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The United States is experiencing a period of strong economic growth. In a recent speech, President Trump took credit for the strong economy. However, critics of President Trump believe that his policies have hurt the economy.
Looking at Trump's economic policies, it is clear that he has made changes since taking office.
One of the biggest successes of President Trump's first term in office was a massive tax cut for companies and individuals. Before the new legislation, the United States had some of the highest corporate tax rates in the world.
The tax cuts were designed to increase economic growth in multiple ways. With higher profits, companies could use the additional money to hire more workers. The companies could also purchase land and equipment to increase economic output. Most financial experts believe the tax cuts have been positive for the economy. Some critics think that tax cuts only benefit wealthy individuals.
President Trump and his team have worked to decrease regulations since taking office. After the last recession, the government enacted numerous rules designed to reduce fraud in the financial industry. Although these regulations were effective, many people felt like the regulations were too strict.
In some cases, banks were unable to lend money to consumers who wanted to make a large purchase. The housing market was negatively impacted because fewer buyers were looking for homes. After decreasing various regulations, the economy is stronger than in prior years. However, some people still worry that a lack of rules could cause future issues in the economy.
Tariffs and Farm Aid
President Trump imposed tariffs on imported products from China last year. At the time, many people criticized his decision. The critics believe that additional tariffs will cause higher prices in the United States.
When the tariffs were enacted, the Chinese government decided to reduce imports of agricultural products from the United States. Many farmers took substantial financial losses as a result of this decision. President Trump agreed to provide federal financial relief for the farmers. The emergency financial aid was designed to keep farmers in business while crop prices decreased. Thousands of farmers have gone out of business despite receiving financial assistance.
Millions of people in the United States rely on government aid to eat each month. Although many people are still using this program, millions of people are no longer using government aid to purchase food and other necessities. When fewer people use government aid to buy food, it is usually a sign of economic strength. President Trump took credit for the declining number of people using government assistance. He thinks that the low unemployment rate correlates with fewer people who need to use these programs.
The unemployment rate is at the lowest point in decades. When President Trump took office, the unemployment rate was already falling rapidly. Some economists believe the United States will have a labor shortage in the coming years. Many business owners report having issues with hiring workers. The hiring shortage is prevalent during specific times of the year. Most retail companies hire additional workers during the holiday season. Last year, these retail companies had to raise wages to entice people to work in stores.
The good news for workers is that a low unemployment rate usually leads to higher wages. Companies are forced to increase salaries and benefits to hire talented workers. Most economic experts believe that unemployment will remain low for the foreseeable future.
Most people agree that the United States borrows too much money each year. The annual deficit is higher than it has been in years. President Trump claimed that he was going to reduce the national debt, but he has increased the debt drastically since taking office. It will be interesting to see if he tries to reduce the annual deficit in the coming years.