Just like he said:
The American economy grew at a 3 percent rate in the third quarter of 2017, continuing to expand after posting an impressive 3.1 percent growth rate in the second quarter, according to the most recent data from the Bureau of Economic Analysis.
President Donald Trump and members of his cabinet have repeatedly pledged to get the economy growing at a 3 percent, or higher, during his tenure in the White House. Republican leadership in Congress is on board with this message, barreling ahead with tax reform to keep the economy revved up.
The U.S. stock market has skyrocketed since Trump defeated former Secretary of State Hillary Clinton, posting record highs on a near-weekly basis. The Dow Jones Industrial Average–the benchmark stock market index–is up 4,500 points since the 2016 November election, and the market has gained roughly $4 trillion in capitalization.
American businesses are investing in the U.S., to the tune of hundreds of millions, on the promise that Congress will deliver a comprehensive tax reform bill.
Americans themselves are already seeing the benefits of a growing economy. Americans’ disposable personal income in the past two financial quarters increased $198.7 billion and personal savings grew over $1.04 trillion.
One reason is President Trump’s tossing out many idiotic regulations Obama put in place, and his resistance to new ones…
Trump does appear to be focused and engaged, and he has chosen cabinet officials who share that focus. Trump is not an ideological person, and I wouldn’t expect him to begin quoting the arguments of free-market economists. But for him this issue is not abstract or ideological.
He has a businessman’s concrete, practical annoyance with the tangled web of restrictions the government puts in the way of getting anything done.
So it should be no surprise that his administration has rapidly reduced and in a few cases turned back a flood of regulations from executive agencies.
In the first four months of Trump’s presidency, only 15 new major federal rules were approved, compared to 114 in George W. Bush’s first four months and 93 in Obama’s first four.If this continues for three more years, it will be a major decrease in the activity of federal regulatory agencies.
The centerpiece of this policy is the rollback of the Obama administration’s Clean Power Plan, a utopian scheme to remake the entire energy infrastructure of the United States.
It was never likely to lead to an economy powered predominantly by solar and wind power, but it was well designed to destroy existing sources of power. Or it was, until Environmental Protection Agency Administrator Scott Pruitt terminated it.