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That report along with details from the Council of Economic Advisers shows growth in output, employment, and employee compensation all exceeding pre-2017 forecasts.
The administration’s economic policies have helped the U.S. economy to overcome hurdles that previously suppressed growth.
During the four quarters of 2019, real gross domestic product grew 0.7 percentage point faster than had been projected by the independent Congressional Budget Office’s (CBO) August 2016 projections.
The U.S. labor market added 2.1 million new jobs—2.0 million more than projected in 2016—bringing the civilian unemployment rate down to 3.5 percent, which is its lowest level since 1969.
More than 4 million jobs have been created since the Tax Cuts and Jobs Act took effect.
Job growth brought about higher pay with employee compensation rising above the 2016 forecast.
In 2018 alone, 1.4 million Americans were lifted out of poverty, and the poverty rate fell to its lowest level since 2001.
The current expansion of the U.S. economy became the longest on record, contrary to expectations that the expansion would slow as it matured.
The administration says the results were supported by policies that put Americans first including tax cuts, deregulation, energy independence, and trade renegotiation.
While continued growth has challenges, there are plans to combat issues such as the ongoing threat of widespread opioid addiction, and addressing the overregulation of housing markets.
The report praises America’s workers and job creators who have made the economic boom possible.
The administration is focusing on competition as the way to improve industries and help bring down prices especially when it comes to health.
The health policy initiatives are designed to bring about greater competition in order to deliver high-quality services at affordable prices through greater choice, competition, and consumer-directed spending.
The administration plans to continue to focus on policies that increase economic growth, promote opportunity, and uplift workers.