Washington: US President Donald Trump said the American economy has rebounded sharply in less than one year, citing strong growth, falling inflation, rising wages and record investment as evidence of what he called a historic turnaround.
Speaking at the Detroit Economic Club, on Tuesday, Trump said the recovery followed what he described as severe economic damage under the previous administration.
“Now after less than 12 months in office, I’m back in Michigan to report to you on the strongest and fastest economic turnaround in our country’s history,” Trump said.
He said investment commitments in the United States had reached levels never seen before. “We’ve got $18 trillion being invested in our country,” Trump said. “There’s never been anything like this.”
Trump said growth was accelerating across sectors and claimed inflation had been brought under control. “Growth is exploding, productivity is soaring, investment is booming, incomes are rising, inflation is defeated,” he said.
He said the stock market had repeatedly hit record highs since the election. “For 48 days in a row, during the course of 11 months, we hit a new high on the stock market,” Trump said.
Trump blamed his predecessor for what he called an era of “stagflation,” a mix of weak growth and high inflation. “Crooked Joe Biden and his allies in Congress inflicted the economic nightmare known as stagflation,” he said.
He said real wages had fallen sharply before his return to office but were now rising. “After real wages plummeted by $3,000 under Sleepy Joe Biden, real wages are up by $1,300 in less than one year under President Trump,” he said.
Trump cited larger gains for specific groups. “For construction workers, wages are up $1,800,” he said. “Factory workers over $2,000.”
Trump said recent data showed inflation continuing to ease. “As of this morning, core inflation for the past three months has been just 1.6 per cent,” he said.
He also pointed to strong GDP growth. “The fourth quarter is projected at 5.4 per cent,” Trump said, adding that growth would have been higher without a government shutdown.
Trump said tariffs played a central role in the rebound, helping reduce the trade deficit and attract investment. “In a matter of months, largely because of tariff income and the election result, we’ve slashed that trade deficit by 62 per cent,” he said.
He said the stock market gains were boosting retirement savings. “It’s boosting 401(k)s and retirement accounts for millions and millions of Americans,” Trump said.
Trump said energy prices had fallen sharply, easing pressure on household budgets. “Gasoline is now under $2.50 a gallon in 17 states,” he said. “Under $2 in many places.”
He said lower fuel prices were pushing down costs across the economy. “When gasoline gets to be $1.99 a gallon, everything comes down,” Trump said.
Trump also criticised the Federal Reserve, arguing that interest rates should fall when economic data improves. “When you announce great numbers, the market should go up, not go down,” he said.
He said the administration was working to restore what he called “the old standard” in economic policy. Trump linked the economic rebound to broader confidence in the country.
“One year ago we were a dead country,” he said. “Now we are the hottest country anywhere in the world.”
Trump said the administration had secured record levels of foreign investment and cut regulations at an unprecedented pace.
“We actually cut 129 regulations for every one that we put in,” he said.
He said the changes were helping revive US manufacturing, including the auto sector.
“They were leaving,” Trump said. “Now they’re pouring back.”
(IANS)
