Consumer confidence is soaring, causing the stock market to reach multiple new highs since President Trump took office in January, but liberal-leaning news outlets don’t want to admit that Trump has anything to do with it.
The Dow Jones industrials this week crossed over 22,000 for the first time ever, and this was its seventh straight record close. In fact, the Dow has gained more than 4,000 points since Election Day — a whopping 20 percent!
In reaction to strong job growth and GDP growth, our nation’s unemployment rate has gone down to an impressive 4.4%.
American businesses and consumers have every reason to be optimistic. President Trump’s formula mandating that two regulations be slashed for every regulation signed has proven to be a simple way to reduce the job-killing rules from the Obama administration.
The President’s “Buy American and Hire American” Executive Order protects American industries from being taken advantage of by foreign competition and protects American workers by reforming our country’s exploited visa program. Trump’s initiative to lower the United States’ corporate tax rate will help American businesses see exponentially more success.
Regardless of whether they want to admit it or not, today’s economic growth is an indication that the pro-jobs and pro-business policies pursued by President Trump and his administration are working.
American industry will soon go back to utilizing this bountiful country’s vast energy resources instead of relying on foreign oil, thanks to the President’s focus on the American energy sector. His approval of the Keystone XL and Dakota Access pipelines could create up to 42,000 jobs and bring $2 billion in earnings.
Thanks to President Trump, the word “confidence” is creeping back into the lexicon of American businesses as they begin preparing for a rosy future. For instance, Asian electronics giant Foxconn is considering investing at a second site in Wisconsin after having already invested more than $10 billion in a new facility there which is expected to create more than 3,000 jobs. And pharmaceutical heavyweights Merck and Pfizer are working together with Corning to return pharmaceutical glass manufacturing to the United States. It’s being reported that they could invest more than $4 billion and create upwards of 3,000 high tech jobs for American workers, according to the White House.
President Trump withdrew the United States from the job-killing agreements such as the Trans-Pacific Partnership and is currently in the process of renegotiating NAFTA with Canadian and Mexican leaders. In one especially courageous move, the President pulled the United States out of the Paris Climate Accord, simply because the agreement put American businesses at a profound disadvantage and could have cost the United States’ nearly $3 trillion and 6.5 million jobs.
President Trump and his administration are working diligently to reverse the past eight years of job-killing regulations and anti-business policies created by the Obama administration.
In an interview on Thursday with CNBC, Wharton School finance professor Jeremy Siegel predicted that the Dow Jones industrial average will reach 24,000 by the end of this year if President Trump and the Republicans who control the House and Senate deliver on corporate tax reform.
“I would love to see personal tax reform and lower those personal rates but what I think what is more probable and what I think Congress should attack first is corporate tax reform,” Siegel said on “Squawk Box,” a day after the Dow closed above 22,000 for the first time in history.
Trump tweeted out, “Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn’t just happen!”
Business is looking better than ever with business enthusiasm at record levels. Stock Market at an all-time high. That doesn't just happen!
— Donald J. Trump (@realDonaldTrump) August 3, 2017
Trump, along with Republicans in the Senate and House, has called for major tax cuts for businesses and individuals on the premise that lower tax rates will drive the economy and grow jobs.
Siegel noted that the Dow could get “another thousand” points out of strong earnings alone. “What the stock market cares about is interest rates and earnings. And both of them are doing well,” he stated, trying not to credit Trump’s agenda in any way.
The Federal Reserve has raised its rates twice this year and could do so again in December, but the cost of borrowing money has been hovering at historic lows, which helps not only the economy but the stock market as well. Not to mention the fact that the lower dollar drives equities higher. The dollar has fallen in comparison to other major currencies.
Not only has the Dow gained more than 20 percent since the election; but as of Wednesday’s close, the S&P has risen over 15 percent and the Nasdaq has skyrocketed more than 22 percent.
The Dow was reportedly propelled by strong earnings from Apple, which posted better-than-expected quarterly results across the board.
A year ago at this time when Trump was a candidate, he famously called the market “a big bubble.” Now that stocks have rallied more than 11 percent since he took office, it’s an indication that, like Trump said, “business is looking better than ever.”