Opinion: What’s at risk if Democrats win majority
President Trump wasn't kidding when he said "your head will spin" once he enters office. The past few weeks have seen records set for economic growth, and then some.
It's hard to keep up with all of the recent economic gains our nation is experiencing, but they show exactly what's at risk if Democrats take control of Congress in November.
The stunning jobs report released Friday caps off yet another week of incredible economic news.
According to the Bureau of Labor Statistics, the unemployment rate declined from 3.9 percent to 3.7 percent in September, and the number of unemployed Americans decreased by 270,000. The last time the employment rate was this low was nearly 50 years ago. In 1969. The year we put a man on the moon.
Moreover, according to the most recent analysis by ADP and Moody’s Analytics, private payrolls grew by a whopping 230,000 in September — beating the predicted number of 185,000 and shattering the 168,000 new jobs reported in August.
The last time the unemployment rate was under 3.5 percent was in 1964, and if it falls below 3.4 percent we’ll have an unemployment rate not seen since the 1950s.
This amazing news comes just weeks after the number of Americans who officially filed for unemployment benefits this month reached a 49-year low.
For past presidents, such news would have been celebrated among the greatest achievements of their terms in office. But for President Trump, it was just another few weeks on the job.
These new developments in our economy are signs that the President’s core belief in cutting taxes and dramatically reducing regulations are paying off for the American people. This is in stark contrast to years of failed economic policies that harmed millions of Americans
For decades, the political establishment in Washington abandoned American workers, failing to protect them from job-killing trade deals and driving the U.S. economy into the gutter.
In order to stabilize our economy and decrease unemployment, President Trump’s Tax Cuts and Jobs Act slashed the corporate tax rate from 35 percent to 21 percent. The bill also gave small businesses more money to expand, innovate, and hire new workers. As a direct result of the tax cuts, hundreds of companies also gave out bonuses and pay raises to millions of hard-working Americans.
To ensure that businesses can operate in a way that’s more conducive to growth, the President also eliminated harmful Obama-era regulations. Last year, the White House announced that it has far exceeded its goal to cut two regulations for every new one -- slashing 22 regulations for every new regulatory action.
While President Trump’s economic progress is good for average Americans, Democrats will do their very best to reverse everything he has done if they take control of Congress in November.
This includes the Democrats’ pledge to repeal the President’s signature tax reform, campaigning on a promise to entirely scrap the administration’s economic policies. If successful, this move will have a catastrophic effect on our economy that finally began to stabilize after nearly a decade of uncertainty and devastating weakness.
Only a Republican-led Congress will ensure the success of President Trump’s long-term vision, and prevent our country from slipping back into economic decline.
Anthony Scaramucci is the founder of the global investment firm Skybridge Capital and served in the Trump administration as White House communications director.