The U.S. Labor Department released another strong employment report today. It showed that non-farm payrolls expanded by 223,000, far exceeding expectations of most economists. The unemployment rate dropped to 3.8%, the lowest since April of 2000. For African Americans, the unemployment rate was the lowest on record, at 5.9%.
After many years of losses, manufacturing jobs have made a comeback under President Trump. This trend continued in May with 18,000 new manufacturing jobs reported. There were also solid gains in healthcare with over 31,000 new jobs and in the construction sector, which added 25,000 new jobs in May. Because of the expanding opportunities for full time employment, the number of people forced to work part-time decreased by 37,000 in May.
It was also encouraging that this growth has been focused on the private sector instead of the public sector. Under President Trump, the federal workforce has actually been trimmed by 24,000 jobs. Although it is only a small decrease in a bureaucracy that includes almost 2.8 million workers, it is a step in the right direction.
In May, not only did the number of jobs increase significantly, but wages also showed solid growth of 2.7%, a marked improvement in a category that has been stagnant for many years. While employment expands, the inflation rate is modest and interest rates remain relatively low by historical standards.
With a booming economy there are more opportunities for Americans to find employment, thus the need for government assistance has declined. In the first year of the Trump presidency, the number of Americans receiving food stamps declined by over two million.This trend should continue as the significant impact of the tax cuts is realized in the months ahead.
With all of these factors creating upbeat economic conditions, it is no surprise that consumer confidence ratings have increased significantly. Stock market investors have also enjoyed over a 20% increase in value since the inauguration of President Trump. Although there have been some recent declines in the stock market, the overall direction has been very positive in the last 16 months.
With a focus on slashing needless federal regulations and cutting personal and corporate tax rates, President Trump has created a very conducive environment for economic growth. Unfortunately for Democrats, all of these good economic news reports will not help their deranged anti-Trump party win back control of Congress this fall.
Americans should realize that Democrats will push for the impeachment of President Trump if they gain the 23 seats necessary to take back control of the House of Representatives. This intense hatred of the President will hopefully be rejected by American voters who are much more concerned about the economy than fictitious stories of “Russian collusion.”
In recent months, the polling trends have been moving in the direction of the Republican Party. In generic ballot questions in which voters are asked which party they would like to see control Congress, the advantage for the Democrats has almost disappeared. According to the Real Clear Politics average, the Democratic Party’s lead has decreased to 3.2% from a high of 13% last December.
If Democrats want to reverse this trend, they should tell Congresswoman Nancy Pelosi (D-CA) to finally retire and pick a new prospective House Speaker. Pelosi is toxic and Republican congressional candidates are able to raise plenty of campaign funds and support by running against her.
Pelosi has made many idiotic comments, but none as egregious as denigrating the impact of the tax cuts. According to Americans for Tax Reform, the “Trump tax reform” incentivized 571 corporations to issue bonuses, pay raises and increases in 401(k) payments. This has impacted over 4 million Americans and the number is growing on a daily basis.
Instead of praising these corporations for sharing their tax cut bonanza with their employees, Pelosi attacked them. She said the corporate bonuses were “crumbs,” only distributed in a “pathetic” attempt to “schmooze” workers. These comments perfectly exposed her elitism and her lack of empathy and understanding for working class Americans. Pelosi is an ultra-wealthy liberal politician who has nothing in common with hard working Americans trying to provide for their families.
If Pelosi becomes House Speaker again, it will be terrible news for the country. She will reverse the positive economic trends, by supporting typical Democratic Party “tax and spend” policies. She will also allow impeachment hearings to begin and plunge the country into an even greater political divide.
Let’s hope and pray Americans understand the damage that Nancy Pelosi will cause if she becomes House Speaker again. The only way to prevent such a calamity is to make sure Republicans retain control of the U.S. House of Representatives this fall. No matter how much House Republicans disappoint conservatives on a regular basis, they are modern-day Founding Fathers compared to Nancy Pelosi and her band of unhinged Democrats, who continue to be afflicted with a severe case of Trump derangement syndrom