· Americans continue to see and feel the benefits of the Tax Cuts and Jobs Act.
· American workers and a market economy succeed when crushing regulation is replaced with smart regulation.
· The Tax Cuts and Jobs Act cut taxes for households in every state and in every congressional district across the country.
· The typical family of four earning the 2017 median family income of about $76,000 received a tax cut of $2,149.
· The liberal Tax Policy Center confirms that 90 percent of middle-class Americans were estimated to receive a tax cut.
· The Tax Cuts and Jobs Act makes the tax code more progressive, despite erroneous Democrat claims to the contrary.
JOBS: Then and Now
· Monthly job gains were 110,000 during the Obama administration; job growth has averaged 199,000 during the Trump administration and 215,000 since the enactment of tax reform.
· 5.4 million jobs were created since January 2017, with more than half of that job creation occurring since the enactment of tax reform.
· On average 3,600 manufacturing jobs were lost during the Obama administration. By contrast, manufacturing job gains have averaged 16,900 since the enactment of tax reform.
UNEMPLOYMENT: Then and Now
· The unemployment rate averaged 7.4% during the Obama administration; 4.1% during the Trump administration and 3.9% since the enactment of tax reform.
· The unemployment rate for Hispanic or Latino workers averaged 9.4% during the Obama administration; 4.9% during the Trump administration and 4.7% since the enactment of tax reform-it hit a record low in February.
· The unemployment rate for African American workers averaged 12.8% during the Obama administration; 7.0% during the Trump administration and 6.6% since the enactment of tax reform.
· Beginning in April of last year, the number of job openings in the national economy has exceeded the number of unemployed Americans.
INCOME: Then and Now
· Annualized growth in disposable (after-tax) personal income averaged 2.5% during the Obama administration; 3.2% during the Trump administration and 3.5% since the enactment of tax reform.
· Annualized growth in disposable personal income per capita averaged 1.8% during the Obama administration; 3.1% during the Trump administration and 4.0% since the enactment of tax reform.
· In 2017, the latest year of data availability, inflation-adjusted median household income and median family income each stood at all-time highs.
COMPENSATION AND WAGES: Then and Now
· Annualized growth in inflation-adjusted compensation, measured by the Employment Cost Index averaged 0.5% during the Obama administration; 0.9% during the Trump administration and 1.0% since the enactment of tax reform.
· Annualized growth in inflation-adjusted average hourly earnings of production and nonsupervisory employees averaged 0.6% during the Obama administration; 1.2% during the Trump administration and 1.7% since the enactment of tax reform.
· Annualized growth in inflation-adjusted median weekly earnings of wage and salary workers averaged 0.4% during the Obama administration; 0.9% during the Trump administration and 2.9% since the enactment of tax reform.
GDP AND INVESTMENT: Then and Now
· Annualized growth in the inflation-adjusted gross domestic product (GDP) averaged 1.9% under the Obama administration; 2.7% during the Trump administration and 3.0% since the enactment of tax reform.
· Growth in inflation-adjusted private business investment averaged 3.6% during the Obama administration; 6.7% during the Trump administration and 7.0% since the enactment of tax reform.
Source: Ranking Member’s News
