Donald Trump says administration has created $7 trillion of economic value since 2016

By: |
Washington | Published: June 6, 2018 2:03:26 PM

At a White House news conference, chairman of the President's Council of Economic Advisers Kevin Hassett said the tax bill along with Trump's trade agenda and deregulation has had an impact on the American economy.

US President Donald Trump today said his administration has increased the country’s economic value by USD 7 trillion since he won the 2016 presidential election. (Reuters)

US President Donald Trump today said his administration has increased the country’s economic value by USD 7 trillion since he won the 2016 presidential election. “The US has an increased economic value of more than 7 trillion dollars since the election. May be the best economy in the history of our country. Record jobs numbers. Nice!” Trump tweeted a day after he completed 500 days in office. “We’ve created USD 7 trillion of value in our country since the election. We’re the largest economy in the world, and getting a lot larger, and fast. It’s happened very quickly. Actually, quicker than I even thought,” Trump said at a White House Celebration of America event. “We’re doing great. And all of those people that we honour, many of them are looking down right now. Some of them are right here. But many of them are looking down right now at our country, and they are proud. They are very, very proud,” he said.

According to White House Press Secretary Sarah Sanders, since Trump took office, the economy has created nearly 3 million jobs and the unemployment rate has fallen to 3.8 per cent, matching the lowest level in nearly 50 years. The Bureau of Labour Statistics reported that job openings hit a record high of 6.7 million in April, meaning job openings outnumbered those that are unemployed. “American workers looking for new opportunities are finding them because of this president’s policies of lower taxes, deregulation, and fair and reciprocal trade. America’s economic potential has been unleashed,” Sanders said.

At a White House news conference, chairman of the President’s Council of Economic Advisers Kevin Hassett said the tax bill along with Trump’s trade agenda and deregulation has had an impact on the American economy. “Since the president was elected, Americans’ wealth has increased by USD 7 trillion. And I would guess that when we see the data over the next coming quarters, that we’re going to cross the hundred-trillion mark for Americans’ wealth. And so it’s very clear that the president’s economic policies are working,” Hassett said.

Hassett said the president’s objective is to get fully reciprocal trade deals. “If you model a future where everybody else reduces their trade barriers to ours, then that’s massively good for the global economy and massively good for the US economy,” he said. “The president wrote the book, ‘The Art of the Deal’. We’re engaged in discussions and negotiations. And we’re hopeful that we reached that positive long-run equilibrium,” he said. The opposition Democratic party, however alleged that the Trump administration is working to benefit the rich. “Instead of focusing on the middle class and those struggling to get there, Republicans have elected to turn over the keys to big corporations and the super wealthy – their benefactors. Instead of trying to bring down the cost of everyday items, Republican economic policies have driven up the cost of things like health care and gasoline,” Senate minority leader Senator Chuck Schumer said. “In a nutshell, this new Republican economy: bonanza for corporations and the rich, higher costs for everybody else,” Schumer said on the Senate floor.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Next Stories
1Singapore govt declares Sentosa security zone for Trump-Kim summit, over 2,500 journalists to cover
211 killed, 25 trapped by blast at mine in China
3Singapore wraps resort island of Sentosa into special zone for Trump Kim summit