Posted on 08/02/2019 2:30:12 PM PDT by Tolerance Sucks Rocks
As the summer rolls on, the American economy is staying hot.
That’s the main takeaway from the Bureau of Labor Statistics’ reports on Friday, which shows that the economy added 164,000 jobs in July. That lined up for the most part with expert predictions. The economy is showing signs of resiliency economy due to sound policies like deregulation and tax cuts.
Nonetheless, it’s time to get real about the negative impacts that tariffs and out-of-control spending will have on long-term growth.
In July, we saw that the historically low unemployment rate went unchanged, hovering at 3.7%, while the labor force participation ticked up slightly from 62.9% to 63%, showing that Americans continue to be confident in the prospect of finding work.
The report shows that among the major worker groups, the unemployment rate for Asians increased to 2.8% in July. The jobless rates for adult men (3.4%), adult women (3.4%), teenagers (12.8%), whites (3.3%), and Hispanics (4.5%) showed little or no change from the previous month.
One standout among the major worker groups is African Americans, whose unemployment rate of 6% is near a historic low.
In addition, wages continued to grow for all Americans. In July, average hourly earnings for employees rose by 8 cents to $27.98, following an 8-cent gain in June. Over the last year, average hourly earnings have gone up by 3.2%.
According to my colleague Adam Michel at The Heritage Foundation, average wages have grown above 3% for 11 straight months—twice as fast as inflation. And since the passage of the tax cuts in 2017, wage growth for the poorest 25% of workers has reached its highest rate since the Great Recession.
(Excerpt) Read more at dailysignal.com ...
As for the tariffs, while I don't agree with using them as the first resort, I can understand why Trump is imposing them on China. That wicked government has been stealing our intellectual property and taking advantage of the craven American corporations doing business over there. Furthermore, as companies adjust, either by bringing manufacturing back to the USA or seeking other countries to produce their goods, China will be the one hurting in the long run, not us. So I do support Trump on this one. Thus, the "blecch" added to the title.
PING!
LOL — Didn’t the doubters say the same thing before the FIRST round of Chinese tariffs? These are tariffs on Chinese imports...not on the 194 OTHER COUNTRIES’ IMPORTS!
Also, Gary Kaltbaum over on FBN kept pointing out the seeming inconsistency of Trump repeatedly threatening tariffs and then pulling back, and how businesses couldn’t make plans because of that. Does he really think that businesses are so stupid that they cannot conceive of simply making long-term ajustments to steer away from areas of potential conflict?
I’m sure he also complained, along with many others, when Trump would threaten tariffs and would yell at him to pull back.
We need to support the President on this. Anyone who doesn’t is a subversive traitor. If you don’t think tariffs are good for national security then you’d better start learning Chinese.
Trump is using tarriffs, not as a long term strategy, but as a tactic to drive countries to the negotiating table to get better trade deals. The Pearl clutchers and glibalist so are panicked
Actually I think it is long term with the intent of making America more self reliant again. It was our industrial capacity that helped win WWII but where is it now? Foreign reliance under the guise of globalism simply weakens America. I see the classic definition of “short term pain for long term gain” in this strategy,
Trump has really stepped in it this time! It’s all over for him now!
The good news in the article are the actuals they report.
The bad news in the article are the hypotheticals they project into the future.
Not trying to scare u toward a certain course of action, are they?
Yeah! He’s a goner! This time we mean it!
Just noting for accuracy here.
The tariffs are on ONE country.
One country. Of all the countries in the entire globe.
ONE.
Economic growth and employment gains in spite of rising tariffs and trade disputes can be explained in part by import substitution, with production staying in or returning to the US. As for excessive federal spending, concern is well-founded but should be mitigated by economic growth and the dollar’s status as the world’s trade and reserve currency. Trump’s military buildup and assertiveness in foreign policy bolster the dollar’s value and the willingness of other countries to finance our chronic fiscal imbalance.
It has been the complete opposite sinceNAFTA, but whatever.,
There is still a near-universal tariff on aluminum and steel. That I do not agree with. As far as China goes, tariff away!
if anything, the job numbers should get even better as the economic incentive to manufacture domestically becomes even stronger due to the 10% tariff on Chinese goods ... besides, the Chinese are gonna cry uncle fairly quickly anyway as their shaky economy starts to collapse creating a huge political backlash ... Trump knows all of this and waited until he got the U.S. economy into full-employment mode before he went after China with these tariffs ...
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