A wave of positive indicators continue to show our economy is bustling. With pro-growth reforms like the Tax Cuts and Jobs Act, American businesses feel reinvigorated. Best of all, working families are the ones who benefit from that renewed confidence, in bigger paychecks, more jobs, and better benefits.
But this week, Democrats confirmed they want to erase the gains we’ve made. First they were predicting “Armageddon.” When that didn’t go as planned, now they’re openly saying they want to increase taxes on Americans and take all this positive economic progress away.
Right now, 57 percent of Americans say things are going well in the U.S. today—“the largest proportion to say so since January of 2007.”
Here are four reasons to feel good about how things are going:
- 3.4 percent: The Bureau of Economic Analysis recently reported real disposable income rose 3.4 percent in the first quarter of 2018. This means workers’ post-tax earnings are higher. Thanks to tax reform, they’re getting to keep more of their paychecks. Joint Economic Committee Chair Erik Paulsen noted, “The bureau specifically credited tax reform for higher wages as well as lower taxes.”
- 104.8: The National Federation of Independent Business’s (NFIB) Small Business Optimism Index remained near record highs in its newest report, with businesses reporting increased hiring, higher worker compensation, and positive outlooks for capital outlays and sales growth. The report also noted: “The average family saw wages and salaries grow last year. Gains are likely to increase for many families this year due to tax cuts.” As NFIB Chief Economist Bill Dunkelberg said, “Consumer spending, the new tax law, and lower regulatory barriers are all supporting the surge in optimism across all small business industry sectors.”
- 19.8 percent: U.S. employers are hiring. A LinkedIn report found that the year-over-year increase for hiring in April was 19.8 percent, with the biggest jumps in the transportation, financial services, and manufacturing sectors. The number was also an increase from hiring in March.
- 6.55 million: There are 6.55 open jobs in America, according to the latest Labor Department report. For the same month, there were 6.59 million unemployed. That means there is now an open job for almost every single American seeking work. The report also showed a higher quits rate, indicating workers are confident in quitting their jobs to seek better opportunities.
We’ve been focused on creating an economy that works for working families—and the good news just keeps on coming.