With the results of the May jobs report in hand, it is clear that under Republican leadership, our economy is booming. Over five months have passed since the Congress passed the largest tax overhaul in decades, and in what should come as no surprise, allowing individuals and businesses to keep more of what they earn has yielded great returns for our economy.
The jobless rate is at an 18-year low at 3.8 percent, and there are signs that it will continue to decline. This continued job creation has been assisted by the ability of businesses to reinvest in themselves due to the tax cut. In addition, as the jobless rate declines, wages are steadily increasing. Again, this is indicative that businesses are not holding onto their tax cuts, but rather investing in their employees.
As a recent college graduate, it is especially heartening to see that the 16- to 24-year-old demographic continues to see job gains. With college debt an all-too-real problem for my generation, a continued decline in joblessness is vital, as were the bump in our paychecks. With every dollar, we are able to reinvest not only in our economy, but in paying down our debts so we can take back control of our finances.
Not all legislators believe that lowering taxes is the right thing to do for our economy, but I would like to thank our congressman, Peter Roskam, who does. All his work passing the new tax code is helping to give our economy the push that it needed, and for that, all Americans can be grateful.