Economic progress continues across US
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.
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>.