Record Wage Increases, Record-Low Unemployment
A good economy is bad for Democrats, and today brings more good economic news.
As we noted last month, a good economy is bad for Democrats. And we got another load of good economic news this morning, regardless of Leftmedia spin.
First up, The Wall Street Journal’s James Freeman writes, “The number of small companies raising wages hit a record high in the U.S. this month. That’s according to the latest National Federation of Independent Business employment survey. … A full 35% of owners of small firms report increasing labor compensation, the highest percentage since NFIB started asking about it in 1986.” That trend could get even better, as Freeman notes that “businesses are ramping up spending on the tools that make their workers more productive and therefore able to command higher wages.”
Much of the wage increases are due to a tighter labor market. Employers added 223,000 jobs in May, which was higher than media expectations but not quite as surprising for those of us not blinded by Trump Derangement Syndrome. Headline unemployment dropped to 3.8%, the lowest since 2000. Black unemployment dropped to a new record low of 5.9%. And The Washington Post reports, “Many economists predict it will fall even further this year, potentially dropping to 3.5 percent, which would be the lowest rate since 1969.” It might have physically hurt that poor Post reporter to note such good news under Donald Trump.
Nancy Pelosi called Republican tax cuts “Armageddon” before dismissing them as “crumbs.” Back here in reality, the American economy is enjoying the fruit of good policy, brought to you without a single Democrat vote.