I have some positive news for you: the U.S. economy is doing really, really well. Historically low unemployment rate. Strong GDP growth quarter after quarter. Perhaps you have a higher paycheck, or have noticed your 401(k) balance is higher than you expected? Maybe you even landed that good job you’ve been aiming for? The fact is the wind is in our sail, and we’re moving forward at a considerable pace.
After nearly a decade of the slowest economic recovery in our history, America is finally roaring back. During the Obama years, we saw a decline in small business ventures, historically weak capital investment, declining homeownership rates, and saw household incomes stagnate, and even fall.
Virtually all negative trends seen during the Obama years have been reversed thanks to President Trump and his pro-business, deregulatory economic agenda. Small business confidence is at all-time highs, capital spending is soaring, homeownership is rising steadily, and household incomes have finally come back to pre-2008 levels. It is no coincidence that 2008 was the year Barack Obama was elected, and all of this growth has happened under a new president and Republican controlled Congress, both House and Senate.
But wait – there’s more! The positive impacts are touching every demographic in America. According to the Census Bureau and Department of Labor, Hispanic median household income is up 3.7 percent and their unemployment rates are at record lows. Poverty rates among Hispanics and African-Americans also dropped to new lows. Additionally, the Asian-American unemployment rate has tumbled down to 2.1 percent – the lowest level in 15 years.
How is this all happening? From day one in office, President Trump has made it clear that deregulation would be one of his top priorities. Trump’s White House is slashing regulations at a record pace, including decreasing the number of pages in the federal register by 36 percent. The president’s ambitious deregulatory agenda is also yielding substantial returns across the federal departments as well, with agencies like the Department of Labor already meeting their savings targets for this year.
All this momentum is great – but President Trump’s pro-small business agenda needs our continued, unwavering, and loud support. If Republicans lose one or both Chambers of Congress after the midterm elections, the impact on our economy could be devastating. Who wants to see a sluggish economy again, and investor confidence shot? Like me, I’m sure you do not.
There are a few things that can be done now that will have a lasting and positive impact on the economy regardless of the outcome following November 6th. In 2015, the Obama-era National Labor Relations Board (NLRB) backtracked on decades of legal precedent related to a rule called the “joint employer” definition, hugely impactful on America’s thousands of franchise small businesses, and millions of franchise employees . This rule redefined the employer-employee relationship and caused sincere confusion and hesitance within the small business community across the country.
The NLRB under Trump is currently working to roll this rule back, to the cheers of small business owners. They should continue pushing forward to roll back this onerous rule. The Senate also should act this year, even in a possible lame-duck session, as they have been sitting on a piece of legislation called the Save Local Business Act that would codify into law a clear definition and standard for all businesses to work with. When businesses aren’t focused on complying with burdensome regulations, they are innovating and pushing our economy forward.
Coming up this November, we should side with party of this booming economy – President Trump and the Republican party. There is always going to be hysteria and outside noise surrounding this president. But look at the facts, and ask yourself this question: Was I, and those I know, better off under Obama’s economy or Trump’s? The answer is a no-brainer.
See you in November.