone may not provide sufficient incentives to invest in cybersecurity.
  • The ERP underscores the ever-growing importance of public-private cybersecurity partnerships, in order to manage and mitigate the risks associated with our modern economy.

Shared from Whitehouse.gov

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Ron Livaudais
Ron Livaudais
4 years ago

If every lawmaker put aside politics and their agenda and read Henry Hazlitt’s
“Basic Economics” we’d all be so much better, economically and financially!
Better late than never, I guess.

Carmen
Carmen
4 years ago

I stand by Trump as long as he does not cave to Deep State that said, now and probably too late he needs to stop the the sky and ground chenicals. I am sick to death of watching the trees die and other life on earth as well as the food supply’s. I am a victim living on borrowed time and fighting this for many year’s and will take many years to replenish the earth, This has to stop NOW!

Gene
Gene
4 years ago
Reply to  Carmen

Amen, Carmen!!!

Robert L Portillo, DPM
Robert L Portillo, DPM
4 years ago

I’m 100% behind you and what you are doing to turn things around in our beautiful country. I am a practicing podiatrist of over 47 years who has seen our good medical system ruined by interference from both government and the insurance industry! I’m thankful for the opportunity to practice my specialty over the years. However I am saddened by what they future holds for medical practitioners who are starting out today. I am forever an optimist and I am placing my trust in you to help restore medicine in the USA to a point where government and the insurance industry no longer take our freedom to practice away. As costs go up for us, income has gone down. This just isn’t right.

Chris
Chris
4 years ago

Trump is doing what he said he was doing that’s all I need to know you’re in a van tested job for the people not their own personal agenda God bless Trump and his family and God bless America for having such a great president standing up for the people for what we need more people like trump running this country not destroying it is not OK personally speaking I am for tromp regardless of what people say And the whole debate on this gun people kill people not guns kill people people kill people it’s not OK and I’m all against killing another human being but it’s not the guns fault get off the gun trip

Bobby I
Bobby I
4 years ago

Mr President we will continue to stand by you as long as you do not cave to the liberal leftist ideology that is today’s democrat party.
Don’t stop calling out the deep State and remember if the current AG will not prosecute then he also needs to be fired. This moving people instead of firing and prosecuting them is unacceptable!
Do not give into the false narrative that guns and accessories need to be banned.
Bans don’t work they create a higher demand on black market. Things such as bumpstocks are so easy to make at home you can ban them till the cows come home and next year there will be more of them in this country than this year. Not to mention with hundreds of thousands of them in circulation already and the fact that only 1 has been used in a crime should tell you something.
Build the wall not a New Democrat base we do want not need open borders it’s a total drag on this country in so many ways.

SCOTT KELKER
SCOTT KELKER
4 years ago

President Trump ,is doing a Fantastic ,Job & Can KEEP ON “MAKING AMERICA ,GREAT, AGAIN!!!”

Cynthia
Cynthia
4 years ago

https://theconservativetreehouse.com/2018/02/19/brit-hume-discusses-possible-push-for-gun-control-legislation/

PLEASE READ! Very important background on the failure of schools to report potentially explosive situations in re: school shootings.

Native Texan
Native Texan
4 years ago

Keep up the good work on the economy Mister President! Hold firm on boarder security to include the wall. Hold firm on getting rid of chain migration and the diversity visa program. Remove as many federal facilities as possible from those locations that do not support or attempt to hinder federal law enforcement.

loretts
loretts
4 years ago

Getc the wall up. Democrats are so dumb that it is as if they never attended school. Get rid of the lazy bunch.

loretts
loretts
4 years ago

Getc rid of democrats.

Corazon G. Barrios
Corazon G. Barrios
4 years ago

Mr. President – why can’t you do something about the liberals, the government has all the evidences of all the ‘crimes’ they have committed, what is holding their prosecution and put away?
You have accomplished so much in less than one year while none for them in their almost 20 years in power! They called you “deplorable” but they meant the term for them (and they know it, very sad). Excellent job, Mr. President. My family and I and friends love you and you are always in our prayers. We wish you and your family good health, peace, and happiness, always.

Virginia Ruby
Virginia Ruby
4 years ago

President Trump,
Maybe it would be a Great Idea to get your Legal Team to get a stack of Pocket Constitutions to hand out to EVERYONE that is in Our Federal Government, Especially Congress. Just for a Reminder to them Who they are working for. Not their Lobbyist or Special Interest.
Thank You and God Bless You.

Jack
Jack
4 years ago

Pгoperly, I am stunned youu aⅼl left the very extra besdt one forr me.?
Daddy mentioned with a teasіng smile. ?It?s tһat he despatched Jеsᥙs
to ⅾie for us and provides us liufe without end
and ever and that due to tһat welll bbe a houѕehold in heaven for thousands and thousands of years.
That?s pretty good isnt it?

party wristbands
party wristbands
4 years ago

Yes! Finally someone writes about church fund. https://www.fone2.com

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