Economics can change rather quickly, sometimes for the best, sometimes not for the best. How do American Economics change when a new president is elected into office? The economy since Trump became president is at an all time high, and unemployment is at an all time low. “Highest stock market EVER, best economic number in years, unemployment lowest in 17 years, wages raising, border secure,” said Trump in a tweet on July 31, 2017.
Having a high stock market, low unemployment, and high wages are all good things, but what caused the economy to look the best it’s been in a long time? Let’s see exactly what has changed once Trump took the Oval Office.
First, let’s talk about the stock market. Ever since Trump became president, the stock market got much bigger, and made a new record of 22,000 according to Dow Jones industrial average. So what is it that President Trump accomplished that allowed stocks to soar so high? During his presidential campaign, Mr. Trump promised to boost the economy. In addition, the New York Times article titled “The Markets are Up, Unemployment is Down. How Much Credit Can Trump Take?” states, “Hopes for action on tax policy, infrastructure spending and deregulation helped propel the market higher after Mr. Trump’s victory in November.”
Another reason for a good economy is the housing market. The average rate of a 30 year old mortgage currently is 3.93% , which is down from 4.02% just three months ago. Last June, the average price for a house was $263,800. Some may say that’s a very large amount of money; however, people are getting loans more than they used to, not just to buy houses, but to buy cars and other expensive items.
According to money.cnn, ever since Trump was elected on November 6th, 2016, unemployment has indeed been the lowest it’s been in the past ten years. Starting at a 4.6% unemployment rate in May, it has since dropped to 4.4%.
Since the election, wages have also improved. Over the course of a year, wages have increased by 2.5%; however, the Federal Reserve, which is the central bank of America, would rather have those numbers up to 3-3.5%.
Overall, under President Trump, things have been going rather well for American economics. The People have more jobs, an outstanding market, and according to Mr. Trump, rising wages.