Monday, September 02, 2019
Labor Day is for workers and there is a lot for them to celebrate this year. I’m old enough to remember 1979 and 1980, and it feels a lot better today than back then.
The U.S. economy is doing quite well on Labor Day 2019, as Sally Pipes reminded us:
Consider that in 2018, corporate profits rose 7.8 percent, compared to 3.2 percent in 2017.Last year, companies added about 200,000 jobs per month, up from 179,000 in 2017.This past April, average hourly earnings were 3.2 percent higher than the year before.Unemployment hit a 50-year low the following month.
It’s not perfect but it’s very good.
We face two big challenges on this Labor Day:
First, let’s keep the U.S. economy growing — and I trust that we can do that — and,
Second, let’s reevaluate what we are teaching our young people about capitalism and free markets.
The best way to keep our young people prosperous is to remind them that capitalism, not socialism, is the best route ahead.
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