The Congressional Budget Office (CBO) now projects 156.8 million jobs in America by year-end 2027—2.6 million more jobs than in its June 2017 Budget and Economic Outlook. CBO attributes an average of 1.1 million additional jobs over the next 10 years to the recently enacted Tax Cuts and Jobs Act.Between the across-the-board tax cuts benefiting the massive majority of US taxpayers and this good news from CBO, it would appear that the "Tax Cuts and Jobs Act" was aptly named. And as a reminder, the job creation side of the reform package is largely thanks to the corporate tax cuts -- which liberals have demagogued, despite their economic wisdom. Recall that Democrats, all of whom joined in lockstep opposition to the bill, are vowing to repeal this tangible progress. More than 500 US companies have rolled out new benefits, bonuses and wage increases as a direct result of tax reform, helping more than four million US workers. Here's the latest example of good news that Democrats are eager to cancel:
Kroger announced Monday new investments in employee benefits, education and wages as retailers across the board are spending more on their employees to keep pace in a tighter labor market. Last week, Kroger said it planned to hire for 11,000 new positions, including 2,000 management roles. At that time, it said would invest $500 million in associate wages and training and development over the next three years. The grocer has attributed the investments to more funds as result of recent tax law changes. Among the new initiatives, Kroger is introducing a Feed Your Future program to support continuing education for all part-time and full-time associates following six months of employment.
As part of the program, Kroger will offer up to $3,500 annually ($21,000 over the course of employment) to support educational advancements like high school equivalency exams, professional certifications and advanced degrees...It is also increasing the company match for its 401(k) program to 5 percent, up from 4 percent previously. It is expanding its employee discount program for associate shopping in its stores. It is investing $5 million more into its Helping Hands program, an internal fund to aid associates during hardship.
The current Republican Congress hasn't been able to get a whole lot done, but this accomplishment was a dandy.
Yessir! That tax cut was so-o-o great, it created similar results throughout the last term-and-a-half of the Obama Administration. Who knew economic anticipation of Ryan's giveaway would be so great? Of course, the first half of the first term was taken up catching our breath from the last GOP tax handouts to the wealthy. WSJ says a whopping 27% of Americans surveyed agree with your conclusions, BTW. Cheers. :o)
ReplyDeleteThese haven't been "giveaways" or "handouts." Those terms carry a strong presumption that the money belongs to the government, to be doled out to individuals and businesses as government deems appropriate - a highly, highly offensive notion. The real deal is exactly the opposite. The money belongs to people - and it matters not one subatomic particle whether they are poor, middle class or rich; totally irrelevant - and government must puke all over itself to justify taking the first penny of it.
ReplyDeleteSo you've given up hope that ours is a government for the people? When I hear that these companies start bringing their burgeoning numbers of independent contractors on board as employees with consequent qualification for workers compensation, unemployment compensation, employer contributions to OASI, employer paid health insurance, paid sick days, holidays and vacations I might start to believe. Let me know when the pendulum starts swinging that way again, will you? And the Dems were right, because just into the new year, both parties slapped billions onto the national debt. What idiots cut income before they cut expenses?
ReplyDeleteFree college for Kroger employees! Yay! Now they can take cool classes like The History of Rock & Roll and pad the coffers of the adjunct professors in state-financed public universities.
ReplyDelete"Here’s the worse part: The conventional comparison is misleading. The projected budget deficits in the coming decade are essentially “full-employment” deficits. This is significant because, while budget deficits can be helpful in recessions by providing an economic stimulus, there are good reasons we should be retrenching during good economic times, including the one we are in now. In fact, CBO projects that, over the 2018-2028 period, actual and potential GDP will be equal. As President Kennedy once said “the time to repair the roof is when the sun is shining.” Instead, we are punching more holes in the fiscal roof."
ReplyDeletehttps://www.brookings.edu/blog/up-front/2018/04/11/the-fiscal-picture-is-worse-than-it-looks-and-it-looks-bad/?utm_medium=social&utm_source=facebook&utm_campaign=es
You bet. And they need to make sure they take that course from me, so that the information is presented correctly.
ReplyDeleteBrookings is correct that the debt and deficit are problems of the utmost urgency. But the culture inside the Beltway is such that what needs to be done to address it is not going to happen.
Re: When I hear these companies . . . I might start to believe." Believe in what? My only point here is that when a person or company earns money, it is theirs, not the government's.