The Truth About the US Economy in 2017
By Frank Spotorno
I am the first to admit that the tweets of our President, Donald Trump, sometimes distract us from what is really happening in our nation’s economy. But facts don’t lie-and here are some facts about the U.S. Economy that we seldom hear on Cable TV or in the mainstream Media for 2017.
Here are seven amazing facts about Trump’s economy the media do not want you to know:
--Unemployment is at 4.1%, almost full employment –Latino and Black unemployment are at 17-year lows. Employers are finding it difficult to fill some entry and mid level positions, which is a good indicator that wages will have to increase to fill those jobs.
--The Dow Jones is at a record 25,000 for the first time ever and millions of American’s 401k’s rose significantly last year by more than 20%.
--Over 100 American companies gave their employees up to $2,000 in bonuses after Trump signed the historic Tax Cuts and Jobs Act. Several corporations such as AT&T, Comcast, and Nationwide also increased their 401(k) match rate, raise their minimum wages, and increased domestic investment because of the Republican tax bill.
--A dozen US Corporations have handed out $1,000 bonuses to hundreds of thousands of U.S. workers
--A net of 171,000 manufacturing jobs have been created in the US in 2017. In 2016 under President Obama the U.S. lost a net of 16,000 manufacturing jobs.
--Our economy grew at a rate of 3.3% in the third quarter of 2017, and that was with two hurricanes.
--For the first time in more than a decade a majority of Americans are optimistic about our economy and its future.
Trillions of dollars in U.S. Corporate profits sitting overseas for years will now come home as a result of the 21% corporate tax rate. It is the responsibility of our members of Congress and yes our President, to make sure that our corporations do the right thing with their returning profits and hire American workers, invest in American plants and factories, and raise wages.
We have already seen the bonuses and wage increases. But we need to see more. Reports suggest that Apple will repatriate roughly $200 billion in foreign cash because of the Tax Cuts and Jobs Act. What they plan on doing with that money will determine if our economy continues on the right track.
I would like our President and Congress to revisit the tax plan that they just passed and to make adjustments for all of us in New York and states that have high state and local taxes, SALT, so that we don’t pay an unfair portion of the tax burden.
The U.S. Economy enjoyed a strong 2017 year. Now we need to bring more of our jobs home and continue the progress so that every U.S. worker can enjoy the American Dream. It’s hard to look past the tweets and the accusations made in Washington between both parties, and its even harder to realize what is happening outside of deep Blue New York and across the rest of the country.
Many of my union brothers and sisters in the construction industry are out of work, even during a construction boom here in New York City. We must make sure that union members, who pay their taxes and invest in their local communities, are hired for all construction jobs here and across the country.
But for many of us in York, the increases to our 401k’s and the of our economy over the past year has helped our families futures. Here’s hoping that 2018 will bring more facts about our economy, jobs and the middle class, here in New York and across the country.
Frank Spotorno is the President of Bringourjobshome.com, an organization committed to reshoring millions of jobs lost back to the USA, and a retired Member United Brotherhood of Carepenters - Local 2790