Ongoing Economic Expansion
‘Major, business-changing equipment is being purchased. Ribbons are being cut on new facilities. The long-term foundations for a stronger economy are literally being poured. Republicans are proud that we helped make this happen. We’re getting Washington out of the way so American prosperity can take flight.’
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:
“Yesterday, Gallup reported that the percentage of Americans who are satisfied with the way things are going in our country is as high as it’s been since 2005. That’s a nearly 13-year high. No wonder -- with an ongoing economic expansion creating jobs across our nation and our unemployment rate at its lowest level since the year 2000. Consumers are confident. Manufacturers are confident. Small businesses are optimistic.
“As I’ve said many times, Washington doesn’t deserve all the credit for this. The government does not create prosperity. American workers and job creators do. But public policy does set the stage. Bad policy can make job creation, wage growth, and capital investment more difficult. Good policy can make these things easier.
“Take the historic tax reform that Republicans passed last year. In addition to immediate tax relief for middle-class families and small businesses, we also sought to improve our long-term foundation by making America a more attractive place to start businesses, expand businesses, and invest for the future.
“That’s why tax reform allowed full and immediate expensing of capital investments, and made corporate rates more competitive. We’re starting to see signs that businesses large and small are taking notice.
“A few weeks ago, the Wall Street Journal reported, quote, ‘U.S. companies are ramping up spending on their businesses at the fastest pace in years.’ One recent analysis projected that the S&P 500 businesses’ spending on new factories, equipment, and other capital investments in the first quarter of 2018 would be nearly 25% more than they spent in the first quarter of last year.
“What about small business? Just a few weeks ago, a leading industry survey showed 62 percent of owners reporting recent capital outlays -- on the heels of the most positive sales trends since 1995. Major, business-changing equipment is being purchased. Ribbons are being cut on new facilities. The long-term foundations for a stronger economy are literally being poured. Republicans are proud that we helped make this happen. We’re getting Washington out of the way so American prosperity can take flight.”
Related Issues: Tax Reform, Middle Class, Taxes, Economy