15
Apr
2019
WASHINGTON DC (April 15, 2019) —
- Americans continue to see and feel the benefits of the Tax Cuts and Jobs Act.
- American workers and a market-economy succeed when crushing regulation is replaced with smart regulation.
- The Tax Cuts and Jobs Act cut taxes for households in every state and in every congressional-district across the country.
- The typical family of four earning the 2017 median family-income of about $76,000 received a tax-cut of $2,149.
- The liberal Tax Policy Center confirms that 90 percent of middle-class Americans were estimated to receive a tax-cut.
- The Tax Cuts and Jobs Act makes the tax-code more progressive, despite erroneous Democrat claims to the contrary.
JOBS: Then and Now
- Monthly job-gains were 110,000 during the Obama administration; job-growth has averaged 199,000 during the Trump administration; and 215,000 since the enactment of tax-reform.
- 5.4 million jobs were created since January 2017, with more than half of that job creation occurring since the enactment of tax-reform.
- On average 3,600 manufacturing jobs were lost during the Obama administration. By contrast, manufacturing job gains have averaged 16,900 since the enactment of tax-reform.
UNEMPLOYMENT: Then and Now
- The unemployment-rate averaged 7.4% during the Obama administration; 4.1% during the Trump administration; and 3.9% since the enactment of tax-reform.
- The unemployment-rate for Hispanic or Latino workers averaged 9.4% during the Obama administration; 4.9% during the Trump administration; and 4.7% since the enactment of tax-reform — it hit a record low in February.
- The unemployment-rate for African American workers averaged 12.8% during the Obama administration; 7.0% during the Trump administration and 6.6% since the enactment of tax-reform.
- Beginning in April of last year, the number of job-openings in the national economy has exceeded the number of unemployed Americans.
INCOME: Then and Now
- Annualized growth in disposable (after-tax) personal-income averaged 2.5% during the Obama administration; 3.2% during the Trump administration; and 3.5% since the enactment of tax-reform.
- Annualized growth in disposable personal-income per capita averaged 1.8% during the Obama administration; 3.1% during the Trump administration; and 4.0% since the enactment of tax-reform.
- In 2017, the latest year of data-availability, inflation-adjusted median household-income and median family-income each stood at all-time highs.
COMPENSATION AND WAGES: Then and Now
- Annualized growth in inflation-adjusted compensation, measured by the Employment Cost Index averaged 0.5% during the Obama administration; 0.9% during the Trump administration; and 1.0% since the enactment of tax-reform.
- Annualized growth in inflation-adjusted average hourly-earnings of production and nonsupervisory employees averaged 0.6% during the Obama administration; 1.2% during the Trump administration and 1.7% since the enactment of tax-reform.
- Annualized growth in inflation-adjusted median weekly-earnings of wage and salary-workers averaged 0.4% during the Obama administration; 0.9% during the Trump administration; and 2.9% since the enactment of tax reform.
GDP AND INVESTMENT: Then and Now
- Annualized growth in the inflation-adjusted gross domestic product (GDP) averaged 1.9% under the Obama administration; 2.7% during the Trump administration; and 3.0% since the enactment of tax-reform.
- Growth in inflation-adjusted private business investment averaged 3.6% during the Obama administration; 6.7% during the Trump administration; and 7.0% since the enactment of tax reform.
