If Democrats were hoping for a pre-election push from today’s job numbers they got it, but in the wrong direction.
Hiring accelerated in October and the unemployment rate held at a 49-year low, signs of a strengthening labor market that delivered U.S. workers the best pay raises in nearly a decade.
U.S. nonfarm payrolls increased a seasonally adjusted 250,000 in October, the Labor Department said Friday. The unemployment rate held steady at 3.7% in October, matching lowest rate since December 1969. Wages increased last month and advanced 3.1% from a year earlier, the best year-over-year gain for average hourly earnings since 2009.
Consumer Confidence is at its highest in 18 years.
Consumers are the most confident they have been in 18 years and are spending freely and propelling brisk economic growth. The U.S. economy is in its 10th year of expansion, the second-longest such period on record, and October marked the 100th straight month of hiring, a record streak.
The resulting strength in customer demand has led companies to steadily add workers. Though economists predict that hiring will eventually slow as the pool of unemployed Americans dwindles, there’s no sign of that happening yet.
That means we are heading toward full statistical` employment. The point at which everyone who wants a job has one. A place where wage growth rapidly accelerates and employers compete for employees.
It’s a scary idea if you are a Democrat running on “crumbs,” rolling back tax reform, and harpooning any Republican who ever breathed a word of support for Trumponomics. You see, the natural competition created by those tax cuts produces a lot more than just a smaller tax bill including steady income for a lot of people who were not earning one and not paying any taxes.
Maybe that’s what has Democrats so irked. If their built-in dependent voter-base buys in and starts to earn a living that’s better than the one Democrats traded them for doing nothing but voting for Donkeys, they might like the idea of actually having a middle-class lifestyle instead of believing Democrats who told them that big business and the Rich were responsible for their not having one.
The other problem is that increased economic activity generates more tax revenue despite the lowered tax rates. It also lowers the volume of dependents which reduces budget line-items for this expenses.
More revenue, lower costs. It makes it harder for Democrats to cry wolf and raise taxes without a growing number of folks suspecting that it really is all about centralizing power and not helping people.
Trump and Republicans are helping people get jobs and create value for themselves and others.
Democrats have promised to take that away.
H/T Hot Air