The White House released a statement Thursday highlighting the positive effects of President Donald Trump’s economic policies.
From the office of the press secretary:
“This is our new American moment. There has never been a better time to start living the American Dream.” – President Donald J. Trump
THE ECONOMY IS BOOMING: The economy is expanding rapidly under President Donald J. Trumps leadership.
American optimism and excitement about the economy is growing under President Trump’s leadership.
- According to Pew Research, Americans rating the economy good to excellent surged to 53 percent, the highest point in 18 years.
- According to Gallup, worry about the economy has dropped 37 percent from its high of 71 percent in 2011 and 2012. One-third of that decline has occurred in the past year.
- The United States economy continues to expand at better-than-expected rates.
- Department of Commerce figures released mid-March show the economy grew at an annual rate of 2.9 percent during the final three months of 2017, which beat their prior estimate of 2.5 percent.
- The monthly Employment Situation Report from the Bureau of Labor Statistics (BLS) released in March shows that nonfarm payroll employment rose by 313,000 in February. The average job numbers in 2018 are the strongest since 1997.
- The economy grew at an annual rate of 3.1 percent over the past three quarters.
- Since January 2017, over 2.5 million jobs have been added to the economy.
- Unemployment has dropped to its lowest levels since before the Great Recession and wages are rising.
- Recent data shows the number of Americans filing for unemployment benefits dropped to more than a 45-year low in mid-March.
- The Department of Labor data from February shows a 4.1 percent unemployment rate, which is a 17-year low.
- In February, average hourly earnings rose to $26.75, continuing record gains made in 2018.
- According to Gallup, the percentage of Americans now worried about unemployment is down 36 percentage points from the high of 59 percent in 2010, including a seven-point decline in the past year.
TAX CUTS ARE MAKING A DIFFERENCE IN WEST VIRGINIA AND BEYOND: Americans are seeing the benefits of President Trumps tax cuts.
President Trumps tax cuts are the biggest gross tax cuts in American history, with $5.5 trillion in gross tax cuts over ten years and $4.5 trillion in reforms.
- Since President Trump provided his historic tax cuts, more than 460 businesses have announced new investments, raises, bonuses, or increased retirement benefits, helping more than 5.4 million workers according to the Ernst & Young Tax Reform Dollar Deployment Survey, 89 percent of companies plan to enhance compensation due to the new tax reform law
- Americans are beginning to see the impact of tax cuts on every paycheck.
- In February, the IRS updated withholding tables for payroll calculations, meaning 90 percent of Americans are now getting bigger paychecks and more take-home pay.
- The tax reform package lowered individual tax income rates, nearly doubled the standard deduction, and doubled the child tax credit.
Thousands of West Virginians are receiving bonuses or pay increases due to tax reform. Some companies that have announced bonuses or pay increases include:
- Worldwide Equipment in White Sulphur Springs, WV which announced that it will provide bonuses for its 1,100 employees, because of tax reform
- Citizens Bank of West Virginia which issued a Tax Cut Bonus of $1,000 to each of its 66 employees
- Walmart, who issued bonuses in West Virginia totaling over $5 million. Walmart also announced pay raises that would impact well over 5,500 employees in the state
West Virginians will see significant impacts from President Trumps tax cuts:
- West Virginia State Auditor, John B. McCuskey, expects West Virginians State employees to collectively save $50 million due to the Tax Cuts and Jobs Act
- According to the Department of the Treasury, West Virginian families will receive an average tax cut of $1,200 just this year alone