It’s Trump’s Economy Now

If you can, put aside for a moment your opinion of Donald Trump’s words and actions and let’s be perfectly honest: One year into his presidency, could the economy be any rosier?

The economy grew at a rate of about 3 percent in the last three quarters, something that economists said was very unlikely just a year ago. The more than 40 percent increase in the Dow Jones industrial average since Election Day means a nearly $7 trillion jump in wealth. That has benefited the rich, yes, but every one of the 55 million Americans with a 401(k) plan, the 20 million with IRAs and the millions more with public and private pension plans have benefited, too. I would argue that investors are turning lower business tax rates on profits and the administration’s rollback of regulations into higher stock valuations.

The job market improved impressively under Barack Obama’s presidency after the Great Recession, when millions of jobs vanished seemingly overnight. But the past year’s continued decline in joblessness is impressive as well. In recent weeks, the number of new unemployment insurance claims and the unemployment rate for blacks and Hispanics have been at or near their lowest levels in more than four decades.