The Economic Report of the President was released together with the Annual Report of the Council of Economic Advisers on Tuesday, Mar. 19. It includes in-depth information on U.S. economic developments and trends for last year, this year, and the years ahead.

The report highlights a sharp rise in investment, manufacturing, and employment in the two years since the 2016 election.

The strong economic performance of 2017 and 2018 was not merely a continuation of trends already underway during the post-recession expansion, but rather constituted a distinct break from the previous pace of economic and employment growth since the 3rd quarter of 2009, according to the report.

Overall, the report details how President Trump’s administration is achieving economic results consistent with congressional law, creating free competitive enterprise and gainful employment opportunities, and promoting maximum employment, production, and purchasing power for Americans.

Capital Investments Up

Nonresidential investments are up by 16 percent annually, on capital such as factories, machinery, and commercial real estate, the largest increase in any year since 1993.

Reducing Costly Regulations

In his first two years, President Trump decreased certain regulations that were choking the economy and saved over $30 billion in costs. Regulatory cost caps were used to reduce the cumulative burden of Federal regulation, lowering the cost of doing business. From 2000 until 2016, trends showed regulatory costs were increasing by $8.2 billion each year. Trump’s administration reversed that trend.

Unemployment Rates Low

The economy’s revival has had a dramatic effect on labor markets, which are the strongest they’ve been in decades. The unemployment rate stayed under 4 percent for much of 2018, while also hitting record low rates of unemployment for Blacks and Hispanics.

For the first time on record, there were more job openings than unemployed in 2018. That’s 7.6 million job openings.

Savings in Health Care Costs

This administration has sought to reduce health care costs while increasing health care choice, keeping the health care industry competitive in order to retain high-quality service and competitive pricing, which ultimately saves consumers money.

Focused on eliminating the Affordable Care Act’s individual mandate penalty, this action will enable consumers to decide for themselves whether to purchase insurance or not. Projected savings are in the hundreds of billions for Americans in just ten years.

Hundreds of cheaper generic versions of leading prescription drugs are now available because of action taken to get them approved. From Jan. 2017 through June 2018, consumers have saved $26 billion because of this minor yet significant change in policy.

America Leading in Oil Production

By facilitating increased domestic oil production, the U.S. is now the world’s largest producer of crude oil, surpassing Saudi Arabia and Russia.

The U.S. fossil fuels sector has set oil production records—in large part thanks to tax changes that lowered costs of investing, elevated global prices, and deregulatory actions that raised expected returns for energy projects. The projected savings is over $5 billion.

The boom in oil production has also kept gas prices fairly low in the U.S.

Keeping Humans Employed

In 2016, the Council of Economic Advisers predicted 2.2 to 3.1 million jobs may be threatened by artificial intelligence (AI).

Trump administration’s pledge to America’s workers has committed to reskill and retrain over 6.5 million workers. The increasing use of technology in fields such as agriculture is inevitable. A majority of the expense of agriculture is food production. AI use is expected to decrease that cost while increasing food production. 

Automation is expected to complement labor, not replace it entirely. To reskill and retrain workers is part of a plan to maintain employment opportunities alongside industry changes.

Sign up to receive our latest news!

By submitting this form, I agree to the terms.