Our economy is the strongest in the world, but the rate of growth is slowing a little. (Perhaps the economy would be doing better if Democrats were more interested in passing the USMCA trade deal, signed by leaders of all three nations last November, than in endless investigations. Mexico’s government approved the deal in June. It’s approval in Canada is being held up because Canadian politicians are on summer vacation. In the U.S., Pelosi won’t allow debate on the issue.)
Since President Trump took office, the number of employed has increased by 5.8 million. The unemployment rate, especially for blacks and Hispanics, is at or near record lows. Year-over-year wage increases have been 3 percent or greater for 13 months in a row. Wages for workers are increasing faster than wages for managers. On top of that, even according to the liberal Tax Policy Center, the Trump tax cuts were the equivalent of a 1.4 percent raise (average $800) for average wage earners ($49-86k).
There is still much work to be done. The latest BLS’s JOLT’s report said there were still 7.3 million unfilled job openings at the end of June. More people must get off the couch, get some training if necessary, and take some of these jobs. The Labor Force Participation Rate (LFPR) was as high as 66.4 in the months prior to the start of the recession. It dropped to an abysmal 62.4 in September 2015. It had climbed to 62.9 when President Trump took office and is currently 63.2.
Since August 2007, the Civilian Noninstitutional Population (number of people over 16) has increased by 27 million while the labor force (total of employed and unemployed) has increased by only 11 million. Since August 2007 the number of adults not in the labor force has increased by 16.6 million. Every 1 percent increase in the LFPR means 2.6 million more people are available to take the unfilled job openings. What needs to be done? I doubt that ever increasing amounts of free stuff, funded by more debt, will motivate many to join the labor force.
PS. Thank you President Trump for demanding that China quit stealing our intellectual property. A little pain now will provide big benefits for our children and grandchildren.