“An economic plan designed to grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification, in combination with trade reform, regulatory relief, and lifting the restrictions on American energy.”
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The plan's components were enacted in term 1 - the Tax Cuts and Jobs Act (December 2017), regulatory rollbacks, expanded energy production, and renegotiated trade deals - but the promise's measurable targets were not met. Per Bureau of Economic Analysis data, real GDP grew 2.3% (2017), 3.0% (2018) and 2.2% (2019), never reaching 4% in any year, and decreased 3.5% in 2020. Total nonfarm employment in January 2021 was about 3 million lower than when he took office in January 2017, versus a promise of at least 25 million new jobs; the pandemic drove the 2020 collapse, but even the 2017-2019 pace fell short of the promised targets.
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