WASHINGTON – US President Donald Trump boasted on Tuesday of an administration that has produced an “unprecedented economic boom” during his State of the Union address to Congress.
“In just over two years since the election, we have launched an unprecedented economic boom, a boom that has rarely been seen before,” said Trump, who said it was an “economic miracle.”
“We have created 5.3 million new jobs, and importantly, added 600,000 new manufacturing jobs, something which almost everyone said was impossible to do, but the fact is, we are just getting started.”
The president said the US economy is considered “the hottest economy anywhere in the world” and is “growing almost twice as fast” as when he arrived at the White House in January 2017.
According to Trump, the US economy is “the envy of the world.”
Despite boasting a booming economy, Trump warned that this “miracle” is threatened by “foolish wars,” “ridiculous partisan research” and “politics,” without going into more detail.
The president boasted of the low unemployment rates among all demographic sectors, of the tax reform he promoted and of the fact that “companies are coming back to the country in large numbers thanks to our historic reductions in taxes and regulations.”
He also said that the US “is now the number one producer of oil and natural gas.”
The US economy remains strong, with an unemployment rate of 3.9 percent at the end of 2018 while inflation is controlled around the central bank’s own annual target of 2 percent.
With the beginning of February, the country’s economy gave a new sign of its robust health with the unemployment rate for January which, although it rose slightly from 3.9 percent to 4 percent, remains at full employment levels, with the creation of 304,000 new jobs.
After its last two-day meeting, the Federal Reserve last week gave signals that it was lifting its foot from the brake on the pace of monetary tightening by assuring that it will be “patient” on future interest rate hikes.