Don’t look now but President Trump is doing OK

Since Trump came into power, the U.S.'s economy - from commercial real estate to the resource sector - has flourished

By
Western Investor
July 27, 2018






Donald and Ivanka Trump in Vancouver 2012
Donald Trump and his daughter Ivanka on a visit to Vancouver in 2012 — Western Investor
For most Canadians and their media there is a kneejerk negative reaction to U.S. President Donald Trump.  
 
This is understandable given his recent attacks on trade agreements and other outrages, but if any Canadian leader had accomplished what Trump has during his first 18 months in office they would likely be the most-celebrated politician in our country’s history.
 
While the president can’t take all the credit for America’s spectacular economic performance since he took power, critics would be quick to blame him if the numbers were different.
 
  • The U.S. economy is the strongest it’s been prior to the 2008 recession. Consumer confidence is at a 17-year high.
  • U.S.GDP was forecast to hit 4 per cent growth in the second quarter, highest in four years, and its trade deficit has fallen to a near-year low.
  • America’s unemployment is at the lowest point in 18 years, at 4 per cent, and hourly wages are growing at 2.7 per cent, both among the best in the G7.
  • The unemployment rate for U.S. minorities has dropped to the lowest level ever recorded. The jobless rate for African-Americans has fallen to a historic low of 6.5 per cent.
  • The Dow Jones Industrial Average has soared to record highs throughout the past year. Other U.S. stock markets, including Standard & Poor’s 500 Index are also reporting all-time highs.
  • U.S. housing sales are projected to reach 6.3 million in 2018, the best performance in a decade. Housing starts are at the highest level in seven years.
  • The U.S. commercial real estate index hit a 13-year high in the first quarter of this year. The office sector is posting record low vacancies.
  • The U.S. is self-sufficient in oil production and is on a fast track to become a net exporter of oil. And it is not just the economy.
 
A year ago, the terror organization ISIS controlled 23,000 square miles of territory and two large cities. Crushed, ISIS is now clinging to a patch of insignificant desert in Iraq and has been virtually neutralized as an international threat.
 
There are substantive peace talks on the Korean peninsula, and North Korea has pledged to wind down its nuclear military expansion. And, like it or not, Trump is right that the majority of fellow members of the North Atlantic Treaty Organization, including Canada, have been freeloading off America for decades. 
 
You won’t hear much about Trump’s triumphs. Reputable studies reveal a deep media bias against the president. Just try to recall a positive article in the past 18 months, or even a mainstream commentary that was not insulting to the president. 
 
As with most media, Canadians may not like America’s 45th president but will probably be dealing with him for six more years. 
 

Frank O'Brien is the editor of Western Canada's biggest commercial real estate newspaper, Western Investor, as well as a contributing editor at West Coast Condominium, real estate contributor to Business in Vancouver and a regular media commentator on real estate investment.
Copyright © 2018 Western Investor

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