Economic progress continues across US

The American Press

The jobs report released by the U.S. Bureau of Labor Statistics on Friday, shows the economic progress the national economy is enjoying is real and continuing.

The unemployment rate held firm at a 50-year low of 3.7 percent in October, and 250,000 new jobs were created by a growing economy. Economist had forecast 200,000 new jobs, so the extra 50,000 was indeed good news.

There was also good news about wage growth, with a 3.1 percent raise for America’s workers, which translates to an average $27.50 hourly pay rate.

Manufacturers added an impressive 32,000 jobs in a sector that was once thought to be in permanent decline. Health care led the job gains with 46,000; leisure and hospitality, 42,000; professional and business services, 35,000; and transportation and warehousing 25,000.

It was also good news that more workers are re-entering the now vibrant labor market, with those looking for jobs rising from 62.7 to 62.9 percent, which is the highest since July.

With such great economic progress being reported, this would be a good time for Congress to bring the national economy to the next level by passing the package of bills called "Tax Reform 2.0" Act. The reform bills have been passed by the House of Representatives are now in the Senate for consideration.

This would build on the Tax Cut and Jobs Act that his been so successful in boosting the economy.

The non-partisan government watchdog group Citizens Against Government Waste said one of the bills, H.R. 6757, the Family Savings Act of 2018, would created small universal savings accounts where individuals could contribute up to $2,500 into the accounts on an annual basis.

"This best part: any withdrawals from these accounts would be tax free," according to CAGW. "H.R. 6757 would also encourage retirement savings by making a number of reforms to existing retirement accounts. These changes include removing the prohibition that prevents individuals who have reached age 70 and one-half, from contributing to traditional Individual Retirement Accounts."

This is no time to sit on our laurels. Passing Tax Reform 2.0 should be a high priority for Congress, without further delay.

<hr />

This editorial was written by a member of the <em>American Press</em> Editorial Board. Its content reflects the collaborative opinion of the Board, whose members include <strong>Crystal Stevenson</strong>, <strong>John Guidroz</strong>, retired editor <strong>Jim Beam</strong> and retired staff writer <strong>Mike Jones</strong>.””Growing Economy

Local News

Jeff Davis School Board approves one-time pay supplement

Crime

15-minute deliberation before Vernon man convicted of recruiting prostitutes

Crime

Kinder man convicted in double homicide

Crime

10/22: Calcasieu Parish Sheriff announces arrest list

Local News

More than 500 vehicles expected at Last Resort car show

Local News

SW La. nightlife calendar: Here’s what’s happening

Local News

It’s Spooktacular: Coats for Kids kickoff Oct. 29

Crime

DeRidder man convicted of kidnapping will be resentenced on drug charges

high-school Football

Dragons return home to face Bolton

Local News

Happy Halloween: Your thrill guide to fall fests and all kinds of frightening fun

Local News

Katie Daniel: Favorite thing about teaching art is seeing imaginations on display

Local News

Parents given quarantine option in Jeff Davis

Local News

Calcasieu wants nearly $4 billion more in relief funds

Local News

Photo Gallery: McNeese Homecoming Parade

Business News

AT&T expanding footprint in Lake Charles

Business News

Metalplate Galvanizing asks Jeff Davis School Board for tax exemption

Local News

Monoclonal antibody community-based treatment sites open

Crime

Driver in Moss Bluff hit-and-run sought

Jim Beam

Jim Beam column:Some past history helps

Local News

Doctor: COVID cases improving, but region still at risk

Local News

Mayor: Laura left behind 300-400 condemned commercial buildings

Local News

Remaining animals will not be euthanized while shelter temporarily closed

Crime

Leesville man will be resentenced in robbery

Crime

Elton man accused of arson attempt