I read “The Economist” regularly. Most articles are left-leaning. But a recent column entitled “American life is improving for the lowest paid” is a departure from that norm.
As part of the investigation, the authors visited with a Navy veteran working at a cigarette shop in Madison, WI. Brad Hooper, a high school grad in poor health, was unemployed a few years ago. Now he earns $13.90 selling tobacco at a chain store.
Mr. Hooper’s situation reflects the improving fortunes for many low-paid Americans. Across the nation, employers post “help wanted” signs in their windows. In Wisconsin, there are nearly 100,000 unfilled vacancies. In Mississippi, the MSWorks site reports 40,000 openings.
Demand for labor is off the charts – across the industry spectrum. Limited supply = creative demand approaches, including employers touring prisons, signing up inmates to work immediately upon their release. And, wages are rising a result.
I submit that the President’s policies of lower taxes ($150 billion/year in a $4 trillion budget) and less regulation (most of the regulation reductions haven’t kicked in) are indeed a factor, but rather, sentiment and attitude are the real drivers.
You see, faith, confidence and certainty are the catalyst for investment, hiring and expansion. Promoting America first exceptionalism stimulates economic growth more than an apology tour. Constant attacks on success and the “You didn’t build that” narrative impair investment and “triggers” the private sector to protect, rather than risk assets. Think about your own wallet. You generally open it up when you have a warm-fuzzy feeling about your balance sheet and future income.
Corporations, small businesses entrepreneurs, innovators, investors, lenders – the entire economic ecosystem – is energized and optimistic by the feeling that the present government is not out to confiscate and destroy capitalism, wealth, assets and most importantly… opportunity.
And that’s precisely what the Democrat march to socialism will produce.