Elaine Parker: Our New, Prosperous Economic Normal

Survey: Businesses added just 135,000 jobs in September
AP Photo/LM Otero

Elaine Parker of Job Creators Network writes in the Orange County Register that economic prosperity has become the new normal for the country, in sharp contrast to just a few years ago:

The difference between economic conditions now and a few years ago is stark. Since the 2016 election, the unemployment rate has dropped to a five decade low. Year-over-year monthly wage growth consistently surpasses three percent with blue-collar earnings rising faster than those of their managers. And the tight job market is encouraging more Americans to enter the labor force.

. . .

According to Gallup, nearly two-thirds say they are better off now than three years ago. Among election cycles with an incumbent president on the ticket, the indicator has hit a three-decade peak. Optimism for the future is also strong. 74 percent of Americans believe their personal finances will continue improving in 2020—a record high.

The new economic “normal” is welcomed. The Great Recession was followed by years of misguided federal policy that suppressed economic growth and financial security. Small businesses were particularly affected as their comparably modest budgets were less able to absorb shocks to labor costs, consumer demand changes and a growing regulatory burden. Prior to the passage of the Tax Cuts and Jobs Act in 2017, these businesses were also subject to higher tax rates.

Read the rest of the article here.

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