Washington, D.C. — Center for American Progress Economist Kate Bahn released the following statement today on the October 2017 employment situation figures from the U.S. Bureau of Labor Statistics:
The October 2017 jobs report showed a bounce back of 261,000 jobs added after September’s decline of 33,000 jobs resulting from hurricanes Harvey and Irma. Year-over-year wage growth was 2.4%, meaning there is still more potential for long-awaited earnings increases after years of stagnation for most workers—and employment for African American men and noncollege workers continues to lag behind. Yesterday was also Latina Equal Pay Day, highlighting the ways in which continued structural barriers lead to less economic opportunity for Latina workers, who earn almost half as much as white men.
The proposed tax cuts for the wealthiest and corporations introduced by congressional Republican leaders this week represent a lost opportunity to help American workers. Seven years into the recovery following the Great Recession, most of the gains have gone to those who already have assets and privilege in the economy. The tax reform proposal exacerbates the same trends, and will not trickle down to American workers and ordinary families. History has shown us—from tax reform under Presidents Ronald Reagan and George W. Bush to the disastrous experiment in Kansas—that supply-side tax cuts do not guarantee positive economic performance and will not increase job quantity or quality. This is a giveaway to the haves at the expense of the have-nots while stifling our potential for a stronger economy that works for everyone.
Related resource: The State of the U.S. Labor Market: Pre-October 2017 Jobs Release by Annie McGrew and Kate Bahn
For more information or to speak with an expert, contact Allison Preiss at [email protected] or 202.478.6331.