Another Tax Reform Win: Jobs Report Trumps Predictions

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Posted by Olivia Grady on Friday, June 1st, 2018, 2:24 PM PERMALINK

Today, the Bureau of Labor Statistics released its monthly labor report for the month of May. 

The jobs report was a resounding victory for tax reform and free market policies (Even the New York Times had a positive article about the jobs report!).

The economy in May added an astounding 223,000 jobs, much higher than the 190,000 jobs that Wall Street economists predicted. It also extended the record for the longest continuous jobs expansion.

As a result of these numbers, the unemployment rate fell again to 3.8%, the lowest since early 2000. Average earnings also rose by 8 cents an hour, increasing average earnings by 2.7% over the past year.

Further, the unemployment rate for women in May was the lowest at 3.6% since 1953. Also, unemployment rates for blacks and Latinos are near record lows. Teenagers and those without high-school diplomas are finding jobs as well.

Simply put, the economy is booming.

American workers can thank the Trump Administration and Congressional Republicans for this good news. Because of tax reform and free market policies, Americans are better off today than they were when President Donald Trump was elected.

Americans today have more job opportunities, better paying jobs, and higher take home pay from lower taxes.

In fact, 90% of wage earners have higher take home pay because of the Tax Cuts and Jobs Act. More than 4 million Americans have received pay raises, bonuses, and other benefits since the bill’s passage. In addition, pension plan contributions increased in 2017. Finally, utilities are lowering their rates.

President Trump and Congressional Republicans have kept their promises to the American people. 

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