U.S. continues on economic road to recovery under Trump – Boston Herald

In less than two months, Americans will choose a president for the next four years. If your vote is based on which candidate can rebuild our economy, the choice is clear.

Our economy is roaring back from the depths of the pandemic, because President Trumps pro-growth economic agenda over the last four years laid the groundwork.

On Sept. 4, the Department of Labor announced that 1.4 million jobs were created since April. The national unemployment rate fell to 8.4%, a 6.3% improvement during that period. These results exceeded the expectations of economists and even the most bullish Wall Street analysts. Reflecting confidence in the economys recovery, the stock markets have traded at record highs since the nationwide economic closures that began in March.

Under Trump, the Republican Senate and then Republican-controlled House passed the most comprehensive tax cuts and tax reform legislation in a generation. The Tax Cuts and Jobs Act of 2017 reduced taxes for businesses from 35% to 21%. It also provided valuable incentives for manufacturers and small businesses including restaurants to hire more employees and allowed business owners to write off any investment in new equipment and tools for their businesses.

One of the presidents earliest directives was tomandatethat for every one new regulation, two old regulations must be eliminated. InTrumpianstyle,the presidents teamactuallyexceededhis own initialdirectiveand eliminated 22 regulations for every new regulation issued. According to the Council of Economic Advisers, Trump deregulation has reduced regulatory burden on our economy by nearly $50 billion and helped American families save at least$3,100 each year.

Since the pandemic struck, the presidents economic leadership has also been bold and decisive. For example the Pledge to Americas Workers and the White House Initiative on Industries of the Future are centered on jumpstarting high-tech job training and bolstering American dominance in transformational industries such as 5G wireless broadband, quantum computing and artificial intelligence. These are the sectors that will determine long-term American leadership of the global economy.

But as our nation continuesthe transition from pandemic tosustained economic recovery,the contrast between Trumpsoptimistic andpro-worker jobs agendaandformer vice president Joe Bidensembrace ofindefinitequarantine and economic closure is clear.During the Democratic presidential primary,Biden, who wastrailing inenthusiasmamongDemocraticactivists,raced to embrace theGreen New DealchampionedbyRep. AlexandriaOcasio-Cortezof New York.

Included in the Green New Deal is a fracking ban that would eliminate hundreds of thousands of energy, manufacturing and construction jobs in Pennsylvania, Ohio and other states. Biden wont even renounce the Green New Deals mandate to eliminate U.S. commercial airlines within a decade. This would further devastate already suffering high-skilled union jobs in the aviation, aerospace manufacturing and hospitality sectors. According to recent studies, the demise of American aviation alone would cost us 1.6 million jobs and a 1% decline in our gross domestic product.

At the end of the day, actions speak louder than words.Progressives and media naysayersscoffed at the Trump administrations vision for economic growthduring the darkest days of the pandemic. Despite the doomsday projections of sustained economic depression, Trumps economicplatformoftax cuts, deregulation and limited government have been rocket fuel for Americas coronavirusrecovery.

On the flip side, the former vice president would undermine our economy and put American workers back on the ropes.

Joseph Lai served as White House special assistant for legislative affairs from 2017 to 2019.

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U.S. continues on economic road to recovery under Trump - Boston Herald