The day was Friday, January 20th, 2017. President elect Donald J. Trump had been sworn in, and officially became the President of The United States of America. After one year and 108 days, many economical changes within the US have occurred, both positive and negative. One of the major changes, so far, is Trump’s new tax plan, in which was put into place on January 1st, of 2018. This plan consisted of lowering corporate tax, (from 35 to 21 percent) and lowering the individual tax rate (which will drop to 31 percent.) It is predicted by The Tax Foundation to raise the income of those in the 95 – 99 percentile of wages by 2.5 percent; with the 20 – 80 percentile getting a 1.7 percent raise. According to the U.S. National Treasure, this tax plan, along with other changes that have been brought up by Trump, will bring 1.8 trillion in new revenue, and a predicted 2.9 percent growth each year. Along with these changes, The Bureau of Economic Analysis stated that within the 3rd quarter of 2017, the GDP (Growth Domestic Product) of the United States increased by 3.2 percent, and in the 4th quarter it increased another 2.5 percent. According to The Bureau of Labor Statistics, the U.S. unemployment rate is also at a 17 year low of 4.1 percent, compared to the 5 percent during September of 2016. Strangely, with the lower employment rates, less jobs were created in 2017 than 2016. About 2.1 million jobs were created, and though this may seem like a very large number, it is actually lower that the 2.2 million created in 2016. It is predicted, though, that as Trump’s tax plan comes into place, with drastically lower corporate taxes, that many new facilities will be built by manufacturing companies, although keep in mind this is only speculation. Overall, many of the changes within the United State’s economy are positive, with lower unemployment rate and higher wages, although the number of jobs created on a yearly basis has gone down by about 100,000. Now, you may ask, why do I need to know this? Why does this matter? Well, the small town we live in thrives through small family owned businesses. With our economy now booming, and only increasing, it will enable our town, and our schools systems to thrive. After an influx of money money going towards the district, many new projects are opening up, like the new pool our high school is receiving. With a better economy, even more improvements will be made within our schools.
The GDP has been hitting very high numbers after a dip in 2016
U.S. unemployment rates at a 17 year low