The small business optimism index smashed expectations and reached record-breaking highs in April, signaling a soaring US economy under President Trump and the GOP-controlled Congress.
According to Fox Business, the National Federation of Independent Business -America’s largest association of small businesses and entrepreneurs- released the staggering statistics Wednesday; showing profits in April reached the highest levels “ever recorded in the survey’s 45-year history.”
“The day after the election, small business optimism began to surge, and it held at historic levels for 17 months,” NFIB President and CEO Juanita Duggan told Fox.
“Our members in the NFIB are reporting that their biggest problem is hiring qualified workers,” she said. “Taxes are no longer that number one problem.”
The strong report comes days after the Congressional Budget Office announced the largest tax surplus on record for April, with the US collecting over $515 billion last month but spending just $297 billion.
GREAT AGAIN: Dow SOARS 31% Under TRUMP, Best Year Since GREAT DEPRESSION
As Democrats and Republicans scramble to reach a last-minute agreement to avert a federal government shutdown, the stock market continues to smash records under President Trump; soaring 31% in his first year in office and posting the greatest gains since President Franklin Roosevelt.
According to CNBC, the Dow has surged over 31% since President Trump’s inauguration in January 2017, marking the largest increase since Franklin Delano Roosevelt’s first year in office which saw the Dow “skyrocket” by 96.5% following the Great Depression.
“This is all about policy,” said a chief investment strategist at Baird. “You’ve got lower taxes, less regulation and confidence in the economy is high. Things are firing on all cylinders.”
President Trump rode a wave of economic promises and policies into the Oval Office throughout the 2016 presidential race; vowing to put “America First” and unleash “the power of the American worker.”
Trump touted the economic gains throughout the country at a rally in Pennsylvania Thursday, saying the US is “coming back bigger and better.”
“We are coming back bigger and better and stronger than ever,” said the President. “At the center of America’s resurgence are the massive tax cuts that I just signed into law.”
GREAT AGAIN: GDP Growth SMASHES EXPECTATIONS in 2017
Strong US economic growth continued into the fourth quarter of 2017; smashing expectations and beating previous estimates as the national recovery continues under President Trump and the GOP-controlled Congress.
According to CNBC, the GDP rose by 2.9% towards the end of the President’s first year, topping expectations of an already-healthy 2.5% and posting the largest gains in consumer spending in over three years.
“Gross domestic product expanded at a 2.9 percent annual rate in the final three months of 2017, instead of the previously reported 2.5 percent, the Commerce Department said in its third GDP estimate for the period on Wednesday. That was a slight moderation from the third quarter’s brisk 3.2 percent pace,” writes CNBC.
The new data shows the US economy soaring back to life with low-unemployment, higher wages, and expanded benefits following the recently passed GOP-sponsored tax cuts.
Last week, President Trump vowed to implement “Phase Two” of his overhaul of the nation’s tax code; seeking to make lower individual and corporate rates “permanent.”