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Thomas Gallatin / Sep. 12, 2018

Trump Economy Spurs Record Entrepreneurship

Newly created business numbers hit a record and job openings soar. Trump's economy is booming.

The existence of more businesses will result in the creation of more jobs, and that is exactly what has been happening in the now-robust American economy. This past July, the number of job openings hit a record of 6.94 million. This was up from June’s number of 6.82 million. The rate of people quitting their jobs rose to 2.7% among private-sector employees, which is just below the record of 2.9% set in 2001. The voluntary quit rate is indicative of a strong and growing economy because people usually switch to better paying jobs as more become available. Speaking of better pay, middle-class income hit a record high of $61,400 in 2017.

As Market Watch reports, “The U.S. economy is booming. Growth surged in the spring and has carried through summer. Unemployment is uber-low at 3.9%, layoffs are at a 50-year low and small-business owners say they are more optimistic about the economy than ever.”

All this economic growth can rightly be credited to President Donald Trump and the Republicans for their tax-cutting, deregulating, pro-growth agenda as the numbers clearly indicate, despite what Barack Obama and the Democrats claim. Take the quarterly numbers for newly created business as an example. The second quarter of 2018 saw the highest number ever recorded for new business applications at 876,201. In fact, all six quarters of Trump’s presidency have seen higher business-creation totals than any previous quarter since the government began tracking the data in 2004. And the last three quarters have all topped 800,000 new businesses created; prior to Trump no quarter had ever reached 800,000.

In the famous words of Bill Clinton’s former adviser, James Carville, “It’s the economy, stupid.” As the midterm elections near, Republicans need to be preaching this message nonstop through November, noting the fact that the only thing the Democrats are offering is the economically devastating failed ideas of socialism. Trump’s economy or Venezuela’s — the comparison couldn’t be more stark.

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