Tax Facts Tuesday: Jobs, Jobs, Jobs
Here’s the news: The jobs report released last week for May showed continued job growth with 223,000 jobs added and the unemployment rate at 3.8 percent.
Here’s the rhetoric: Despite a booming economy, Democrats are still ignoring the benefits of tax reform and other actions taken by this Republican Congress and Administration to help our workers get ahead. Instead, they continue to advocate for the same heavy-handed government policies that set up Obama’s slow growth economy where unemployment was persistently high, paychecks were stagnant, and main street optimism was low.
Here’s the reality: Americans were tired of the Obama-era “new normal” of slow growth for as far as the eye could see. Republicans listened, and we took action. By implementing smart policies that promote free enterprise and competition – not government mandates – coupled with the most comprehensive overhaul of our nation’s tax code in 30 years, we are paving the way for a brighter future for our workers and job creators.
But don’t take our word for it. Here is what the numbers are saying:
1. One Million Jobs Added Since Tax Reform
Since President Trump signed tax reform into law over one million jobs have been added.
2. The Pace of Job Creation is Accelerating
Job creation has averaged a monthly pace of 207,000 this year – up from 182,000 last year. The new numbers are so good that even the New York Times “ran out of words to describe how good the jobs numbers are”:
“The real question in analyzing the May jobs numbers released Friday is whether there are enough synonyms for “good” in an online thesaurus to describe them adequately. So, for example, “splendid” and “excellent” fit the bill. Those are the kinds of terms that are appropriate when the United States economy adds 223,000 jobs in a month, despite being nine years into an expansion, and when the unemployment rate falls to 3.8 percent, a new 18-year low.”
3. Record Low Unemployment
Low unemployment used to be the standard in America, and conservative economic policy is bringing us back to the levels that our workers deserve. As reported by CNN:
“The jobless rate ticked down to 3.8% in May… That tied the lowest unemployment rate since 1969. Since then, the only other time unemployment was this low was in April 2000.”
4. Historic Low Black Unemployment
For the first time in U.S. history, the unemployment rate for African Americans fell below 6 percent. As reported by NPR:
“A…dramatic drop occurred in black unemployment, which fell to a record low 5.9 percent, suggesting that African-Americans are also benefiting from job gains in this booming economy.”
In fact, unemployment is hitting new lows for Americans from a multitude of backgrounds. As the New York Times pointed out:
“The jobless rates for Hispanics, teenagers and those with less than a high school education are likewise at or near multidecade lows.”
Tax reform was all about making America the best place in the world for our workers and business. Republicans are producing results on behalf of hardworking families nationwide. CNBC said it best: “The US economy suddenly looks like it’s unstoppable.”