When Donald Trump was campaigning, many expected that the U. S. economy would be stronger if he kept his promises by lowering taxes and the regulatory burden which businesses face. However, even the most optimistic forecasts were tempered with concerns about the higher tariffs and trade war in his campaign rhetoric. Would he actually raise tariffs? Could it cause a trade war? Would it cause a recession or worst? Perhaps, only a few of the promises would be kept as so many campaign promises of previous politicians.
Over the last 22 months, we have seen corporate and individual taxes lowered, the regulatory burden reduced, higher tariffs and trade tensions increasing. President Trump recently put an additional 10 percent tariff on $200 billion worth of Chinese imports which are scheduled to increase to 25 percent at the beginning of next year. The president also said that he has identified another $267 billion worth of Chinese goods for additional tariffs if necessary to achieve fair trade.
The economy is strong and record-setting in many respects. President Trump deserves credit for following through on his promises and implementing policies, in the face of tremendous opposition, which allow the U. S. economy to grow. While still early, many analysts are predicting we will win the current U. S. /Chinese trade dispute because the pain from such a dispute is far greater for the China than the U. S. Their economy is slowing, and their stock market is falling. In contrast, the U. S. economy and stock market are strengthening. Recent strength of the U. S. economy has been surprising many.
While President Trump deserves credit, the ultimate credit should go to God. Policy changes were supportive, but many things could have derailed the economy, and they haven't happened. Every good thing comes from our heavenly Father. God is good. His lovingkindness is everlasting. The glory of God filled Solomon's temple when the people praised the Lord saying He was good, and His lovingkindness was forever. In the New American Standard Bible, "lovingkindness" occurs 166 times. Perhaps we should also publicly acknowledge His goodness and lovingkindness.
"Every good thing given and every perfect gift is from above, coming down from the Father of lights, with whom there is no variation or shifting shadow" (James 1:17, NASB).
"and when they lifted up their voice accompanied by trumpets and cymbals and instruments of music, and when they praised the Lord saying, "He indeed is good for His lovingkindness is everlasting," then the house, the house of the Lord, was filled with a cloud" (2 Chron. 5:13b).
A few U. S. economic data points which bear witness to the lovingkindness of our God follows.
- Last quarter, the economy grew at a 4.2 percent annual rate. His lovingkindness is everlasting.
- The unemployment rate is currently at 3.9 percent (an 18-year low). U. S. jobless claims fell to a 49-year low for the third consecutive week. Black and Hispanic unemployment have seen record lows. Job openings are at a record high. His lovingkindness is everlasting.
- Last week, the Dow-Jones Industrial and the S&P 500 Stock Indices hit record all-time highs for the 100th time since President Trump was elected. The U. S. stock market has added $9.5 trillion in value since the presidential election. His lovingkindness is everlasting.
- The U. S. is now the largest global crude oil producer. His lovingkindness is everlasting.
- Surprising nearly everyone, U. S. manufacturing is making a comeback. His lovingkindness is everlasting.
- U. S. median household income is at a record high $61,372. His lovingkindness is everlasting.
- Consumer and small-business confidence are at or near record levels. His lovingkindness is everlasting.
The Father loved us enough to send His only begotten Son. Jesus willingly suffered the whip and the cross because of His love for us. He continues to intercede for us and has promised that He will never leave or forsake us. What a blessing, what an honor, what a privilege to serve a God Whose lovingkindness is everlasting. The Scriptures tell us to bless Him and remember all of His benefits. He forgives our sins, heals us of our diseases, saves us, satisfies our life with good things, renews our youth and crowns us with lovingkindness and compassion. May we never forget. May we always remember the source of all of our blessings.
"Bless the Lord, O my soul, and forget none of His benefits; Who pardons all your iniquities, Who heals all your diseases; Who redeems your life from the pit, Who crowns you with lovingkindness and compassion; Who satisfies your years with good things, So that your youth is renewed like the eagle" (Ps. 103:2-5).
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