Six Months Later: Tax Reform Delivers An Economic Resurgence

There’s never been a better time to hire in America, to invest in America, and to start living the American Dream.

BOOMING ECONOMY: Just 6 months after President Donald J. Trump signed the Tax Cuts and Jobs Act into law, the American economy is booming and confidence is soaring.

• President Trump’s tax cuts have revitalized the American economy, with 54 percent of Americans now rating the economy as good or excellent, the highest ever recorded by CNBC.

• Businesses are bringing money held overseas back to the United States.

  • In the first quarter of 2018, more than $300 billion was repatriated back to the United States, setting a new record high, according to the Bureau of Economic Analysis (BEA).

• Optimism among employers has reached historic highs in the 6 months since the tax cuts.

  • Manufacturer optimism has reached its highest level in the 20-year history of the National Association of Manufacturers survey.

  • Small business optimism stands at its second-highest level on record since the National Federation of Independent Business began its survey 45 years ago.

• The economy looks poised to continue its winning streak, with many economists expecting second quarter GDP growth to exceed 4 percent.

A WIN FOR AMERICAN WORKERS AND FAMILIES: American workers and families have seen some of the biggest benefits from President Trump’s tax cuts.

• Americans are seeing more money in their paychecks following President Trump’s cuts.

  • More than 6 million American workers have received a bonus as a result of the tax cuts.

  • In the first 3 months of 2018, nominal hourly compensation for workers grew at its fastest rate in at least a decade.

• Nearly two-thirds of Americans believe now is a good time to find a quality job, according to Gallup.

• The unemployment rate has fallen to 3.8 percent, matching the lowest level in nearly 50 years.

• Job openings reached a record high of 6.7 million in April 2018, topping the number of job seekers for the first time on record.

• Families are benefiting from lower utility bills, as 30 million Americans in at least 30 states have had their utility bills cut as a result of the tax cuts.

• American workers can expect to see even more gains moving forward, as employers plan to hire more workers and boost compensation according to recent surveys.

CRITICS’ PREDICTIONS FALL FLAT: The positive results of President Trump’s tax cuts are proving the alarmist opponents flat-out wrong.

• The dire predictions by critics of the Tax Cuts and Jobs Act simply do not match up with the incredible results seen over the last 6 months.

• House Minority Leader Nancy Pelosi (D-CA) referred to the bill to “Armageddon.”

• Senate Minority Leader Chuck Schumer (D-NY) claimed, “what has been sold as a job creator and wage booster will, of course, do little of either.”

• The day after President Trump’s election, the liberal columnist and economist Paul Krugman said, “we are very probably looking at a global recession, with no end in sight.”