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White House Report Hails Tax Cuts Spurring Economic Growth, Warns of Socialism’s Cost

The annual Economic Report of the President highlights the successes of tax reform and deregulation, while warning of the dangers of socialist proposals.

The report, compiled by the White House Council of Economic Advisers and released Tuesday, also notes wages are rising, unemployment is at a nearly five-decade low, while focusing on what can historically unravel the growth.

The jobless rate stands now at 3.7 percent, while disposable income is up more than $2,200 from 2017 per average household, according to the report.

As of January, more than 70 percent of workers entering employment were previously out of the labor force. The labor force participation rate reached 63.2 percent, its highest since 2013.

Trump discussed the report during a speech Wednesday in Lima, Ohio, where he accused the media of trying to downplay the economic gains by tinkering with the figures.

The report notes gross domestic product grew 3.1 percent from the fourth quarter of 2017 to the fourth quarter of 2018.

“We just came out with numbers—the Economic Report of the President: 3.1 percent GDP,” Trump told the Ohio crowd. “The first time in 14 years that we cracked 3, right? That’s pretty good, 3.1. The press tried to make it 2.9. I said, ‘It’s not 2.9.’

“What they did is, they took odd months. I said, ‘No, no, no.  You go from January to December. You don’t take certain months and add them up.’ Because I said, ‘We’re going to break 3.’ And we did. We did 3.1. The ‘fake news’ tried to change it, but we caught them,” the president said.

The report notes that wages not only grew 3.4 percent in the past 12 months, the fastest rate since before 2009, but the increases are benefiting low-income earners the most. The bottom 10 percent of wage earners experienced the highest growth on record, while 5 million moved off food stamps.

Read the full story from The Daily Signal

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