He tweeted on Saturday that the Trump Economy is “setting records and has a long way up to go”. He added: “However, if anyone but me takes over in 2020 (I know the competition very well), there will be a market crash the likes of which has not been seen before!” A number of traditional economic indicators which includes unemployment and job growth have been positive for the Trump administration, according to Newsweek.
However, a recent survey from Bankrate.com found that nearly half of American adults – around 47 million people – feel they are actually worse off now than they were before the Great Recession.
The survey noted that one of the reasons is the lack of wage recovery.
A further 55 percent of respondents said they are either making the same or less than they did in 2007 before the economic collapse.
Despite the Trump administration’s corporate tax cuts, most of the money saved by large businesses have not been put into more pay for their workers.
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A senior fellow in the Tax Policy Centre at the Urban Institute Steven Rosenthal said that in February 2018 “large US corporations spent more than $1.1trillion to repurchase their stock rather than invest in new plants and equipment or pay their workers more.”
Vox also analysed the latest jobs data from the federal government and concluded that while unemployment has remained at a low level the “small pool of available workers still hasn’t translated to much higher pay.
“Workers only got an average hourly pay raise of 6 cents in May, the same increase they got a month earlier.”
Earlier this month, co-author of the 2017 tax cut bill Congressman Kevin Brady said “it’s hard to know” what percentage of the tax cuts would pay for itself.
This week, the Treasury Department revealed that cuts will result in less corporate tax revenue than originally expected.
The agency reported a 31 percent drop in corporate tax revenue last year, which is double the amount that was originally forecasted.
Trump is expected to launch his reelection campaign this week in Florida.
However, he may be challenged by several Democrats running for the 2020 party nomination.