By Congressman Tom Cole
Our economy is witnessing an exciting change that is affecting millions. With thousands of new jobs and a reformed, working tax system, Americans everywhere are benefitting from the recent economic boost that is bound to deliver continued long-term results. But in just a few short months, our nation’s economy has seen the immediate effects of healthy economic and tax policies.
Since President Trump was elected, the stock market has displayed enormous confidence and has repeatedly closed at record numbers. Coupled with the initiative to bring American businesses back to U.S. soil and the enactment of the Tax Cut and Jobs Act, confidence has been restored to both the investor and the consumer. These factors have contributed to the domino effect of jobs creation, corporate investment, increased spending and American business growth.
The Tax Cuts and Jobs Act has been a pinnacle achievement of this Congress and this Administration. Many of its reforms have produced positive results in the economy. Not only has this new tax system allowed for businesses to thrive, but it has also helped millions of Americans with awarded bonuses and expanded employee benefits at hundreds of companies, both large and small. And all Americans will continue to reap the compounding benefits of this historic tax reform.
While many businesses and large corporations have exhibited confidence in the American economy, the American consumer has restored faith as well. Consumer confidence reached a record high in May – meaning Americans feel good about the state of current economic conditions. High consumer confidence leads to more spending and propels economic growth. Higher confidence in businesses as well allows for increased investments and jobs creation.
For the first time since 1969, the unemployment rate fell to 3.8% in May of this year. Additionally, in May, the U.S. economy added 223,000 jobs. There are now more job openings than there are job seekers. Since the Tax Cuts and Jobs Act was enacted, more than one million jobs have been created. With assuring numbers like the ones seen from this month’s unemployment and jobs data, the labor market is good shape. More jobs for more Americans will lead to more economic productivity and commerce.
Record numbers in unemployment and job creation are a promising sign that this trend will continue to grow. There is no doubt our economy is experiencing robust economic growth and opportunity that will set the course for our combined success as a nation in the long-run. May was a month of welcome news for the economy. Our country is undoubtedly on a promising path back to financial stability and prosperity.
