Trump acts like a bull in a China shop

During President Obama’s tenure as president was earmarked by a sluggish economy – e.g. at times high unemployment, stagnant wages, low GDP growth, record numbers on food stamps, and record numbers not participating in the labor force. When challenged about these things, Obama repeatedly blamed his predecessor, President George W. Bush, for Obama’s own lackluster economy. Strong GDP growth, a marked decrease in food stamp and welfare recipients, low unemployment, rise in labor force participation, phenomenal stock market performance, more than two million jobs added since Trump’s inauguration, and new businesses relocating here from abroad – Obama is trying to say that the boom is due to what he did while he was president.
Although Trump often acts “like a bull in a China shop,” his election and performance on the economy thus far has resulted in a change in expectations which set off an optimistic chain reaction which continues to this day – a reality that makes this undeniably Trump’s economy.
Investors and job-creating businesses, from the beginning, believed Trump was determined to create jobs, bring businesses back to the U.S., lower taxes, and loosen the Obama regulatory noose. Obama never understood that there is a close and important correlation between optimism and growth. Optimistic investors buy stocks, and business leaders who view the future positively will invest in growth.
Surveys by Gallup and the University of Michigan verify the consumer confidence index leap. Consumers, the driving force behind our free market economy, now express greater optimism about their personal finances, as well as improved prospects for the national economy.
Small business owners have also increased their optimism since Trump’s election, with their confidence index reaching its highest level since the end of 2004. Not to be left out, corporate CEOs have turned more positive toward our economic outlook; nearly every measure of manufacturing and business sentiment has improved since Trump became president. The fact of the matter is that CEOs can do wonders for the country by hiring people and investing in new plants and equipment.
Trump and the Republican congress appear headed toward tax reform before year’s end, with lower business and middle class individual tax rates. Should this happen, expect all of the above trends to continue and even expand. Businesses and consumers alike boost our economy based on their confidence, expectations, and optimism. Obama did not capitalized on this, while Trump exploits it. Hence, there is reason to believe that Trump’s economy will see better numbers across the board all the way through.
Acknowledgement is given to Liz Peek’s December 9th article in Fox News for information in my column.