On the recordOctober 11, 2018
today I rise to talk about the economy; that is, what is going on out there in terms of jobs and wage growth. It is a positive story. I have seen it firsthand back home in Ohio. Every weekend I go back to Ohio, and I meet with small business owners, and they tell me the same thing, which is that things are good. Their biggest concern is finding workers. They are growing and expanding. We see this in the national numbers as well. These small businesses tell me it is primarily because of the tax reform and tax cuts legislation and, second, because of the regulatory environment that makes it easier for them to be able to create more jobs. I want to start by talking about tax reform. We remember that before this legislation was passed, going back really for several years, our economy had been relatively weak. We had seen economic growth of between 1.5 and 2.5 percent, and a lot of people were saying that 2 percent growth is kind of the new normal. In fact, the Congressional Budget Office, which is the nonpartisan group here that tells us what our growth numbers are likely to look like and then tells us what they actually are, said last year that they believed economic growth this year--the calendar year 2018--would be 2 percent. That is pretty discouraging, really. With 2 percent growth, we are not going to see the kind of growth in wages we all want to see, and we are not going to see the job expansion we all want.…
Source
govinfo.gov




