After eight years of sluggish recovery, America is once again hitting its stride. And while it’s early to begin crediting President Donald Trump with kickstarting the economy, it’s not to early to lay the blame for those long years of stagnation directly at the feet of Mr. Barack Obama.
According to the latest numbers from the federal government, American employers added another 211,000 jobs to the marketplace last month, bringing the unemployment rate down to 4.4% – it’s lowest mark since May of 2007. Conservatives have spent much of the last four years insisting that the unemployment rate is not the end-all-be-all when it comes to telling the true story of the economy, but this is a positive sign no matter who occupies the White House.
Not only was this a huge leap over the lackluster growth of the Obama years, it was a nice jump over March, when less than 80,000 jobs were added to the economy. And while we’re still waiting for reports that show us the GDP is growing at a faster rate – last quarter’s 0.7% growth rate was lamentable at best – the job report combined with the continued good news on Wall Street should give Americans the confidence they need to really get out there and participate.
Trump’s Secretary of Labor, Alexander Acosta, said that there were signs everywhere that the U.S. was on the verge of a major economic breakthrough.
“This steady and sustained increase in job creation equals new paychecks for American workers and income for American families,” Acosta said. “Nonetheless, we have challenges ahead as we continue to focus on job growth, on bridging the skills gap and on expanding opportunity for all Americans.”
All of these numbers could improve greatly as Republicans make good on their promise to repeal and replace Obamacare. If the final bill on President Trump’s desk resembles the one that just passed the House, it could relieve the American people of more than a trillion dollars in burdensome taxation. If that doesn’t stimulate the economy, nothing will.
Trump and the Republicans want to directly go after tax reform next, which will be a much more difficult sell than healthcare. With taxes, they’re going to need at least a little bit of help from the Democrats. Still, if they can put together a package that can clear the Senate, Trump could actually make good on his 4% growth plan and we could see a whole new day in American prosperity.