This Labor Day, American Workers Can Say: The Economy is Strong
For the first time in years, Americans will celebrate Labor Day knowing we finally have the economic wind in our sails. Despite what liberal pundits on TV might try and spin you, President Trump’s economic policies have paved the way for lower unemployment, a return of quality American jobs, and a confident American consumer with strong purchasing power.
In July of this year, U.S. unemployment fell to 3.9 percent. This drop means more Americans are finding jobs that will allow them to support their families and contribute to our growing economy. To illustrate just how far we’ve come, in July of 2008 the national unemployment rate was 5.8 percent. By July of 2012, just 7 months into Obama’s second term in the White House, the rate had jumped to 8.2 percent.
In the 2nd quarter of 2018, the U.S. economy grew at 4.2 percent, up from the original estimate of 4.1 percent. The U.S. economy is the strongest it has been in four years. Strong consumer and business spending, spurred on by the Trump tax cuts, are helping to drive the economy forward.
And with our stronger economy comes an increase in consumer confidence. The month of August saw consumer confidence rise to the highest it has been in nearly two decades. That means more Americans are working and able to purchase those big ticket items like automobiles and new homes.
While we have much to celebrate this Labor Day, we must continue to build on the fruits of our success. This means staying committed to growing our economy and removing and preventing harmful regulations. Red tape and regulatory roadblocks can still be found throughout our government — such as at the Consumer Financial Protection Bureau (CFPB).
It takes strong leadership to reign in rogue agencies, political careerists and excess regulation. For example, prior to Mick Mulvaney’s arrival at the CFPB, the Bureau had been used to advance the liberal agenda of Senator Elizabeth Warren and to prepare former Director Richard Cordray for a run for Ohio Governor. Thankfully, Mulvaney has brought about reforms to end the waste, fraud, and abuse that occurred for nearly a decade on Cordray’s watch. Hopefully soon, the Senate will continue to demand accountability of the CFPB by confirming Kathy Kraninger, Trump’s nominee to lead the Bureau.
Ms. Kraninger is an experienced and capable leader who has demonstrated a commitment to efficient and limited government. My hope is that she can continue Mulvaney’s work, leading the CFPB to once again abide by our Constitution and serve consumers well by ensuring that they have access to financial services and products to make wise money choices. This would lead to personal financial success and bolsters economic growth.
As citizens across this great nation take time this weekend to celebrate the fruits of their labors, we must continue to be vigilant against enemies and barriers to this success. Trump’s “Make America Great Again” policies are working. Now we must continue to, as the President frequently proclaims, “Keep America Great.”
Ken Blackwell is an adviser to the Family Research Council in Washington, D.C. He was a member of the Domestic Policy Team of the Trump Presidential Transition Operations.