Yes, we’re better off!
Contrary to Mr. Oman (“Better off now?,” Aug. 26, 2018), I see a very positive economic future.
Locally and nationally wages are rising, employment is up significantly, unemployment is at near record lows, consumer confidence is at a record high and economic growth is above 4 percent!
Why is that? According to Edward Prescott, Nobel economics laureate, (op-ed Wall Street Journal, April 24, 2018), it is better economic policies that are the primary reason the economy has improved since 2016. He also stated the economy’s strong performance will likely continue.
One policy driving this turnaround is the substantially lower corporate tax rate, which has made the U.S. more competitive in world markets. Also, regulatory changes have contributed significantly (the number of regulatory pages in the Federal Register has been cut by a third since 2016).
Another reason is the federal tax reform bill granted amnesty to corporations with profits off shore to bring an estimated two trillion dollars home to be invested in our economy! To date 400 billion has already been repatriated.
A survey by the National Association of Manufacturers shows 95 percent of their members participating are unprecedentedly optimistic. As a result they are hiring, raising wages, improving benefits, buying equipment and expanding in the U.S.