Tax Reform Lives on Main Street, USA

With the economy experiencing explosive growth, many American employers are facing a problem: too many jobs and not enough workers to fill them.

What does that mean for the American working class? Increased competition among workers, a harbinger of higher pay.

Not a bad problem to have.

As we’ve seen, tax reform has led to historically low unemployment rate, countless companies issuing bonuses and boosting employee wages, and larger paychecks from new tax withholding tables. On top of our already booming economy comes new data saying that small businesses are benefitting as well.

Inventory investment is strong and will add to GDP this quarter, hopefully it will be purchased later in the year by customers. Inflationary pressures from Main Street are minimal although reported hikes in average selling prices have been edging up. After years of small businesses sitting on the sidelines and not benefiting from the so called recovery, Main Street is again on fire.

The far reach of The Great American Comeback can be encapsulated by the NFIB’s Chief Economist Bill Dunkelberg who writes—

“Small Business owners are telling us loud and clear that they’re optimistic, ready to hire, and prepared to raise wages—it’s one of the strongest readings I’ve seen in the 45-year history of the index.”

Small Business is the cornerstone of the American economy. When they win, America wins.