WASHINGTON | October 17, 2017
After years of slow wage growth, how can we turn things around for America’s workers? The answer isn’t more mandates and big-government policies. That’s what we got during eight years of the Obama administration, and the results weren’t good for anybody.
Douglas Holtz Eakin, former director of the Congressional Budget Office and president of the American Action Forum recently wrote:
“The middle class has been especially hard hit. The latest U.S. Census report on household income was greeted with fanfare, as real median household income rose by 3.2 percent in 2016. But a closer look revealed that for those who worked full time and year round, the increase in household income was actually zero.”
America’s workers cannot afford this status quo. They’re the ones who really need pro-growth tax reform. A new report from the Council of Economic Advisers finds that the Republican tax framework means an average $4,000 annual wage increase for American families.
$4,000. That’s a significant pay hike that will make a real difference in the lives of workers and their families after years of stagnant wages. As one economist recently explained in the Wall Street Journal:
“A rise in real wages would dramatically improve America’s society as well as its economy. It would lead to the first sustained decline in income inequality in more than 40 years. The American economy will finally start working in the interest of the great middle class and not simply those at the top. This is an important piece of legislation to pass. The country must not miss this opportunity.”
We couldn’t agree more. Raising wages for workers, growing our economy, and unleashing job creation through tax reform is an opportunity this country desperately needs. Republicans are ready to deliver.