More Good Reviews for the Economy

Out this morning: Two more indications that confidence is back for American businesses and workers. First, the latest Wells Fargo/Gallup Small Business Index registered record high optimism among small business owners, buoyed by high cash flow and positive views of current finances. Especially noteworthy, “35% of owners expect that the number of jobs at their business will increase over the next year, the second-highest reading on this measure in the history of the index.”

Additionally, the monthly Job Openings and Labor Turnover Survey from the Department of Labor showed open jobs hitting 6.662 million in June. The quits rate, a measure of workers voluntarily leaving jobs for new opportunities, “held at the highest in this expansion which shows the confidence that job hoppers have in finding both a new job and higher wages elsewhere,” an investment officer noted.

Editorials we’ve been reading: In the past week, several papers have editorialized on the undeniable economic strength we’re seeing—strength ushered in by Republican policies.

Here are a few excerpts from around the country:

Chicago Tribune: This Is What a Booming Economy Feels Like

“Jobs mean everything to the nation’s sense of well-being. Opportunity offers fulfillment; paychecks create prosperity. Do you feel better about your prospects? You should. The economy is booming.

“But why can’t the growth continue, and accelerate? During much of the 2009-to-present expansion, with President Barack Obama in office, growth trundled along at about 2 percent. President Donald Trump took office saying he wanted to goose the sustained growth rate to 3 percent. He and the Republican-led Congress cut taxes to put money in the pockets of consumers and give businesses an incentive to invest and hire. Both are happening. The Trump administration also is focused on reducing regulatory red tape as an additional inducement to companies to bet on their future.

“Businesses are reacting to those policy changes: Their confidence leads to more investment, which adds jobs and spurs gross domestic product growth. On and on may it go.”

Full piece here.

Boston Herald: So Far So Good on Economy

“Americans are spending their tax cuts and businesses are unrestrained by the burdensome regulations that hindered their growth potential for years. The president is pro-business to the core. There is no doubt about that and it is fair to speculate that his enthusiasm gooses the morale of those in business and finance.”

Full piece here.

Carteret County News-Times: The Economy Rolls

“We dismiss the feeling that we should feel sorry for Democrats who simply can’t accept reality—really good economic news—because they won’t admit that the guy they didn’t vote for is getting something right.”

Full piece here.

Investor’s Business Daily: Trump’s Supply-Side Tax Cuts, Deregulation Vindicated by Big GDP Jump

“And remember this: Business investment grew at a 7.3% annual pace for the quarter, in large part due to corporate tax cuts that have made it profitable for businesses to invest in the U.S. again. Consumer spending, likewise, rose 4% as consumers also had more money in their pockets from tax cuts.”

Full piece here.

Article source: https://www.speaker.gov/general/more-good-reviews-economy

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