Tags: 2020 Elections | Trump Administration | trump | economy | jobs

Trump: 'We Have Delivered on Our Promises, Exceeded Our Expectations'

(Walter Arce/Dreamstime)

By    |   Tuesday, 12 November 2019 12:21 PM

President Donald Trump claimed credit Tuesday for the nation’s strong economic performance under his leadership.

Trump told the Economic Club of New York that “we have delivered on our promises - and exceeded our expectations by a very wide margin.”

The president, who is campaigning for a second term and views the economy as a selling point with voters, spoke about his efforts to roll back federal regulations, massive tax cuts he enacted at the end of his first year in office, and low unemployment rates across major demographic groups.

Trump said the administration is responsible for creating 7 million jobs, though only 6.25 million have been created since he took office in January 2017.

Trump delivered the speech against a backdrop of anxiety over his administration’s trade policies, including talks with China meant to deescalate an 18-month trade war.

Trump also criticized policy-making by the Federal Reserve.

With financial markets from frothy stocks to jittery bonds eager for word about the state of talks between Washington and Beijing, Trump instead bemoaned the fact that the United States has higher interest rates than other developed economies, and he took credit for the economy’s record-long expansion.

“Remember we are actively competing with nations that openly cut interest rates so that many are now actually getting paid when they pay off their loan, known as negative interest. Who ever heard of such a thing?” he told members of the Economic Club of New York.

“Give me some of that. Give me some of that money. I want some of that money. Our Federal Reserve doesn’t let us do it.”

The Fed has cut interest rates three times since July, but that followed a string of nine increases since late 2015. Trump has repeatedly railed against the Fed for not lowering rates even further.

His speech had been eagerly awaited on Wall Street, where signals that the White House and Beijing are nearing a trade deal that could go a long way toward dispelling the uncertainty dogging the global economy have helped U.S. stocks to record highs in recent days. The renewed optimism has also undercut the year’s big rally in safe assets like Treasury bonds.

He addressed the club in the same midtown Manhattan ballroom where he celebrated his election to the White House in 2016.

When the applause was slow in coming after Trump declared he had delivered on his promises, the president jokingly said, “Thank you. I was waiting for that. I almost didn’t get it.”

Trump has frequently pointed to indicators including unemployment and stock-market highs to argue that he should not be impeached. The House will begin public hearings Wednesday in its probe of Trump’s effort to force Ukraine’s government to investigate his political rivals.

“How do you impeach a President who has created the greatest Economy in the history of our Country,” Trump tweeted on Sept. 28.

As he often has, Trump pointed to the market’s run to a record as a validation of his economic and trade policies.

The S&P is up more than 36% since Trump took office, though two-thirds of that gain occurred in his first year in the White House before his focus turned to trade and he began imposing tariffs on imports from China. Stocks have found the going far more choppy since the first wave of tariffs were imposed in 2018.

The latest back-and-forth between Washington and Beijing illustrate the bumpy state of play. Last week, officials from both sides said they had a deal to roll back tariffs, only to have Trump deny any deal was agreed on.

It was Trump's second appearance at the storied club, which has hosted U.S. presidents including Woodrow Wilson and John F. Kennedy, as well as foreign leaders like former Soviet President Mikhail Gorbachev and Chinese Premier Li Keqiang. He previously addressed the organization in 2016 when running for president.

More than 1,350 people were expected to attend the lunchtime speech at a midtown Manhattan hotel, according to the club’s spokeswoman, Erin Klem. The club’s membership is a virtual who’s who of New York’s financial elite, and its trustees include John Williams, president of the Federal Reserve Bank of New York, and billionaire hedge fund investor John Paulson, one of Trump’s top financial backers.

This report uses material from AP, Bloomberg and Reuters.

© 2020 Newsmax Finance. All rights reserved.

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President Donald Trump told the Economic Club of New York that his policies have generated a boom in growth and jobs. “We have delivered on our promises and exceeded our expectations by a very wide margin,” Trump told guests at the New York Hilton.
trump, economy, jobs
Tuesday, 12 November 2019 12:21 PM
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