The leading Republican on the House Ways and Means Committee Kevin Brady (R-TX) released the following statement in response to the Labor Department’s October 2019 jobs report:
“With 128,000 jobs added in October, this is a solid report that shows workers continue to be the driver in this strong economy. Despite some outside factors, including the GM auto strike, this economy continues to add jobs at a record pace under this new tax code – with upward revisions being added to the two previous months and wages rising at a solid pace.
“It is American families who are benefiting the most from this growth, and growth needs to remain our biggest focus. We have the tools ready: let’s pass USMCA without delay and work to make these middle-class and small business tax cuts permanent. This economic expansion needs to continue, and House Republicans are working hard to achieve just that.”
An interesting and under reported aspect of this report is how it is benefiting all Americans — nationwide.
Black unemployment has hit yet another record low, and that is being cheered by members of the Project 21 black leadership network, who cite lower taxes and fewer regulations as major factors in America’s economic recovery.
“President Kennedy once said a rising tide lifts all boats, and this latest economic news shows the Trump Administration’s policies are helping all demographics – including black Americans,” said Project 21 member Christopher Arps. “Reducing taxes and less regulations have always proven to be a boon for the economy.”
According to a Project 21 analysis of BLS data, this is the sixth time the black jobless rate has hit a new low during the Trump Administration. Over the last decade, the highest level of black unemployment was 16.8 percent in March 2010. This most recent decline in black unemployment began in February.
“Once again, unemployment for blacks in the U.S. has reached a record low. Trump’s policies of deregulation and low taxation have created one of the best environments for job creation in a generation,” said Project 21 Co-Chairman Horace Cooper. “When Americans – black or white – have a job and are independent and self-sustaining they are happier, their families are better off and the economy booms. This is a welcome change that should be applauded as well as maintained into the future.”
The BLS also reports a higher percentage of overall participation in the workforce, meaning that more people are either employed or actively seeking employment.
“Black Americans are doing well in a more competitive workforce. This is great news,” added Project 21 Co-Chairman Council Nedd II. “America’s growing energy independence, commonsense regulatory reform and other pro-business policies are helping create new jobs that are putting black Americans to work and allowing them to take full advantage of the American Dream.”
Congressional Budget Office data demonstrates a correlation between extensive job creation and economic growth in the U.S. and tax reform policies enacted during the Trump presidency. Reform has also helped invigorate economically distressed communities. Additionally, the Heritage Foundation reports that the Trump Administration has saved over $33 billion by cutting 13 regulations for every new implemented regulation.
Questioning those who have judged this presidency and economy through the lens of race, Project 21 member Derryck Green noted: “Since at least the early 1970s, American blacks have suffered periods of chronically high unemployment. The economic policies of our first black president exacerbated this during the recession – helping black unemployment reach or exceed 16 percent on 11 occasions in what we were told was the ‘new normal.’ But, since 2016, black unemployment has significantly and consistently declined despite our president being perpetually and falsely accused of racism. Yet his policies have done more to lower black unemployment. How do people square that circle? They can’t.”
Note: The U.S. Department of Labor reported this week that the economy added 128,000 jobs in October. The unemployment rate remained historically low at 3.6 percent.