10 Jan 2020 Black Leaders Credit Low Taxes, Less Regulation for Surging Economy
Unemployment numbers held steady at record levels as 2019 came to a close, according to Labor Department data released today. This is cheered by members of the National Center’s Project 21 black leadership network, who credit an economic policy of low taxes and regulatory rollback for fueling the nation’s economic recovery.
“Month after month, the financial numbers have shown a booming economy due to not only cuts in taxes but cuts in regulation by the Trump Administration,” said Project 21 member Marie Fischer. “This not only helps to reduce unemployment in the black community, but it helps increase black entrepreneurship that increases overall wealth. For critics to say otherwise means they really would rather see a dependent underclass than a boom for all.”
“The critics keep saying that the U.S. is overdue for a recession, but the Trump economy keeps humming along with continued low unemployment – including low black unemployment. Black Americans are prospering in a way that we never have before,” added Project 21 member Donna Jackson. “The administration’s strategy of lower taxes and less regulation has worked for the last three years and shows no sign of losing steam.”
The monthly employment report, compiled by the U.S. Bureau of Labor Statistics (BLS), reported that the overall unemployment rate held steady at 3.5%. This is a record low first achieved in September and then again in November. A record number of Americans – over 158.8 million – are employed. The workforce participation rate also held steady at a high rate of 63.2%.
In other economic news, the Dow Jones Industrial Average also hit 29,000 – the first time it has ever hit that mark.
“While we see robust employment numbers, the naysayers still want to cry foul during what appears to be a new era of prosperity and opportunity for the often-forgotten sectors of our great nation,” said Project 21 member Martin Baker. “At one point, unemployment for black males over the age of 18 where I live in the Metro St Louis area reached a staggering 24%. Today, it is around nine percent. To what do we attribute this? Could it be the government getting out of the way of private sector growth? Could it be policies that inspire growth and opportunity? Is it a revitalization of the American Dream? Whatever the case, we must fully embrace this upswing and magnify it. We cannot allow the gloom and doom crowd to downplay this miraculous change that is spreading across our country. The time is now to encourage growth. Build upon our gains and continue to foster an attitude of limitless opportunity not just in black America, but the United States of America.”