While 6 months would be considered to be too inadequate a period in time to evaluate a new program or policy of the government, the US President Donald Trump on Saturday celebrated the six month anniversary of the massive tax cuts he enacted.
Trump administration claimed positive results are shown of this tax cut on the macroeconomic indicators of the country. In a speech at the White House, Trump started off by saying “the economy is indeed doing well.”
“Six months ago, we unleashed an economic miracle by signing…the biggest tax cuts in American history,” Trump said. The wide-ranging plan that was passed last December includes big tax cuts for companies and the wealthy, with much more modest benefits for workers.
Trump, however, said his tax reform has helped American workers with “new jobs, bigger paychecks, and keeping more of your hard-earned money where it belongs, in your pocket or wherever else you want to spend it”, words that brought loud applause from all assembled at the presidential mansion.
Besides praising the effects of the tax cuts on workers’ lives, Trump said that both domestic and international firms are now investing more in the US and opening new plants here, thanks to the new tax breaks.
Specifically, the President was on hand this Thursday as construction of a new factory got underway in the state of Wisconsin for the Taiwanese company Foxconn, an Apple supplier, which will create some 13,000 new jobs, according to company executives.
Trump mentioned several times the low unemployment rate, which in May stood at 3.8 per cent. Despite the air of success at the White House, the US economy grew at an annual rate of 2 per cent in the first quarter of 2018, a figure well below Trump’s promise to reach an annual growth rate of 3 per cent.>