Thanks to Republican economic policies like tax cuts and deregulation, there has never been a better time to find a new job in this country. The jobs report today shows that an impressive 250,000 jobs were created last month, keeping the national unemployment rate at 3.7 percent, marking the lowest level in 49 years. Historically low unemployment extends to all demographics, including minorities and women.
At this level, almost no one in the country needs to go to bed wondering if they are going to be able to provide for their families. This economic peace of mind is unique to the United States. Combined with the fastest wage and stock market growth in a decade, there is unprecedented opportunity for ordinary families to achieve the American dream.
This is the prosperity that is on the ballot next Tuesday. A vote for Republicans is a vote to continue building on this great economic momentum. A vote for Democrats is a vote to throw sand in its gears. Democrats and their media allies have desperately tried to explain away the booming economy. They repeat the talking point about “stagnant” wages. Nancy PelosiNancy PelosiRepublicans caught in California's recall trap Raise the debt limit while starting to fix the budget 'Justice for J6' organizer calls on demonstrators to respect law enforcement MORE has remarked that low unemployment means nothing because of this. Yet wage growth has no doubt been strong, as average hourly wages grew by 3.1 percent over the last year.
This wage growth is especially impressive when you consider that the new entrants to the labor force, which are those represented by the 24 percent drop in the unemployment rate from 4.9 percent to 3.7 percent under President TrumpDonald TrumpKinzinger says Trump 'winning' because so many Republicans 'have remained silent' Our remote warfare counterterrorism strategy is more risk than reward Far-right rally draws small crowd, large police presence at Capitol MORE, are largely less skilled workers. This top line wage growth figure actually understates true wage growth this year because it is a pretax measure, meaning it does not account for the tax cuts that are putting about $2,000 back into the pockets of ordinary families.
Other Democrats have claimed that the roaring labor market is merely the extension of a trend that began under President Obama. “Just remember when this economic recovery started,” he said this year. But a close look at the data shows that, on nearly every economic indicator, from private sector investment to unemployment rates to business creation, there was a clear inflection point after President Trump was elected.
Consider economic growth, arguably the most important indicator of living standards. Last week, the Commerce Department announced that economic growth in the third quarter was 3.5 percent. This follows second quarter economic growth of 4.2 percent. The country is now on pace to grow by more than 3 percent for the first time since 2005. Leading Democrats, including Larry Summers, said this level of growth could not be attained. It is true that it cannot under Democratic policies.
Reflecting this strong economy, the stock market is up an incredible 30 percent since Trump was elected, buoying pensions, retirement accounts, and college savings accounts. Republican policies are responsible for fueling this economic fire. Look at the tax cuts in effect this year Bringing the corporate tax rate in line with the developed world average has reversed the surge of inversions, in which American corporations relocate abroad, and returned hundreds of billions of dollars to our shores.
The new 20 percent small business tax rate has strengthened the backbone of the economy and led to a surge in entrepreneurship and Main Street growth. Most small business owners in the country describe this long overdue tax relief as a game changer, according to a Bank of America survey. Yet House Minority Leader Pelosi is on record saying she would repeal these tax cuts if Democrats retake Congress.
Outside of Washington and cable newsrooms, these economic issues are the ones Americans care about. While Democrats and the media want voters to focus on the noise of divisive social issues, the Republican majority has delivered on the signal of jobs and paychecks. The midterms elections next Tuesday are a referendum on this economy. Voters should ignore all the sideshows and make their decisions with their pocketbooks in mind because their dollars are truly on the ballot this year.
Alfredo Ortiz is president and chief executive of the Job Creators Network.