McKinley: Economy is Growing at Record Pace
Congressman David B. McKinley, P.E., (WV-1) issued the following statement in response to the Atlanta Federal Reserve releasing their updated projection of 5.4% gross domestic product (GDP) growth for the first quarter of 2018. According to Business Insider, this will be the largest period of economic growth since the third quarter of 2003.
“Under President Trump’s leadership the economy is growing at a rate we haven’t seen in almost 14 years. With the Administration rolling back regulations and Republicans in Congress passing historic tax reform, the American economic comeback is well underway,” said McKinley.
“During the campaign, President Trump made a promise to the American people: elect him and together we will grow our economy, bring jobs back to America, and make our country great. Just one year into this historic presidency, one thing is clear: he is fulfilling that promise,” McKinley added.
The Atlanta Federal Reserve's GDPNow model projects that gross domestic product would increase at a 5.4% annualized rate in the first quarter. Compare that to the previous 8 years where it grew at less than 2 %. Consumer confidence is the highest in 17 years and families are purchasing consumer items again. The stock market is reaching new heights and in so doing strengthening pension funds and retirement accounts across America. Nearly 1.4 million Americans have been able to get off food stamps. Home prices have risen by 6.1%.
Thirteen states have record low unemployment rates. West Virginia has seen the largest decline of them all! Since Trump took office, nearly 2.4 million jobs have been created.
House Minority Leader Nancy Pelosi (D-CA) said that the American worker would only get “crumbs”, if anything from the tax reform. Since the passage of the Tax Cuts and Jobs Act over 300 American companies have announced they’re giving bonuses over $1,000 or pay raises. This has directly benefited over three million American workers, and that number is growing daily.