Opinion: Expect for current positive economic trends to continue and accelerate
EDITOR'S NOTE: Boris Epshteyn formerly served as a Senior Advisor to the Trump Campaign and served in the White House as Special Assistant to The President and Assistant Communications Director for Surrogate Operations.
WASHINGTON (Sinclair Broadcast Group) - While Congress is working on tax reform, the U.S. economy continues to grow.
In the 3rd quarter of 2017, ending in September, our economy grew at a pace of 3.3 percent, which is the fastest rate in three years. In the 2nd quarter the economy grew at 3.1 percent.
These numbers represent gross domestic product (GDP) growth. GDP growing fast means our economy is expanding. That, in turn, translates into more, higher paying jobs.
The president ran on a platform of getting to consistent 3 percent growth. It looks like that is currently being achieved.
Why is that growth happening? Deregulation has a lot to do with it. The Trump administration’s goal was to get rid of two regulations for every new one, but in reality, it’s been closer to eight cancelled regulations for each new one.
Business investment went up by an annual pace of 7.3 percent in the 3rd quarter. That signals that American companies are putting their money to work, which means more Americans are being employed.
Speaking of jobs - unemployment is currently at 4.1 percent. That is a 17-year low, and employment continues to go down.
Consumer confidence continues to rise. It is now at 129.5, up over 3 points in just one month. Consumer confidence keeps hitting 17-year highs.
Here is the bottom line: these are not just numbers on a page, the encouraging economic indicators mean more jobs and more money in your pockets. If Congress does its job and gets tax reform done, expect for these positive trends to not just continue but to accelerate.