Healthy Economy, Tax Reform, Paying Dividends For Americans
‘Nationwide, consumers are experiencing renewed confidence. Retail sales are up 6.4% from July of last year. According to one industry survey, a majority of U.S. manufacturers say this favorable policy climate has them more likely to raise wages for their workers.’
WASHINGTON, D.C. – U.S. Senate Majority Leader Mitch McConnell (R-KY) delivered the following remarks today on the Senate floor regarding the benefits Americans continue to see from the Republican pro-opportunity, pro-worker agenda:
“Last week, members were back in our home states, meeting with constituents. I had the opportunity to visit a remarkable business in my hometown of Louisville. Caldwell Tanks has been making large industrial and water storage tanks in Kentucky for over a hundred years. It’s no secret that they do good business. But when I stopped by on Friday, they had some especially good news to share.
“In 2018, they’ve invested $100,000 in upgrades to their fleet of cranes. Their 150 Kentucky employees, along with hundreds more in other states, are seeing estimated wage increases up to 10% or more. And Preload, Caldwell’s sister company that makes prestressed concrete tanks, has invested $500,000 in new manufacturing equipment.
“The company’s leadership states that all these improvements are direct results of the historic tax reform law this Republican Congress passed last year. Tax reform, along with all our other pro-growth policies, has helped to transform the overall business climate in this country. In the words of Bernie Fineman, Caldwell’s CEO: ‘the most important thing that it’s done is provide hope for our future.’
“So while these developments alone are remarkable, the conditions that made them possible are no fluke. Not in a state that has recently seen its unemployment rate drop to a 42-year low. Not in a country where the number of Americans filing for unemployment benefits is about as low as it’s been in half a century. Tax reform and regulatory reform helped make this happen. They helped unleash free enterprise and give Caldwell’s customers the confidence to fill up the warehouse’s backlogs and drive up 2018 sales up by 14% so far.
“Caldwell is just one case study in what’s become a national phenomenon. Nationwide, consumers are experiencing renewed confidence. Retail sales are up 6.4% from July of last year. According to one industry survey, a majority of U.S. manufacturers say this favorable policy climate has them more likely to raise wages for their workers.
“Bustling warehouses and rising wages weren’t exactly what our Democratic colleagues predicted when they railed against the historic tax bill last fall. Or voted in lockstep to oppose its passage. But one would hope that hindsight is helping our Democratic colleagues see how tax reform and regulatory reform were exactly what the doctor ordered -- how they have contributed to a healthy economy that is paying dividends for American workers and middle-class families.”
Related Issues: Tax Reform, Small Business, Taxes, Jobs, Economy