Trump rescued America from the economic oblivion under Obama

Even in the midst of the economic boom America is enjoying under the stewardship of Donald Trump, Democratic candidates are suggesting we return to the failed policies of Barack ObamaBarack Hussein ObamaTrump's intervention on military justice system was lawful and proper The mullahs seek to control uncontrolled chaos Poll: Majority of Democrats thinks Obama was better president than Washington MORE. Since President TrumpDonald John TrumpThe Hill's Morning Report - Sponsored by AdvaMed - House panel expected to approve impeachment articles Thursday Democrats worried by Jeremy Corbyn's UK rise amid anti-Semitism Warren, Buttigieg duke it out in sprint to 2020 MORE took office two years ago, the national economic engine has been roaring, generating widespread prosperity across every corner of the country.

Our unemployment rate stands at 3.8 percent, a remarkable figure most presidents never achieve during their time in office. The unemployment rate during the first 26 months of the Trump administration averaged 4.1 percent, the lowest rate of any administration since the Bureau of Labor Statistics started tracking the statistic in 1948. The labor market continues growing stronger every month, consistently beating the expectations of all the skeptical establishment economists who continue to forecast an impending recession. The country added a solid 196,000 jobs last month, which comfortably exceeded the predicted increase of 170,000 jobs.

ADVERTISEMENT

During the first 26 months of the Obama administration, on the other hand, the unemployment rate spiked all the way to 10 percent, and then stayed stubbornly above 9 percent. While those discouraging numbers were in large part a product of the Great Recession, job creation had remained unfortunately sluggish throughout the remainder of his time in office. The official unemployment rate also masked the severity of economic misery under President Obama because a modest increase in part time jobs took attention away from the loss of full time employment opportunities. The result was widespread underemployment, which forced many working families to simply make do with lower incomes.

Under President Trump, full time jobs have rapidly replaced part time jobs, providing workers with the sort of financial stability they need to provide for their families and make long term plans such as saving or college or buying a home. This is no modest achievement, nor is the economic growth over the past two years. In 2016, the final year under President Obama, real gross domestic product grew by just 1.6 percent, which was also the average growth rate during all of his eight years in office. Under President Trump, growth increased to 2.2 percent in 2017, jumped again to 2.9 percent in 2018, and rose to an incredible 3.2 percent earlier this year.

By adopting policies that put our nation first, such as cutting taxes to make businesses more competitive and allow workers to keep more of their paychecks, eliminating wasteful regulations, and protecting our workers from unfair foreign competition by renegotiating outdated trade deals, President Trump has been the polar opposite of his predecessor. President Obama heavily regulated the financial industry in an attempt to reduce economic risk, but this strategy of punishing bankers only ended up dragging down growth. He also championed poorly negotiated trade deals that put our workers at a disadvantage, such as the Trans Pacific Partnership that President Trump wisely scrapped after taking office.

The results of these wildly different approaches speak for themselves. After enduring a moribund “recovery” for eight years under President Obama, the economy shifted into high gear after President Trump took office, and domestic growth has only continued to accelerate ever since. With the 2020 election rapidly turning into a referendum on socialism, it is important to remember that the free market policies of President Trump are what rescued us from the economic calamity brought on by the big government liberalism that the Democrats are still pushing to this day.

Madison Gesiotto is an attorney and a commentator who serves with the advisory board of the Donald Trump campaign. She was an inauguration spokesperson and former Miss Ohio. She is on Twitter @MadisonGesiotto.