THE WHITE HOUSE
Office of the Press Secretary
“America is open for business, and
we are competitive once again.” – President Donald J. Trump
Read the Economic Report of the President here.
A GROWING ECONOMY: President Donald J. Trump’s pro-growth
policies are reviving the United States economy, and the Economic Report of the
President (ERP) shows a path for continued growth.
· The
Trump Administration is the first since that of President Ronald Reagan to see
positive economic growth exceed its first-year forecast.
o In 2017, the
United States economy saw 2.5 percent growth in real gross domestic product
(GDP), up from 1.8 percent in 2016.
· Growth
helped the United States economy add 2.2 million nonfarm jobs in 2017, as
American workers saw the lowest unemployment rate since 2000 at 4.1 percent.
· The
White House Council of Economic Advisers (CEA) projects economic growth will
increase to 3.1 percent in 2018, remaining above 3 percent through 2020 and
adding a cumulative $1.1 trillion to the economy.
o If fully implemented, President Trump’s
economic agenda would lead to 3 percent annual GDP growth on average throughout
the next decade.
TAX REFORM IS DELIVERING RESULTS: President Trump’s tax cuts
are benefiting United States workers and businesses, providing long-term
benefits and putting America on a path to greater prosperity.
· The
CEA projects that President Trump’s corporate tax reform will lead to a $4,000
annual wage increase for American workers.
· The
Tax Cuts and Jobs Act’s (TCJA) reforms and cuts to the individual tax code will
raise GDP by an estimated 1.3 to 1.6 percent over the next three years.
· To
date, over 370 companies have announced new investments, raises and bonuses, or
other benefits as a result of tax reform that will positively affect 4.1 million
workers.
o Through January, the CEA tallied $190
billion in new investment projects that were related to the passage of the
TCJA.
REDUCING RED TAPE: By eliminating costly, unnecessary, and
ineffective regulations, President Trump is freeing the United States economy.
· President
Trump is prioritizing the cutting of burdensome red tape and has ordered
Government agencies to eliminate two old rules for every new one.
o In the first
eight months of the Trump Administration, Federal agencies issued 67
deregulatory actions and just three regulatory actions, far exceeding this
two-for-one goal.
· According
to the CEA, the economics literature indicates that excessive Government
regulation places a drag on the American economy, slowing productivity and
stifling entrepreneurship.
o The Obama Administration’s overregulation
likely played a role in slow economic growth rates of the last eight years.
BUILDING A STRONGER AMERICA: President Trump wants to
rebuild our Nation’s infrastructure by working with State and local governments
and the private sector to spur new investment.
· The
CEA estimates that a $1.5 trillion investment in infrastructure, as proposed by
the President, could add approximately 0.1 to 0.2 percentage points to economic
growth over the next decade.
· The
CEA finds that growth will be encouraged through a plan that streamlines the
permitting process, encourages the prioritization of spending, and optimizes
use of infrastructure assets.
FAIR AND RECIPROCAL TRADE: President Trump is standing up
for American workers and businesses, enforcing the rules and ensuring that
trade deals are fair and reciprocal.
· American
producers face higher barriers to selling their products abroad than
competitors do selling products in the United States.
o President Trump
is seeking to break down barriers to United States exports and crack down on
unfair trade practices.
o Given America’s
comparative advantages, American energy and agriculture sectors are
well-positioned to benefit from these policies and increase their exports to
the rest of the world.
· President
Trump is also seeking to improve existing United States trade deals that did
not achieve the intended result and negotiate new ones that will break down
barriers to United States exports.
INNOVATION IN HEALTHCARE: The Trump Administration is
focusing on policies that will promote competition, improve health outcomes,
and lower healthcare costs for Americans.
· Competition,
choice, and innovation are key to improving America’s healthcare system.
o Obamacare drove
up costs and significantly curtailed choices of coverage options. Taxpayers
have spent an enormous amount expanding Medicaid, without a substantial benefit
to population health.
o Freeing consumers
and providers from excessive government regulation and promoting competition
through healthcare markets will lower prices and increase choice in order to
improve our national quality of life.
· The
CEA estimates that Americans pay more than 70 percent of the world’s patented
biopharmaceutical profits among developed nations funding drug innovation.
o Policies must be developed to lower drug
prices for Americans and to encourage pharmaceutical companies to have other
countries pay their fair share of development costs.
DEFENDING AMERICAN CYBER SECURITY: With billions of dollars
lost each year to cyber-crime, American cybersecurity is of paramount
importance to our economic well-being.
· Using
the most recent data available, the CEA estimates that malicious cyber activity
lowered United States output by as much as $109 billion in 2016.
· Even
as information technology has increased in importance to American economic
interests, the ERP indicates that the market alone may not provide sufficient
incentives to invest in cybersecurity.
· The
ERP underscores the ever-growing importance of public-private cybersecurity
partnerships, in order to manage and mitigate the risks associated with our
modern economy.
