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Thune: The Economy Has Taken Off Thanks to Republican Policies

“There’s still more work to be done, of course. For one thing, we need to make sure that the agriculture economy is able to catch up to the economy at large. But thanks to tax reform and other Republican economic policies, American workers are doing better than they have in a long time.”

July 9, 2019

Click here or on the picture above to watch Thune’s speech.


WASHINGTON — U.S. Sen. John Thune (R-S.D.) today discussed the growing economy, which has been fueled by Republicans’ pro-growth economic policies like tax reform and deregulation.


Thune’s remarks below (as prepared for delivery):


“Mr. President, we received more good economic news on Friday with the announcement that the economy created 224,000 jobs in June.


“Meanwhile, unemployment remained near its lowest level in half a century.


“June marked the 16th straight month that unemployment has been at or below 4 percent.


“That’s a tremendous record.


“June also marked the 11th straight month that wage growth has been at or above 3 percent.


“Before 2018, wage growth had not hit 3 percent in nearly a decade.


“Mr. President, Friday’s announcement was just the latest piece of good news about the economy.


“Thanks to Republican economic policies, the economy has taken off during the Trump administration.


“Economic growth is up.


“Wage growth is up.


“Personal income is up.


“And the list goes on.


“And importantly, the benefits of this economic growth are being spread far and wide.


“One of the distinguishing features of the economic expansion we’ve been experiencing is the way it’s reaching those who have trailed behind economically.


“Over the past three years, pay hikes for the lowest-income workers have exceeded pay hikes for the richest workers.


“Huge numbers of new blue-collar jobs have been created.


“And minorities’ employment situation has improved substantially.


“The unemployment rates for Asian-Americans, African-Americans, and Hispanic-Americans are all at or near record lows.


“The Wall Street Journal notes that ‘Nearly one million more blacks and two million more Hispanics are employed than when Barack Obama left office, and minorities account for more than half of all new jobs created during the Trump Presidency.’ 


“So where has all this economic progress come from?


“Two and a half years ago, at the end of the Obama administration, the economic outlook wasn’t too rosy.


“The economy was sputtering, and American families were struggling.


“Some were predicting that a weak economy would be the new normal.


“Republicans didn’t agree, however.


“We knew that American workers and American businesses were as dynamic and creative as ever.


“But we also knew that burdensome regulations and an outdated tax code were holding our economy back and reducing the opportunities available to workers.


“And so when we took office in 2017, we got right to work on improving our economy in order to improve life for the American people.


“We eliminated burdensome regulations that were acting as a drag on economic growth.


“And we passed a historic reform of our tax code to put more money in Americans’ pockets and make it easier for businesses to grow and create jobs.


“And now we’re seeing the results:


“A thriving economy that is extending more opportunity to more Americans.


“Mr. President, for all of Democrats’ talk about inequality, it’s actually Republicans and President Trump who have done something about it.


“We’ve helped create an economy that is lifting up people across the economic spectrum.


“There’s still more work to be done, of course.


“For one thing, we need to make sure that the agriculture economy is able to catch up to the economy at large.


“But thanks to tax reform and other Republican economic policies, American workers are doing better than they have in a long time.


“It’s unfortunate that the gains we’ve made would be reversed if Democrats have their way.


“Democrats’ plans – from budget-busting government-run health care to ‘free’ college – all have one thing in common: They would cost a lot of money.


“And where would the government have to get most of that money?


“From tax increases.


“Tax increases on businesses, and tax increases on ordinary Americans.


“Thanks to the tax relief Republicans passed, the economy has expanded, paychecks have increased, and more jobs and opportunities have been created.


“Raising taxes would result in the opposite: Fewer jobs and opportunities, a smaller economy, and more families struggling to get by on smaller paychecks.


“Republicans are determined to make sure that doesn’t happen.


“We’re committed to building on the progress we’ve made and further expanding economic opportunity for the American people.”