Wall Street Journal
The economy is back in the fast lane—but Democrats want to undo it all.
Six months ago, Republicans in Congress joined with President Trump to redesign America’s tax code and enact sweeping tax cuts. We were determined to let families and local businesses keep more of what they earn. The new tax code was built to help American companies and workers compete and win anywhere in the world.
Now something big is happening to America’s economy. Since January, more than one million jobs have been created. This has brought claims for unemployment benefits to their lowest level since 1969, and there are now actually more job openings than people looking for work. The U.S. has gone from a nation asking “Where are the jobs?” to one that asks “Where are more workers?”
While this economic turnaround has come as a shock to most Democrats in Washington, it’s no surprise to millions of working families across America. They were overtaxed and overregulated for far too long, and the result was a decade of slow growth.
In only six months, the economy has been reinvigorated—and the best is yet to come. That’s because the new tax code leapfrogs America’s competitors abroad. The U.S. is now at the head of the pack—one of the best places on the planet to find that next job, to build that new manufacturing plant, or to set up company headquarters.
As a result, businesses of all sizes are now investing in American workers and communities. They are bringing back their dollars from overseas and investing at home again. It’s no coincidence that small-business optimism has hit its highest reported level in 35 years.
There is a new hope and a new optimism that wasn’t here before. To call it a sudden change from the sluggish Obama-era economy would be an understatement. For a decade, it was like America’s economy was going through a 25 mph zone. Now that the high taxes and uncompetitive regulations are gone, we’re on the open highway again.
In my home state of Texas, families and business owners tell me that they’re hopeful about their economic outlook for the first time since the Great Recession. A growing economy means real change for millions, and it’s uplifting to hear from so many people who are excited about their futures again. A Gallup poll out this week found that satisfaction with the direction the U.S. is heading has reached a 12-year high. This simply wouldn’t have happened without meaningful tax reform.
The scary thing is that Democrats want to take all of this progress away. They think Washington should keep more of families’ hard-earned money. Critics like House Minority Leader Nancy Pelosi continue to deny that tax reform has had any positive effects, and they have actually pledged to raise taxes. Clearly, Democrats are interested in seeing only doom and gloom.
Meantime, Republicans are finding innovative ways to keep improving the tax code to ensure it will remain competitive and pro-growth for Main Street businesses. We’re going to change the culture of Washington so the U.S. doesn’t find itself in the same situation we faced last year, with a tax code that was an anchor dragging down the economy.
Given the choice between keeping taxes high and allowing families to keep more of their money, Republicans chose—and continue to choose—the American people. Empowering families to run their own lives is at the heart of the American Dream. It’s the key to our nation’s economic success, and it’s the reason that, six months into tax reform, Americans are more hopeful about their future.