Two Years Later: Historic Tax Reform Continues to Spur Strong Economic and Job Growth
The Tax Cuts and Jobs Act lowered tax rates for everyone while making American businesses more competitive
Washington, D.C. - U.S. Senator Pat Toomey (R-Pa.) issued the following statement as we approach the two year anniversary of the enactment of the Tax Cuts and Jobs Act:
"Our economy is the strongest it has been in my lifetime. Unemployment is at a 50-year low, wage growth is accelerating for low-income Americans, and for the first time in our nation's history, there are more jobs than people seeking work. This economic boom can be attributed, in large part, to the historic, pro-growth tax reform enacted by congressional Republicans and President Trump. By cutting tax rates for everyone, simplifying the code, and making the business tax code more globally competitive, the Tax Cuts and Jobs Act has turbocharged America's economy.
"I will continue to advocate for pro-growth policies, like the Tax Cuts and Jobs Act, that expand opportunity for all Americans and increase the standard of living in Pennsylvania and across the country."
Statistical Snapshot: The American Economy is Booming
- Total job openings have exceeded number of unemployed for 19 straight months
- o Currently, there are 1.2 million more job openings than there are unemployed individuals.
- The jobs expansion is the longest on record at 110 months
- Average hourly earnings have grown at 3.2% on a monthly since the TCJA was passed.
- Earlier this year, they grew at their fastest rate in a decade.
- Earnings growth has been even faster for nonsupervisory workers, and are currently growing at a 3.7% pace.
- Among G7 countries, U.S. had by far greatest real GDP growth in 2018 at 2.9%