The economy has come roaring back to life under President Trump. The stock market has hit record high after record high, helping more Americans build wealth and secure their futures. Through needed tax cuts and reform, the Administration will bring jobs back to our country. The President is helping U.S. workers by expanding apprenticeship programs, reforming job training programs, and bringing businesses and educators together to ensure high-quality classroom instruction and on-the-job training.
The current economic expansion, which began roughly a decade ago, became the longest in U.S. history on July 1, 2019, beating the previous record that lasted from March 1991 through March 2001. As today’s advance Gross Domestic Product (GDP) release confirms, economic growth continued in the third quarter of 2019, beating market expectations and adding to the expansion’s record length. The release also confirms that the Trump Administration’s policies support sustained economic growth and lead to higher incomes for American families.
In its final projection before the 2016 election, the Congressional Budget Office (CBO) estimated that real GDP would grow at a 2.1 percent annual rate in the first 11 quarters of a new Administration. Instead, under President Trump, real GDP as of the third quarter has grown at a strong 2.6 percent annual rate since the election. As of the third quarter, real GDP is $230 billion—or 1.2 percent—higher than CBO’s projection (Figure 1). Furthermore, under President Obama’s expansion period, real GDP grew at only a 2.2 percent annual rate compared to the Trump Administration’s 2.6 percent rate.