Most Economists Agree: Trump Is Driving Stock Market Boom, Economic Growth, Jobs

January 16, 2018 Updated: January 16, 2018

President Donald Trump received stellar marks in a survey of economists regarding his impact on the stock market, economic growth and job creation, according to a study conducted by the Wall Street Journal.

Of the 68 economists surveyed, nearly 90 percent agreed that Trump had a strongly positive or somewhat positive impact on the stock market, 76 percent agreed that the president had a strongly positive or somewhat positive impact on GDP growth, and 63 percent said that he had a strongly positive or somewhat positive impact on job creation.

In addition, the majority of economists say Trump had a neutral or positive effect on long-term financial growth and a largely neutral impact on financial stability.

“There is definitely a sense in the business community that the president’s actions on taxes and regulations have led to a more pro-growth environment for them to operate,” Chad Moutray, chief economist at the National Association of Manufacturers, told The Wall Street Journal.

While Trump scored positive or neutral in most categories, President Barack Obama received negative and negative or neutral grades on GDP growth and long-term growth around the same time last year.

Since Trump took office more than a year ago, unemployment fell to a 17-year low, the stock market is at an all-time high and the GDP is growing faster than estimated.

Most economists also say that Trump’s tax reform package will boost the economy for at least several years, according to the Wall Street Journal. That boost can be a boon for the Republicans who backed it come election time and spell doom for Democrats, none of whom voted for the tax cuts.

The tax cut bill has already resulted in direct bonuses of up to $3,000 handed out to over 2 million American workers, according to a list maintained by Americans for Tax Reform.

Many companies are also raising their minimum wages, increasing salaries and committing to further investment in the United States directly as a result of the tax reform, according to Liz Peek a long-time columnist for The Fiscal Times, Fox News, and New York Times

Democrats have downplayed the bonuses. Multimillionaire House Minority Leader Nancy Pelosi (D-Calif.) called the $1,000 bonuses “crumbs” and “pathetic.” However, Pelosi celebrated a $40 tax cut secured by President Barack Obama in 2011, calling it “a victory for all Americans” that will “make a difference, Fox reported.

Epoch Times Photo
U.S. President Donald Trump pumps his fist as he boards Air Force One upon departure from Joint Base Andrews in Maryland, U.S., January 12, 2018. (REUTERS/Kevin Lamarque)

The Democrats’ assault on the tax bill and Trump’s policies, in concert with severe media bias, is nevertheless having an impact on public opinion. Despite what the majority of economists surveyed by the Journal say, 49 percent of Americans still credit Obama for the positive changes in the economy, while 40 percent credit Trump, according to a Quinnipiac poll.

That poll shows signs of bias, according to Peek. Of those surveyed by Quinnipiac, 23 percent were Republicans and 34 percent were Democrats—an 11 point difference that could swing public opinion toward Trump if corrected.


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