I found President Trump’s State of the Union Address last night (January 30, 2018) to contain some noteworthy comments. While I could comment extensively on many parts of the speech, for now I will indicate excerpts that I found most relevant with regard to the economic situation, and may comment upon them at a future point. I am highlighting these excerpts for many reasons; it should be noted that I do not necessarily agree with any or all of them.
Here are the excerpts I found most relevant, in the order they occurred in the speech:
Since the election, we have created 2.4 million new jobs, including 200,000 new jobs in manufacturing alone. After years of wage stagnation, we are finally seeing rising wages.
Unemployment claims have hit a 45-year low. African-American unemployment stands at the lowest rate ever recorded, and Hispanic American unemployment has also reached the lowest levels in history.
Small business confidence is at an all-time high. The stock market has smashed one record after another, gaining $8 trillion in value. That is great news for Americans’ 401k, retirement, pension, and college savings accounts.
And just as I promised the American people from this podium 11 months ago, we enacted the biggest tax cuts and reforms in American history.
Our massive tax cuts provide tremendous relief for the middle class and small businesses.
A typical family of four making $75,000 will see their tax bill reduced by $2,000 — slashing their tax bill in half.
We slashed the business tax rate from 35 percent all the way down to 21 percent, so American companies can compete and win against anyone in the world. These changes alone are estimated to increase average family income by more than $4,000.
The Special Note summarizes my overall thoughts about our economic situation
SPX at 2822.43 as this post is written