The Trump Economy Benefits Historically-Disadvantaged Americans
The U.S. labor market is the strongest it has been in the last half century, as President Trump’s pro-growth economic policies continue boosting labor demand and lowering structural barriers to entering the labor market. Economic data presented in the 2020 Economic Report of the President, which was released today, show that recent labor market gains disproportionately benefit Americans who were previously left behind.
Since the 2016 election, the economy has added 7 million jobs, far exceeding the 2.0 million predicted by the Congressional Budget Office in its final pre-2016 election forecast. Under the Trump Administration, and for the first time on record, there are more job openings than unemployed people. In 2019, the U.S. unemployment rate has reached 3.5 percent, the lowest rate in five decades.
A booming job market and more money in Americans’ pockets continue pulling people out of poverty and off means-tested welfare programs. Over the first two years of the Trump Administration, the number of people living in poverty decreased by about 2.5 million—including nearly 1 million children of single mothers—and the poverty rates for African Americans and Hispanic Americans are at record lows. Food insecurity has fallen, and there are nearly 7 million fewer people participating in SNAP than there were at the time of the 2016 election. The caseload for TANF has fallen by more than 900,000 individuals, and the number of individuals on Social Security Disability Insurance has fallen by almost 400,000 since the 2016 election. Similarly, Medicaid & CHIP enrollment reported by States is down by 3 million.