Economy Shows Promising Trends as Trump Prioritizes ‘Typical Hardworking Family’
Favicon 
www.dailysignal.com

Economy Shows Promising Trends as Trump Prioritizes ‘Typical Hardworking Family’

Even as Senate Democrats continue to prevent the end of the federal government shutdown, there are promising signs in the economy under President Donald Trump. “Our opponents are offering an economic nightmare—we are delivering an economic miracle … . They want higher spending for government and illegal aliens—we want bigger paychecks for American workers and American families,” the president said Wednesday at a business forum event in Miami. Under the Trump administration, the United States has seen real improvements on key metrics of the cost of living, including inflation, gas prices, and tax cuts.  Perhaps the most notable example is the Consumer Price Index’s measurement of a decline in the inflation rate since the president took office. The Biden administration saw inflation reach an annual rate of 9.1% in June 2022, which was about a 40-year high, and a four-year average rate of 5%. But since January, inflation as measured by the CPI has been at about an annual average rate of 2.5%. When it comes to gas prices, this October saw the lowest prices for the fuel for any October since 2020. That translated to an average price of $2.98 per gallon, which is 15.2 cents a gallon lower than the previous year. The price of gas was also the lowest this past Labor Day than it had been for that time of year since 2020.  The president also saw his campaign promise of “no tax on tips” made good with the passage of the One Big, Beautiful Bill. That legislation also provided for tax deductions for overtime pay and a tax deduction for seniors. According to the White House, the budget reconciliation legislation boosted take-home pay “for a typical hardworking family by OVER $10,000 a year.” Meanwhile, Senate Democrats have refused repeatedly to approve a House-passed stopgap continuing resolution funding the federal government. The shutdown has led to thousands of federal workers being furloughed and essential federal personnel having to work with uncertainty over how and when they will be paid.  “America’s economy is losing billions in growth. Even some homebuyers seeking their American dream are facing stalled processes,” House Appropriations Commission Chairman Tom Cole, R-Okla., explained recently before adding: “Every one of these harms was entirely avoidable. Instead, Democrat leadership designed this shutdown, celebrated it, and weaponized it—all while Americans lose paychecks, benefits, and critical services. They must end this chaos and reopen government.” For his part, Trump has sought to reduce the number of Americans that need federal assistance and to boost employment.  “In nine months, we’ve lifted over 600,000 Americans off food stamps. 1.9 million more American-born workers are employed today … than when I took office … and we have more people working now than at any time in the history of our country,” Trump said at the American Business Forum in Miami on Wednesday.  The post Economy Shows Promising Trends as Trump Prioritizes ‘Typical Hardworking Family’ appeared first on The Daily Signal.