WASHINGTON – In a Tuesday morning tweet, President Donald Trump claimed that the U.S. economy is the “best it has ever been.”
The Economy is the BEST IT HAS EVER BEEN! Even much of the Fake News is giving me credit for that!
— Donald J. Trump (@realDonaldTrump) July 2, 2019
While Trump’s claim may be somewhat difficult to verify, the U.S. economy is undoubtedly stronger than it has been in more than a decade.
Friday saw the S&P 500, the index many analysts say is the best indicator of market strength, post the strongest second-quarter earnings since 1997.
The stock market has experienced near-unprecedented gains since Inauguration Day with more than 100 records set during Trump’s administration.
On. Jan 20, 2017, the Dow Jones Industrial Average closed at 19,827 and the S&P was in the 2,200 range.
Today the Dow is approaching is 27,000 and the S&P is above 2,900.
When Trump took office the unemployment rate was 4.8%. Today the unemployment rate is 3.6%.
Analysts attribute the strong economy to the Tax Cuts and Jobs Act, which cut personal and corporate tax rates, and to consecutive decisions by the Fed not to raise interest rates.
The Fed has signaled that it may cut interest rates in the near future.