Photo: Alamy
President Donald Trump said Tuesday that a “Trump economic boom” is underway, pointing to investment commitments, strong growth projections and stock market gains during remarks at the Detroit Economic Club.
The president told the audience that the U.S. economy is growing at three to four times the pace of other countries and described it as the strongest economy in the world.
“The results are in, and the Trump economic boom has officially begun,” he said.
“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,” President Trump said.
Figures published on the White House website list about $9.6 trillion in investment commitments during the first year of Trump’s second term. Among the largest amounts cited are $1.4 trillion from the United Arab Emirates, $1.2 trillion from Qatar, $1 trillion from Japan, $600 billion each from Meta, Apple, Saudi Arabia and European Union firms, $500 billion from Softbank, Oracle and OpenAI combined, $500 billion from Nvidia, and $500 billion from India.
President Trump contrasted current economic conditions with those under former President Joe Biden, who he said oversaw high inflation levels not seen since 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,” President Trump said.
The president cited wage growth and inflation data as evidence of improvement, noting that wages for the typical private-sector worker have risen since he took office after declining under Biden. He also said economic growth is accelerating.
President Trump also pointed to stock market performance, saying it has reached record highs.
“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.
