The representative of the Treasury Department of USA said that the economic freedom of the President of the United States Donald trump is key to the success and prosperity of the United States, says Fox Business. According to the official, the fact is that the administration trump has “four pillars” of economic freedom.
On Thursday, assistant head of the Treasury Department United States public relations Monica Crowley joined gave an interview and said that the economic plan of President of trump is based on four principles.
“All four factors came into play to reveal the traditional American engine of growth, prosperity, innovation, creativity, explained Crowley. We see it happening now. And again, this is not a coincidence. This is a direct result of the economic policies of President trump”.
1. Tax cuts
“I gave you the biggest tax cut in the history of our country,” trump said in November 2019, citing the Law on reduction of taxes and jobs 2017 during a speech to supporters at the rally “Keep America Great” in Monroe, Louisiana.
The law on tax cuts and job creation was signed by trump in 2017 and has become one of the most significant changes to the tax code of the USA over the past decade. According to data published by the internal revenue Service of the United States, in 2018, American companies paid for $91 billion less in taxes.
2. The regulatory reform
“We’ve added 12,000 new factories, and soon there will be others, trump said in January during a rally in Toledo, Ohio. And one of the reasons they appear are is that we have canceled a record number of regulations that kill jobs.”
The administration of the trump canceled or postponed 860 proposed rules in the first five months and said that in 2016 the Obama administration has imposed regulations that navigasie $6.8 billion annual cost on the economy, while the rules imposed by trump, does not impose any costs.
3. The release of the American energy sector
“We ended the war last administration for American energy,” trump said during the same rally “to Keep America Great” in Toledo.
For example, the administration trump recently endorsed a line, allowing to build the Keystone XL pipeline through the territory of the United States, a controversial project for $8 billion, though still expected to trial for this reason.
The pipeline length of 1,200 miles (1,930 km) will transport up to 830,000 barrels (35 million gallons) of crude oil from Western Canada to terminals on the Gulf coast.
4. Providing the best shopping offers for the American worker
“You were going to lose their jobs; people were leaving; they went to other countries,” said trump on 30 January, visiting automobile plant in Warren, Michigan. But we stopped it, and now they’re coming back because I want to be where everything is happening… in our country and in this state”.
USMCA (agreement between USA, Mexico and Canada) plans to cover more than $1 trillion of trade transactions among the three countries. The agreement also requires that 75% of the parts were made in three districts to circumvent foreign tariffs, so the President visited the factory in Michigan.
The agreement also stipulates that 45% of parts must be carried out by workers who earn at least $16 per hour by 2023, and is expected to create 80,000 new jobs in the automotive industry that will bring up to $30 billion in new investment in the industry.
Crowley welcomed the signing of the USMCA and called it “amazing”.
“This is a huge historic victory for American workers, farmers, manufacturers and businesses,” the official said.
The US economy has maintained steady growth in the fourth quarter of last year, according to preliminary data released by the Commerce Department. For the full year growth amounted to 2.3%, helped by consumer spending and net exports.
Crowley said that the economic success of President trump would have a significant impact on the upcoming presidential election.
“Whoever is put forth by the democratic candidates, it will be very difficult to sell because the current President has fulfilled his promise to the American worker and the American people, she said. — And you see the results in this fast-paced economy.”
IN THE UNITED STATES
The American economy