June 21, 2018
WASHINGTON – Tomorrow will mark six months since the Tax Cuts and Jobs Act was signed into law. Yesterday, U.S. Senator Roy Blunt (Mo.) spoke on the Senate floor to highlight tax reform’s positive impact on jobs and the economy. Blunt noted that one million jobs have been created in the past six months, job openings have surpassed job seekers, and the percentage of Americans who are satisfied with the country's direction has reached its highest level since 2005.
Following are Excerpts From Blunt’s Remarks:
“This week, the Gallup poll organization found that the percentage of Americans who are satisfied with the direction of the economy is the highest it's been in almost 15 years. In May, the small business optimism increased among small business owners to the second highest level in the entire 45-year history of the National Federation of Independent Business. In fact, there are several records that were broken in May. Compensation increases hit a 45-year high. Positive sales trends reached the highest level since 1995. … And expansion plans were more robust than they’d been at any time where that group was being asked, ‘do you plan to expand and grow your business?’ That set a new record as well. The combination of lower taxes and full expensing of new and used equipment has created an additional cash flow incentive that's making a difference.
“As of this month, a million new jobs have been created since the passage of the tax cut bill. In the last year, Missouri, my state, added nearly 35,000 jobs and more than 4,000 Missourians who were unemployed just found a job. Nationwide, there’s been more job openings than people looking for work. …
“You know, I said a number of times, Mr. President, on the floor as we debated the tax bill, there are two ways to increase people's take-home pay. One is to take less money out of the check that they already get - and nine out of ten Americans that paid income taxes last year found that one has happened for them. And two is to be sure that we have better jobs to start with. To have the economy where people are competing to get workers and competing to keep workers. As businesses try to attract new employees, they are setting new, higher minimum entry-level skills and minimum job compensation than they have had before. …
“The National Federation of Independent Business found that 35 percent of all small business owners reported increases in their labor compensation. One out of three NFIB employers says they are paying more now than they were a year ago. In addition, the report found that nearly 60 percent of respondents are hiring or trying to hire. So when 60 percent of the people that respond to a survey are trying to hire, that's pretty good news. It’s good news for the economy but it's also good news for people who are out there trying to be hired.”