Critics of the Republican tax reform package argue that it benefited Wall Street and the ultra-wealthy but not Main Street and the middle class. But recent data show that this is almost exactly the opposite of the truth.
Though the large stock indices are up slightly since the implementation of the tax cut at the beginning of 2018, the real effects of the cuts have been felt in massive job creation.
The latest employment report showed over 300k jobs created in just one month. The latest jobs opening report showed that for the first time in the history of this statistic, there are more job openings than job seekers.
As the tax cut was working its way through Congress, I warned that America’s employment problem was about to go from a labor glut to a labor shortage.
That’s where we are now—at full employment. The next challenge is getting people ready for those jobs.