From Jeff Murphy, EP contributor
A lot has been happening recently on the world stage, but it’s good to keep ours eyes focused on what’s happening domestically as well. There is a lot of good news here at home, with a sound, growing economy powered by tax cuts and deregulation. We currently have very low unemployment at 3.5%, with record low Black unemployment, coupled with a low, stable inflation rate of just under 2% (the old Misery Index is at a record low of 5.5%). People have been drawn back into the labor force by the ease of getting a job.
America is now fully energy independent, thanks to American ingenuity and with deregulation finishing the job. Oil made it into the low 60’s per barrel and then shot up a few dollars for one day with the Iran crisis, but was falling back even before the Iranians backed down. It is now just below $60 a barrel. And note that, with our level of production, higher energy prices when they happen, aren’t the economic minus they used to be (though I still prefer low energy prices).
At 8%, the savings rate is back at the healthy levels I remember but that haven’t been seen for a long time. Meanwhile, the last 3 years of economic growth have “trickled down”, though if you relied on the MSM, you would have no idea that this has happened. Median income is up $5,000 in this period and lower-paid workers’ wages are growing faster than the average, though we need a few more years of this trend to restore a balanced economy that works for everyone. Right now, anyone who is willing to work and has anything to contribute can get a job. Bottom line: This Trump economy is winning, just as he promised.