After years of struggling to get ahead, the American people are seeing jobs, opportunity, and confidence come roaring back. Look at just the last week, and you’ll see how the economy is taking off, and Americans are better off now:
Let’s go back to last Friday, when the government reported that the economy is growing at its fastest pace in four years. It’s the kind of growth that progressive economists said we couldn’t achieve anymore.
- “In addition to lower taxes, consumers' purchasing power is benefiting from steady hiring, an unemployment rate that's near the lowest since 1969, improving finances, relatively low borrowing costs and contained inflation.” (Bloomberg)
- “‘The bottom line is that the economy is doing better,’ said Diane Swonk, chief economist for the accounting firm Grant Thornton.” (The New York Times)
- “Wage growth ... has picked up as the labor market has tightened and employers have raised pay to attract and retain workers.” (The Wall Street Journal)
- “The economy just ripped off one of its best quarterly performances, with growth surging 4.1% in the three months from April to June. Strong hiring, low unemployment and rising incomes are giving the economy a second wind.” (MarketWatch)
Wednesday brought word that consumer spending continued to increase, and the Federal Reserve emphasized—several times over—the strength of the economy.
- “The results are in sync with data reported last week that showed a solid labor market, lower taxes, and improving finances buoyed consumer purchases, driving an acceleration in second-quarter economic growth.” (Bloomberg)
- “In all, the Fed’s rate-setting committee used the word ‘strong’—or a derivative of it—six times to describe the economy and labor markets.” (The Wall Street Journal)
On Thursday morning, new data showed unemployment claims continue to remain near their lowest level in 45 years.
- “Strong growth has led to more hiring and knocked unemployment down to an 18-year low. Virtually every industry is hiring and the labor market hasn’t been this good in decades.” (MarketWatch)
And today, the jobs report shows that unemployment is back down under 4 percent, near its lowest level in 18 years.
- “Like weather forecasters predicting sunny skies in Southern California, economists have watched the labor market produce consistent monthly increases in hiring recently. ‘I’ve never seen such a steady stream of gains — there’s no volatility in the numbers,’ said Ellen Zentner, chief United States economist at Morgan Stanley.” (The New York Times)
- “‘The important point is that there is no sign of overheating but that aggregate wages and salaries (jobs x hours x earnings) are growing at a brisk pace,’ Neil Dutta, the head of US economics at Renaissance Macro, said in a note.” (Business Insider)
When’s the last time we had such a great week of economic news like this? It's been too long. And to think that Democrats want to take us backwards. We should be building on this progress—not taking all of it away.
Indeed, more work remains, but this economy is soaring, and Republican policies are helping improve people's lives and making it easier for families to get ahead. Learn more at better.gop.