Supporting the administration’s economic approach

Backers of President Trump’s economic policies argue that the mixed indicators actually reflect a successful strategy of pro-growth stimulus. They point to the 3.8 percent unemployment rate and the addition of over 3 million jobs in the past year as evidence that tax cuts and reduced regulations are working. The stock market, despite recent wobbles, is still up 15 percent from the start of the term. Manufacturing jobs have grown for eleven straight months, thanks to tariffs that protect domestic industries from unfair competition. Energy production has hit record levels, lowering prices for consumers and reducing reliance on foreign oil. Supporters acknowledge inflation is higher than ideal but note that core inflation has eased to 3.2 percent, and they credit the administration for not imposing broad lockdowns during the pandemic that could have worsened supply chains. The national debt, while large, is manageable given the strong growth that adds to tax revenues. The alternative, they say, would be higher taxes and slower growth that hurt ordinary workers.