We know the Trump economy is doing great and is virtually impervious to the typically destructive and hyperbolic machinations of the mainstream media. This sustainable growth is positive and came faster than most experts predicted, but there are subsets of data that deserve scrutiny.
Most of Trump’s actions so far have been decried as destructive and racist by the left. However, if we examine the financial impact of the president’s policies on America’s minorities, this rhetoric simply doesn’t hold up.
The Trump economy isn’t just better for minorities than anticipated – it is the most promising economy they have ever seen in this country.
Unemployment for Black Americans
The breakout stars of Trump’s economy have unquestionably been black communities.
For the past 16 years, black unemployment has been double the national average, and when former President Barack Obama left office it was still over eight percent. In Trump’s six months, it has dropped to 7.5 percent. This actually dipped under double the national rate (4.3 percent), and it has outpaced national growth.
While the average unemployment has improved by 0.4 percent, black Americans have enjoyed a dip of 0.7 percent. By and large, these improvements have come off the back of general economic growth.
The Trump surge has created huge numbers of jobs, and the tightening labor market is extending opportunities to minorities that struggled under Obama.
Rates for Other Minorities
Black Americans are certainly seeing the fastest change, but the picture is great for all minority groups.
Across ethnicities, creeds and any other metric, struggling groups are seeing their lowest unemployment rates and best wage growths in over a decade. The surprising statistic is tied to wage growth. Minorities are seeing growth rise faster than white Americans.
Some experts will pretend that the growth is entirely caused by minimum wage increases in New York and California, but they seem to forget that the majority of black Americans live in the South where minimum wage averages are lowest in the country.
The real truth is more complicated; it has mostly to do with the most popular industries among these groups.
A Bright Future
In the midst of President Trump’s political troubles, most of which are exaggerated by the mainstream media, economists have every reason to mark positive forecasts for America’s economic growth.
Even if things follow their usual up-and-down path for the country as a whole, minority employment in America has a particular strength.
The top employees for these demographics are all in health care. Regardless of how much reform does or does not come out of Trump’s administration, health care as an industry will continue to grow. The demand and capital are both powerful enough to drive the industry for another decade easily. This adds a level of job security for minority growth that has never been seen before.
Further adding to stability is the fact that the smallest minority employers are in the highest risk industries: manufacturing, fishing and forestry.
This has led to an interesting inversion that will enable Trump-era minorities to drive the economy more than ever before. They have unprecedented job security, and this has built a higher level of economic confidence. According to recent surveys, white Americans carry virtually all of the economic anxiety that still exists in the country. Confidence is helping minorities to invest and commit to healthy financial management at the greatest rate in history.
Another Win for Conservative Economics
So far, Trump has removed excessive regulation, and is taking aim at bloated welfare programs. The immediate result has been dramatic.
The marginalized groups the Obama Administration claimed to be helping are seeing real improvement for the first time under an alleged racist – exactly what Trump and right-wing economists have predicted all along. By freeing capital at the top of the economic food chain, businesses have been empowered to reinvest. The result is stable job growth, and it is the first real hope for reversing economic disparity among American minorities.
Many sharp minds have identified the underlying destructive racism that drives welfare first economics. While it claims to be helping, the real goal is an inescapable dependence on the state for assistance. Welfare programs are mostly a ploy by the left to secure votes.
It turns out that minority groups in America were ready for economic explosion. They just needed a fair chance, and that was only possible when they were freed from the tyranny of a genuinely racist president.
Trump is unquestionably making America great again, and it’s starting with the groups who were most vocally against him.
Regards,
Ethan Warrick
Editor
Wealth Authority
