The Department of Labor’s latest jobs report greatly surpassed expectations with 266,000 jobs added – far above the 180,000 expected by analysts. But the good news didn’t stop there.
December 9, 2019
Historic Jobs Report Further Validates Success of Tax Reform
The Department of Labor’s latest jobs report greatly surpassed expectations with 266,000 jobs added – far above the 180,000 expected by analysts. But the good news didn’t stop there.
The unemployment rate dropped to its lowest level in 50 years at 3.5 percent, and average hourly earnings increased by 0.2 percent. That’s a year-over-year gain of 3.1 percent.
According to CNBC’s Mad Money host Jim Cramer, “These are the best numbers of our lives.”
The booming American economy has been driven in large part due to historic tax reform passed by Republicans in 2017. The legislation provided middle-class families with their first tax cuts in three decades, and reduced the corporate tax rate to make American businesses more competitive around the world.
At the time of its passage, Democrats denounced the tax cuts as “Armageddon.” Several leading Democratic presidential candidates have even proposed repealing the tax cuts to fund their multi-trillion dollar agenda.