President Donald Trump touted the “Trump economic boom” is underway during his remarks at the Detroit Economic Club in Michigan Tuesday.
Trump said the United States economy is growing at a rate anywhere from three to four times that of other countries, emphasizing that the American economy is the best on the planet.
“The results are in, and the Trump economic boom is [sic] officially begun,” he declared.
He stated that since returning to office, he has secured more than $18 trillion in investment commitments from countries and companies around the world.
“In four years of Biden, they secured less than $1 trillion of new investment in the United States… In less than one year, I have secured commitments for over $18 trillion from all over the world, the most ever for any country,” he told the Detroit Economic Club.
The White House website lists a whopping $9.6 trillion in investment in under a year of the second Trump administration, with some of the largest including:
- The United Arab Emirates: $1.4 trillion
- Qatar: $1.2 trillion
- Japan: $1 trillion
- Meta: $600 billion
- Apple: $600 billion
- Saudi Arabia: $600 billion
- EU Firms: $600 billion
- Softbank, Oracle, and OpenAI: $500 billion
- NVIDIA: $500 billion
- India: $500 billion
Trump highlighted the poor economy he inherited from former President Joe Biden, who presided over nearly a five-decade-high inflation not seen since the Carter administration in the 1970s.
“Joe Biden gave us a colossal stagflation catastrophe, but my administration has rapidly and very decisively ended that. We have quickly achieved the exact opposite of stagflation, almost no inflation, and super high growth,” he said.
As Trump noted in December, wages for the typical private-sector American worker rose by $1,048 to that point in his presidency after a nearly $3,000 wage loss under Biden. Moreover, wages are outpacing inflation under Trump, and gross domestic product (GDP) in the third quarter “rose at a seasonally and inflation-adjusted 4.3 percent annual rate,” as Breitbart News noted last month.
Trump touted on Tuesday that core inflation over the last three months was 1.6 percent, while fourth-quarter GDP is expected to be even higher than the third quarter.
“As of this morning, core inflation for the past three months has been just 1.6 percent. The numbers we just announced just before I came on stage,” he touted.
“GDP is smashing expectations with the fastest growth for this country in many years. The fourth quarter is projected at 5.4 percent, and that’s despite the Democrat shutdown, where we lost at least one and a half points,” he added.
The stock market was another of strength that Trump highlighted.
“The stock market is now the highest in history. Since the election, we’ve set all of those records, and I think an all-time record that’s so important to me, because so many people have them, is boosting 401k’s and retirement accounts for millions and millions of Americans,” he said.
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