Economy Roaring! US Government Records Record $160.3 Billion April Surplus

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The Trump tax relief is beginning to affect the US revenue, and the federal government took in $160.3 billion more than the budget required. The surplus is a historic high and the Congressional Budget Office seems to think it will continue. The CBO shows smaller deficits ahead.

The deficits increased following congressional passage in December 2017, as they did for JFK and Reagan. But the uptick in revenue always follows as the economy picks up speed.

The Congressional Budget Office is projecting that the deficit this year will climb to $896 billion, smaller than the administration’s $1.1 trillion forecast but still 15% higher than last year.

The new report also showed that customs duties total $41 billion so far this year, up 82% from a year ago, a big increase that reflects the higher tariffs the Trump administration has imposed on China and other countries.

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Stephen Moore, a distinguished visiting fellow in Heritage’s Project for Economic Growth, who also served as an economic advisor to Donald Trump during the 2016 presidential campaign. Moore helps to explain what exactly GDP is and the phenomenon of the Trump economy:

The GDP is just the measure of precisely that, how the economy is doing, it’s a measure of our collective output, everything we produce in a month or a quarter, or in a year. That number is off the charts, growing. This is as we predicted, if Trump put in place deregulation, and lower taxes, and all-American Energy policies and pro-business policies, that you would see this kind of unleashing effect of these businesses really expanding their output.

By the way, this is …

We give a lot of credit to Trump for his policies, but this is a real testament to the 28 million men and women who run American businesses, who are expanding, finding ways to make profits, and hire more workers. This is a great time to be in America, it’s a great time to be an American worker. I’m one of those people who thinks this can last for another two, or three, or four years.

The economy under Obama was growing at a little less than 2% over his eight years in office. Under Trump, we’re at 3% to 3.5% growth now, or in his term. That’s a big increase, it means the economy is growing almost twice as fast under Trump as it did under Obama. One of the reasons higher economic growth is so important is if you can raise the economic growth rate to say 3% from 2%.

That additional one percentage point may not seem like a big deal, but over a decade, that leads to about $3 trillion more federal and state and local tax revenues, because people if they’re working, if businesses are profitable, they pay more taxes.

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Unemployment is at record lows, lower than any time in my life. Female unemployment is at record lows. Minority unemployment is at record lows. Uneducated unemployment is at record lows.

The GDP is rocking. The market is rocking. Working class people are rocking. Wages are rising faster than inflation. Manufacturing is rocking.

And do not let anyone tell you that it is a continuation of Obama. Trump is doing everything the opposite of Obama. Obama had decent jobs numbers that were mostly government jobs, real jobs were barely rising.

It is the economy stupid! 2020 is coming!

Keep the popcorn running!

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