The US Office of the press secretary released a statement stating that Donald Trump inherited a stagnant economy that needs to be reinvigorated.
Ailing economy
The office stated that 13 million Americans had left the workforce in the last 8 years. This is in addition to the 94 million total number of Americans that are unable to find work. Since China joined the world trade organization, 60,000 factories have been closed in the United States, the majority of which may have been moved to China. NAFTA resulted in the closure of one-fourth of US manufacturing jobs as manufacturers sought to manufacture cheaper products from neighbouring countries.
The United States imported goods worth 2.27 trillion while it exported goods worth 1.47 trillion last year resulting in a trade deficit of 800 billion. The corporate tax rate is also high standing at 38.9% consisting of 35% federal rate plus an additional state rate. This rate is regarded as the highest in the world and is only exceeded by the corporate tax rate of countries such as Chad and the United Arab Emirates.
Trumps measures
The president's measures include working with the private sector to deliver jobs to Americans. In order to reduce the size of the government workforce, Trump has placed a hiring freeze for federal civilian employees. The white house also believes that withdrawing the United States from the Trans-Pacific partnership will help create jobs within the United States.
Achievements so far
Ford announced that it will be adding 700 jobs in Michigan after earlier announcing it canceled plans to set up a plant in Mexico. Fiat announced that it will create 2,000 jobs in the United States by investing $1 billion. Other companies that have announced plans to increase their investments in the United States are General motors, Softbank, Intel, Wal-Mart as well as Lockheed.
The president has also been meeting retailers, manufacturers with the aims of encouraging them to create jobs within America. The white house also claims that since the president's inauguration, the civil workforce has added 584,000 jobs while 227,000 people have entered the workforce.
