90 Miles From Tyranny : How a Record-Breaking Economy Is Helping Those Who Need It Most

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Thursday, July 11, 2019

How a Record-Breaking Economy Is Helping Those Who Need It Most

The U.S. economy is in the midst of the longest economic expansion in our history—more than 10 years of consecutive growth.

The climb out of the Great Recession has been prolonged and strengthened by pro-growth policies, such as tax cuts and deregulation.

Rolling back those reforms or burdening workers with new restrictions would present the biggest threats to continued prosperity for American workers.

The strong U.S. economy continues to offer new opportunities to people who have historically been left behind.

Average wages have grown above 3% for 10 straight months—twice as fast as inflation. And since the tax cuts of 2017, wage growth for the poorest 25% of workers has reached post-recession highs of 4.4%.

In the most recent data from the Federal Reserve Bank of Atlanta, the highest-income workers’ wages are growing at a more modest rate, more than a percentage point lower than those of low-wage workers.

June’s unemployment rate remains close to its 50-year low at 3.7%, and the 224,000 jobs created last month is more than double the number needed to keep pace with population growth and demographic change.

For Americans who want a job, they are readily available. June’s employment numbers were particularly good for African Americans, with the rate dropping to 6%, nearing the historic 2018 low of 5.9%. Women, Hispanics, and workers without a college degree are seeing similar trends.

Previously unemployed Hispanic and black working-age women are finding jobs faster than any other demographic group.

Washington politicians don’t have the ability to create jobs or long-run opportunity. When they try, they most often fail. However, as we are seeing today, when Washington takes even a small step back, businesses thrive, and the prosperity is shared with working Americans.

On the other hand, proposals such as a national $15-an-hour minimum wage could wipe out close to all the jobs gains over the past year, according to...

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