"Bullseye" is the word that comes to mind when reading an editorial published today by Brian Brenberg, the chairman of King's College Business and Finance program and a professor of business and economics. Brenberg hits the nail on the head about the economy's strong performance and the left's repeatedly erroneous predictions regarding the economy. Here's a great excerpt:
The U-3 rate--the standard unemployment measurement--is now at its lowest point in 50 years. Unemployment hasn't been this low since 1969. Wages continued to grow at the 3.2% clip, markedly higher than they ever grew under Obama. Hispanic unemployment is at an all-time low. Ditto for female unemployment. Black unemployment remains lower than it ever was under Obama. And on and on we could go.
Not surprisingly, job growth has remained strong: According to the April jobs report, the U.S. economy added a staggering 263,000 jobs and the unemployment rate fell to 3.6 percent—more than the “experts” predicted. Thanks to the strong hiring, wages are growing roughly twice as fast as inflation, translating into more money in workers’ pockets. And small business confidence remains at near-record levels not seen in well over a decade.
Add it all up and it’s the strongest economic picture we’ve seen in more than a decade. And it’s left the gloom-and-doom prophets scratching their heads.
Here’s what they’re getting wrong: critics of the president’s economic policies—and especially his tax cuts—assume that cutting taxes for businesses and individuals has been nothing more than a cash grab for the rich. They believe that now that greedy corporations and the rich have gotten their money, they’ll stuff it under the mattress and the economic boom will soon be over.
Political promises are cheap, but the numbers we’re seeing this economy put up don’t lie. And if they continue, they’re certain to get the attention of voters in the next election.
What’s actually happening is that lower taxes—for individuals and businesses—and reduced regulations have reshaped our economic landscape, making it more hospitable for the kind of long-term investment that creates jobs and pushes up wages. Reducing regulatory red tape has made it easier to start and grow a business and lowering taxes has created an incentive to invest in new equipment, expand facilities, and hire new employees. That's why job growth numbers continue to be so strong; that's why wages are rising; that's why the economy is growing faster, and that's why small business confidence has remained so strong.
Tax and regulatory reform over the past two years aren’t a "sugar high," as the critics claim. They’re a long overdue meal of pro-growth policy that has translated into a healthier economy. (Brian Brenberg: This is the strongest economy we’ve seen in a decade, America (that’s bad news for socialists))
Add it all up and it’s the strongest economic picture we’ve seen in more than a decade. And it’s left the gloom-and-doom prophets scratching their heads.
Here’s what they’re getting wrong: critics of the president’s economic policies—and especially his tax cuts—assume that cutting taxes for businesses and individuals has been nothing more than a cash grab for the rich. They believe that now that greedy corporations and the rich have gotten their money, they’ll stuff it under the mattress and the economic boom will soon be over.
Political promises are cheap, but the numbers we’re seeing this economy put up don’t lie. And if they continue, they’re certain to get the attention of voters in the next election.
What’s actually happening is that lower taxes—for individuals and businesses—and reduced regulations have reshaped our economic landscape, making it more hospitable for the kind of long-term investment that creates jobs and pushes up wages. Reducing regulatory red tape has made it easier to start and grow a business and lowering taxes has created an incentive to invest in new equipment, expand facilities, and hire new employees. That's why job growth numbers continue to be so strong; that's why wages are rising; that's why the economy is growing faster, and that's why small business confidence has remained so strong.
Tax and regulatory reform over the past two years aren’t a "sugar high," as the critics claim. They’re a long overdue meal of pro-growth policy that has translated into a healthier economy. (Brian Brenberg: This is the strongest economy we’ve seen in a decade, America (that’s bad news for socialists))
The U-3 rate--the standard unemployment measurement--is now at its lowest point in 50 years. Unemployment hasn't been this low since 1969. Wages continued to grow at the 3.2% clip, markedly higher than they ever grew under Obama. Hispanic unemployment is at an all-time low. Ditto for female unemployment. Black unemployment remains lower than it ever was under Obama. And on and on we could go.
