For the First time since the Great Recession in 2008 lower-end earners are getting greater benefits than higher-end earners. According to the Bureau of Labor statistics earnings rose by 3.4%, which marked the seventh consecutive month that saw earnings increase by 3% or more. This solid growth across income levels is an excellent indicator that our Economy is thriving. CNBC’s Jeff Cox even said that this wage trend could prove that our economy will be able to maintain the growth seen in 2018.
Our economy is not only prospering domestically, but globally as well. The Tax Cuts and Jobs Act has helped the American economy a force to be reckoned with. Thanks to the reduction of the corporate tax rate the American economy has become the most competitive economy in the world. GDP growth went up 3.1% in 2018, wages grew by 3.4%, and unemployment is at its lowest point in the past 50 years.
Many members of Congress are optimistic about the sustainability of this economic surge, despite the Democrats harping on the shortcomings of the TCJA during this week’s House Ways and Means Committee hearing. Representative Kevin Brady is insistent that this economic growth is not the precursor to a slowdown, disregarding the recent assertion that it is nothing more than a “sugar high”.
Tax reform has offered an incredible boost to our economy. Thanks to the TCJA business is booming, and there is no end in sight.