This article contains commentary which reflects the author's opinion
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The phrase “it’s the economy stupid” was originally coined by President Bill Clinton’s strategist James Carville. It resonated with many prior to Clinton’s successful campaign culminating with his election to the presidency in 1992.
That phrase couldn’t ring any truer than it does today. We are watching an economy continue to soar under President Donald Trump. In fact, we are currently sitting on an unemployment rate of 3.6%. This is the lowest it’s been since May of 1969. Couple that with a January jobs report in which the economy added 225,000 jobs. This number far surpasses the expected 158,000 jobs economists predicted.
President Trump Found the Economic Magic Wand
Not long before Trump was elected President, former President Barack Obama made excuse after excuse as to why the economy was in shambles. He rambled on about how growth was stagnant while painting a rather grim picture when it came to the future of the US economy. He even went as far as to admonish Trump making condescending rhetorical statements. In one such statement, Obama asked him what kind of magic wand did he have to fix the economy.
During this short diatribe, former President Obama also chided Trump over his proposal of making better deals. It’s quite clear now President Trump was right. Some may even say he does have that magic wand of which Obama spoke. Given the state of the economy today, one can safely say Trump has followed through on his promise to make better trade deals.
Small Business Optimism Is On the Rise
Many economists say the sentiment among small business owners is a critical gauge when it comes to the health of the economy. As is the case, one can safely say our economy isn’t just healthy — it is ready to run a marathon.
One can safely say our economy isn’t just healthy — it is ready to run a marathon.
According to chief economist William Dunkelberg, “2020 is off to an explosive start for the small business economy, with owners expecting increased sales, earnings, and higher wages for employees.” Dunkelberg goes on to say, ” “Finding qualified labor continues to eclipse taxes or regulations as a top business problem. Small business owners will likely continue offering improved compensation to attract and retain qualified workers in this highly competitive labor market.”
The economy is booming, the stock market continues to set all-time highs, unemployment is at a 50-year low, and there are more jobs available than there are people to fill them. To top it all off the biggest issue faced by small business owners isn’t taxes and regulations, it is finding qualified people to fill the available positions. Again, I think we can safely say Trump has found the mystical magic wand that Obama was speaking about.