Kitchen Table Economics

Celebrating America’s prosperity on July 4th

Independence Day is always a great time to reflect on how successful America is. In the midst of fireworks and patriotism, we should also be celebrating our incredible economy that has provided opportunity and prosperity to countless Americans.

America has achieved incredible economic accomplishments over the last 243 years and these are thanks to a strong commitment to free market principles that allow American industry to flourish. Luckily, this great tradition continues to this day.

Tax cuts have given the vast majority of Americans more financial security, allowing people to pay off debts, invest more in retirement and take home larger paychecks. Additionally, deregulation–which allows businesses to reduce compliance costs and put more money into hiring, wages and expansion–is being pursued. These two policy focuses have proved to be a winning combination, breathing new life into America’s economy.

Today, wages are growing, especially among blue-collar workers and people in the lowest income brackets. African-American, Hispanic and female unemployment rates are all at record lows, as is the unemployment rate for people without an advanced degree. On top of this, the overall unemployment rate is sitting at an incredible 50-year low.

People are noticing the growing strength of the American economy. A recent CNN poll found that 71 percent of Americans think the economy is doing well.

While we take time to celebrate our country and bask in the light of fireworks, let’s not forget to take a moment and appreciate how our incredible economy allows more and more people to pursue the American dream.