US needs more people to sustain growth

The American Press

The latest 10-year economic outlook looks promising, but as the economy picks up the United States will need more people to fill jobs, or economic growth may become a stagnant 1.9 percent, according to the Congressional Budget Office.

“CBO’s economic forecast–which underlies its budget projections-indicates that, under current law, the economy will expand through 2018 at a pace that leads to further tightening of the labor market,” an agency spokesman said. “Greater demand for workers will put downward pressure on the unemployment rate and upward pressure on the rate of labor force participation.”

That would cause a slow rate of annual output growth and a slow economy constrained by a relatively slow increase in the size of the nation’s labor force.

CBO also projected growth in federal spending for retirement and health care programs targeted to older people and to rising interest payments on the government’s debt, accompanied by only moderate growth in revenue collections.

“Those accumulating deficits would drive up debt held by the public from its already high level to its highest percentage of gross domestic product (GD)) since shortly after World War II,” the spokesman said.

Of course the CBO’s projections are dependent on laws staying relatively the same. President Trump, however, has an aggressive pro-growth tax and business agenda that he his trying to get Congress to enact.

According to President Trump’s plan, the plan starts with pro-growth tax reform to help American workers and businesses keep more of their hard-earned dollars. The President’s plan will lower rates for Americans in every tax bracket, simplify the tax code, and reduce the U.S. corporate tax rate, which is one of the highest in the world. He has also started an aggressive effort with presidential actions to cut federal regulations that have long be a strangling American small business. In 2015 alone, federal regulations cost the American economy more that $2 trillion in 2015 alone.

The nation also needs to increase its birth rate if the population is to keep up with the economic growth. It was recently reported in 2016, the number of U.S. births totaled 3,941,109, a decline of one percent compared to 2015. The fertility rate of 62 births per 1,000 women is a record low for the nation. If our country is going to continue to grow and prosper, Congress needs to get busy and enact President Trump’s pro-growth agenda and encourage an increase in the fertility rate.

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