Job Creators Network Reacts to July Jobs Report

“Friday’s jobs report and the dramatic downward revisions to the past two jobs reports are the clearest proof yet that the Federal Reserve has held interest rates too high for too long. It’s obvious that the biggest threat to the economy is no longer inflation, which President Trump and Congressional Republicans have conquered, but rather the lack of access to credit for small business job creators. Many entrepreneurs can’t access capital in this environment and therefore can’t expand and hire. Fed Chairman Jerome Powell should immediately admit his mistake and cut rates to stimulate the Main Street economy. JCN has launched a petition to stand up for American small businesses and workers and call on the Fed to quickly reduce interest rates at CutTheRateNow.com. Due to Powell and the Fed, the nation’s job creators can’t take advantage of historic tax cuts and are operating with one hand tied behind their backs. Rather than being data-dependent, Fed Chairman Jerome Powell has become a data denier.”

“That said, the labor market is stronger than topline numbers suggest. Unproductive federal government jobs continue to fall and have decreased by 84,000 under the Trump administration (not including those on paid leave). Average annual earnings increased in real terms, and this boost doesn’t take into account the substantial raises in workers’ take-home pay due to new tax cut law provisions, such as no tax on tips or overtime, which took effect last month. As a result, the jobs report understates the earnings power of American workers in the Trump economy.”