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Tribune News Service
REMEMBER the start to Donald Trump's presidency? Feels like a million years ago, and a million news cycles, we know. But on January 23, 2017, his first work day in office, Trump made it clear that his Job One would be boosting economic growth. The president said he wanted to reduce the corporate tax rate and relieve the burden of federal regulation. Good, we wrote at the time:"Those are the kinds of moves that encourage companies to invest more and add jobs."
Trump and the Republican-controlled Congress did their part by cutting red tape and passing tax reform. The economy is responding. Actually, it's booming in a way Americans haven't experienced in years. The business climate looks great and employers are hiring, and paying more. These are terrific times for American workers.
According to Friday's Labor Department report, employers added 250,000 jobs in October, a far higher number than economists expected. The unemployment rate held at 3.7 percent, a figure not seen in nearly 50 years. With more job openings across the country than job seekers, wages are rising: Average earnings increased 3.1 percent from a year earlier. Congrats if you got a raise.
The jobless rate would have dropped, except that the participation rate is higher, meaning some people who previously gave up looking for work re-entered the job market. Meanwhile, the unemployment rate for Hispanics hit a record low 4.4 percent. It was near a record low for African-Americans at 6.2 percent.
Employers are hiring for a reason: The business climate is exceptionally strong. Growth last quarter was 3.5 percent, significantly higher than the 2 percent average of the past decade.
Tuesday's midterm elections will be decided on many issues, and influenced by the totality of Trump's chaotic, divisive leadership. But it's undeniable the president and Congress get credit for this era of healthy job growth. This is why we endorsed several Illinois Republicans seeking re-election to the US House, including Representative Peter Roskam in the 6th Congressional District and Representative Randy Hultgren in the 14th District. They supported tax reform. Roskam was one of the architects.
There are plenty of measures of American satisfaction and security, but having a job is fundamentally important. Growth creates prosperity. And by the way, employees pay taxes. Sustaining this growth is the only option besides higher taxes for generating government revenue to help reduce the national debt of $21 trillion. That revenue also will help pay for tax reform, which fixed the outdated tax code.
In other words, everything positive starts with jobs.
