Weekly Update: Our Economy – Better Off Now
By Rob Wittman
August 25, 2018
Two years ago, House Republicans laid out a bold policy agenda called A Better Way to tackle some of the biggest challenges of the day, including reforming the tax and regulatory system to work for all Americans. We are now delivering on those promises. After years of sluggish growth, our economy is finally making a comeback. The policies we planned and passed this Congress are unleashing historic economic growth; last month, Bloomberg reported that the U.S. economy accelerated to a 4.1% growth rate.
Since passing the Tax Cuts and Jobs Act and rolling back countless burdensome regulations, we have seen unbelievable results.
One million jobs have been created since the Tax Cuts and Jobs Act became law and unemployment numbers are at their lowest point in decades. In July, Virginia added 12,000 jobs and the unemployment fell to 3.1%; over the past twelve months, Virginia added 62,600 jobs – incredible. With more job opportunities and lower unemployment, consumer confidence is on the rise and Americans are finally having a chance to become full participants in our economy and achieve the American Dream.
We are also seeing Americans taking home more of their hard-earned money. Thanks to a doubling of the standard deduction and lower tax rates, 90% of Americans saw bigger paychecks this year. Plus, more than 4 million Americans at 642 companies have seen raised wages, bonuses, and expanded retirement options. In fact, more than half of small businesses have plans to expand, boost hiring, or increase employee benefits.
I have spent August traveling the First District and I’ve heard countless stories of how businesses are benefitting from the economy, whether it’s passing savings along to employees and consumers or investing back in their business. Just last week, I visited McLane MidAtlantic, Mapei, and the Rouse Center in Fredericksburg and Stafford, and I’ve been proud to tell folks how I will keep fighting for policies that help businesses flourish.
There is much more work to be done, but one thing is for certain: the American people are better off now. Republican economic policies are improving the lives of Virginians and allowing families to have greater confidence in their financial future. Congress is back in session on September 4, and I will be ready to take all the ideas I’ve heard from you this August to fight for an even better America.