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America is Back in Business

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Washington, May 11, 2018 | Heather Smith (202-225-5431) | comments
By slashing regulations, cutting taxes, and enacting pro-growth policies, many sectors of the economy are setting records and reaching highs we haven’t seen in decades. The American economy is finally booming again.
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It’s been awhile since businesses were hiring, optimism was high, and our economy was moving. But America is back in business thanks to light-touch policies out of Washington. By slashing regulations, cutting taxes, and enacting pro-growth policies, many sectors of the economy are setting records and reaching highs we haven’t seen in decades. The American economy is finally booming again. 

There is no doubt this surge is in part due to the Tax Cuts and Jobs Act, which Congress passed and President Trump signed into law December of last year. This historic tax reform legislation has led to bigger paychecks and a fairer, simpler tax code. As a result, 90 percent of Americans are seeing an increase in take-home pay, and workers are receiving added benefits like bonuses and expanded retirement contributions. Several local businesses right here in the Sixth District have announced bonuses for their employees and are using this opportunity to make investments back into our communities. But it’s not just the American worker that has gained from tax cuts, it is also American businesses. 

By cutting the tax rate for businesses, we’ve made them more competitive in the global marketplace and encouraged job creators to bring opportunities back home. Now that businesses can hire again, they’ve announced plans to create more jobs, expand in communities throughout the United States, and invest their tax relief back into training and development for employees. In March, the number of job openings reached a record of 6.6 million, almost the exact same as the amount of unemployed workers. This is especially good news for small businesses across the nation. In fact, optimism among small business owners is at an all-time high. It is the same with consumers. Consumer confidence is at a higher level than we’ve seen in almost two decades. The pulse of Main Street is hopeful again.

Need more proof that the economy is surging? You only have to look as far back as May 4. Earlier this month, the U.S. Bureau of Labor Statistics released its April jobs report. This report contained the most telling statistic of them all – the U.S. unemployment rate is 3.9 percent, the lowest it has been since the year 2000. This historic rate builds off of the momentum of a growing and soaring economy. 

The math adds up, and it is a simple equation. Lower taxes have led to increased wages and more jobs for Americans across the country. More jobs mean a low unemployment rate and more opportunities. All of this is certainly encouraging for an economy that needed to get moving again. Business is good for the American people. 
 
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