The Many Benefits of Faster Economic Growth

Economic growth is picking up speed in the U.S. which, in turn, pushes down the unemployment rate now at a fifty year low of 3.6%.  This is not only bringing more people into the job market but also raising wages more quickly especially at the lower end of the pay scale.
Of course there are a few negative consequences of faster growth, such as an increase in carbon emissions which cause global warming, but the overall effects are highly beneficial to American society in many different ways.
For example:

  • Blue Collar Workers. Another important factor is that there are many good job opportunities for blue collar workers in the interior of the country, away from the crowded coasts.  These are in thriving cities especially in the midlands which have a much lower cost of living as well.

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  • Women.  One huge benefit is the opening up of many new employment opportunities for women in the blue collar jobs long dominated by men (see first chart).  For example, 9% of over-the-road truck drivers are women as are 5% of welders.

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  • Black unemployment is steadily dropping and is now as low as it has been for fifty years (see second chart).
  • Trade flexibility. As the U.S. and China close in on an historic trade agreement, President Trump has more flexibility to insist that trade abuses such as intellectual theft and restrictive business practices be sharply curtailed.

Summary.  Faster economic growth, along with the lower unemployment rate it engenders, has many, many benefits for Americans.  It means jobs for more people, higher wages for all, new employment opportunities for those who are ambitious and especially for women and minorities.  Everyone benefits when the American economy is humming.

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