President Trump’s approval ratings are at an all-time high as his campaign ramps up their efforts to secure reelection in November. His increasing approval is due in large part to American’s level of confidence in the economy, which is higher than it has been in twenty years. Regardless of the fact that the current economic expansion began before President Trump’s 2016 election, his administration has defied initial projections that his financial policies would quickly result in recession or even a depression.
Instead, gross domestic product has remained positive in every quarter since President Trump took office in January of 2017. Wages and salaries have continued to increase under his administration, and 4.7 million jobs have been created in the process. The first job report of 2020 released by the Bureau of Labor Statistics in January is sure to help Trump’s reelection campaign get off to a hot start as initial projections were outpaced by more than 70,000 jobs. The news release by the bureau cited the majority of job growth coming from the healthcare industry, construction, transportation, and warehousing. If President Trump’s job numbers can continually remain positive throughout 2020, it will be a major talking point for his campaign as he stumps around the country.
In the final State of the Union address for his first term, President Trump stated that the United States was experiencing a “Great American Comeback,” while touting his administration’s accomplishments. Historically, a strong economy has boded well for an incumbent president. In setting the stage for the 2020 presidential election, Trump’s approval rating on the economy is one of his best polling indicators. On average, 56% of Americans approve of his economic policies, with some polls, such as Gallup, showing support upwards of 63%.
According to Gallup, President Trump is enjoying the highest approval rating that he has had since taking office in 2017, at 49%. Despite his 50% disapproval rating, Trump’s approval is hovering around the same levels his predecessors maintained during their reelection campaigns. Overall, his approval has remained unaffected by the impeachment trial. Real Clear Politics polling has shown that Trump regained his average approval polling percentage of 45.5% from late-September of 2019 when the impeachment inquiry began.
Trump has fortified his support among Republicans with a 94% approval rating in the recent Gallup poll. He has also gained more support from independents with 42% supporting his reelection campaign. Notwithstanding the polarization of support for or against President Trump, he is on strong footing for his reelection bid. If the economy can continue roaring like it has during the first three years of his administration, President Trump will have a strong advantage.
The stock market has been another big proponent for Trump’s reelection campaign. Before taking office in 2017, financial experts stated that the policies and tax cuts that were proposed by then candidate Trump would cause the market to crash and the economy to fall into a depression. Three years later the analysis of the fiscal policies proposed and enacted by President Trump reflect a different story.
At the end of the day, the Trump economy has outperformed and defied analysts projections. Jobs, wages, and incomes have risen and in some cases, exceeded expectations. It is certain to be another exciting, but polarizing election cycle in the United States; however, if history stands to repeat itself, the strong economic numbers being reported will benefit the Trump campaign greatly in the general election.