On Dec. 20. of 2017, congress passed the GOP tax plan led by President Donald Trump. The tax plan held promises of lowering corporate taxes, raising wages and boosting the economy overall. Not only has the economy seen a great push upward since this bill was passed but also since President Trump has stepped into office.
The Dow Jones industrial average (DOW) has increased by 31 percent over the course of this presidency. The job market and unemployment numbers have also been performing incredibly well under President Trump. This plan has brought forth a new sense of optimism to the American people and credit should be given where its deserved.
Over the first year of President Trump’s presidency, the economy had continuously grown, repeatedly beating expectations that economists and others had predicted. As the unemployment rate continues to fall and now sits at 4.1 percent there is an even greater advance within minority employment rates. Unemployment for African Americans now sits at a low of 6.8 percent. Additionally, according to the Washington Post, 58 percent of Americans are now looking to the economy with more optimism and hope for the future.
However, a poll conducted by ABC News and the Washington Post showed that 50 percent of Americans give more credit to former President Barack Obama rather than President Trump. It is important for Americans to realize that not every change in the economy is a direct result of the president in office. However, the president’s choices are a substantial influence toward the economy.
While it is true that President Obama left office with a healthy economy, the economic boom that the United States has experienced as of late could not have been predicted. A flourishing economy is something both consumers and businesses alike can celebrate.
Due to lower tax rates companies are now able to award their employees with bonuses and raises. AT&T, the mass cell phone and technology corporation, gave $1,000 bonuses to more than 200,000 of their employees. American and Southwest Airlines were two companies that decided to give bonuses to their employees as well, while Wal-Mart has chosen to raise the wages for their workers.
President Trump has proven well with this tax plan and seeing how these companies have given back to their employees only proves that it will motivate companies to stay located in the United States rather than of moving out of the country. We should continue to advocate for lower taxes and more consumer spending just as President Trump advises so that citizens can reap the benefits of a booming economy.
Even President Trump’s biggest critics must admit that the world is not falling apart the way they initially thought — at least not yet. It is paramount for Americans to support American businesses and President Trump so that the country can continue to move forward.
– Katelyn is a political science sophomore