The United States economy continued to soar to new heights under President Trump and the GOP-controlled this week, with consumer confidence reaching levels not seen for nearly two decades.
According to the Associated Press, America’s consumer confidence index spiked in August to the highest level in 18 years as more and more citizens feel the impact of low unemployment and higher wages.
“Expectations, which had declined in June and July, bounced back in August and continue to suggest solid economic growth for the remainder of 2018,” said one industry insider. “These historically high confidence levels should continue to support health consumer spending in the near term.”
“Confidence is soaring to new heights which makes us bullish on growth and forecasts that this expansion may indeed shatter records for longevity next summer,” added another expert.
The strong economic data may spell trouble for Democrats hoping to retake Congress this fall, with House Minority Leader Nancy Pelosi vowing to “repeal the GOP tax scam” should left-wing legislators win big in the 2018 midterms.
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GREAT AGAIN: $2 TRILLION Added to US Economy Under President Trump
The United States Stock Market has added over $2 trillion to the American economy since President Trump won the 2016 presidential election; smashing expectations and further signaling a robust recovery following years of stagnant growth under Barack Obama.
According to CNBC, the S&P 500 stock index grew by $2.04 trillion since Donald Trump defeated Hillary Clinton last November; soaring after the election on renewed hopes of significant tax reform and the reduction of burdensome regulations imposed by Trump’s predecessor.
The largest gains were seen in information technology, financial services, healthcare, and materials.
President Trump now sets his sights on reforming the nation’s complicated and outdated tax code, a key campaign promise to deliver tax relief to millions of American families and businesses.
“People are in wait-and-see mode in terms of tax reform. We get a bit of a pop every time it gets mentioned, but I think the market is in a bit of disbelief,” said one market strategist.
Analysts also credit President Trump’s pledge to rebuild the American military with the massive rise in stocks associated with Defense contracts, reporting some businesses have seen growth of 30% since the US election last fall.
GREAT AGAIN: GDP Estimates SOAR TO 4.8% in SECOND QUARTER
The US economy continues to roar to life under President Trump and the GOP-controlled Congress, with the Atlanta Federal Reserve raising the economic estimates for the second quarter of 2018 up to a staggering 4.8%.
According to Reuters, the US Gross Domestic Product is growing at an annualized rate of nearly 5%, citing strong domestic sales numbers and record-setting exports after months of continued growth.
“The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2018 is 4.8 percent on June 14, up from 4.6 percent on June 8,” says a new report from the Federal Reserve Bank of Atlanta.
The staggering statistics come on the heels of record breaking tax revenue and an inverted job index for the first time in US history, where there are more jobs available than workers to fill them.