The U.S. has reached a 50-year low unemployment rate thanks to the 2017 Tax Cuts and Jobs Act. Over the past two years, the Trump economy has continually outperformed predictions with no signs of stopping.
Since President Trump’s 2016 election, American businesses have created 7 million jobs – 5.1 million more than predicted by the Congressional Budget Office. 500,000 of these new jobs are within the manufacturing industry, a drastic improvement from the 20,000 manufacturing jobs lost the year before Trump’s election. In November of 2019 alone, the economy added 266,000 jobs, far surpassing the expected 187,000.
The unemployment rate reached a 50-year low of 3.5 percent this September, accompanied by the highest employment in U.S. history at almost 160 million. The number of discouraged workers decreased by 128,000 between November of 2018 and 2019.
When President Trump was elected, only 14 states’ unemployment rates were below 4 percent. However, 35 states’ unemployment rates fell below this threshold as of September 2019. 24 states either achieved or matched their record-low unemployment rate at some point under the Trump administration.
From 2017 to 2018, employment rose by over 2.4 million, benefitting all demographics. African American employment increased by 504,000, Asian by 384,000, women by 1.1 million, and teenagers by 52,000. Since TCJA’s passage, unemployment rates for African Americans (5.9 percent in May 2018), Hispanic Americans (4.3 percent in February 2019), and Asian Americans (2.1 percent in June 2019) have all achieved their lowest rates in U.S. history. Additionally, female unemployment reached its lowest rate in 71 years.
TCJA and the Trump administration have revitalized the economy with record low unemployment, steady job growth, and rising wages, all for the benefit of American workers.