Wealth hitting all-time highs, unemployment rate reaching all-time lows under President Trump
Council of Economic Advisers Chairman Kevin Hassett said on Tuesday that the Trump administration economic policies is expanding America's wealth to all-time highs while reducing the unemployment rate to historic lows.
“Almost every state in the country has hit an all-time low for unemployment. Wages are growing fast, especially for people for people at the bottom. 6-1/2 percent for the bottom 10 percent for the wage distribution,” Hassett said during an interview on FOX Business’ Lou Dobbs Tonight Tuesday.
Investors gauge the pulse of the U.S. economy by how well the market is performing. NASDAQ and S&P both closed at record highs Tuesday, while the Dow Jones is under 200 points from hitting its record high. The Stock market has added more than $9 trillion to the market cap under President Trump. Some economist have speculated that a recession is near, but the economy seems to show no signs of slowing down.
Hassett said the president is not “fully satisfied” with the economy and wants to see continued growth.
“There was no analysis to support the idea that we're about to have a permanent recession after president was elected. In fact, the analysis that we put out said the opposite,” Hassett said. “The numbers are really strong….there is GDP coming out this week.”
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The GDP is set to be released next week and is expected to be in the 3 percent range.
“The consensus is that's it going to be about three percent again, “Hassett said. “Everybody told you that you’re falling off a cliff at the beginning of the year and don't forget, you got to add three- tenths because it's going to be artificially low because of that government shutdown. And so if it comes in at 2.8, the real number is 3.1.”