WASHINGTON, D.C. - Representative Greg Walden (R-Hood River) today [9/26/18] highlighted the historic revival of America’s manufacturing sector as a result of economic policies he has helped pass into law this Congress. Citing the landmark tax cuts for middle class families and businesses that were signed into law in December, and record setting regulatory relief, Walden today said American workers are witnessing the strongest economy in decades.
“We have provided the biggest tax cuts since Ronald Reagan. We’ve had significant regulatory relief, taking the dead hand of excessive government regulation off the throats of America’s entrepreneurs. And they have responded at record pace to create jobs in America and to give us the best economy nearly anyone in the working world has seen in their time,” said Walden. “Thanks to historic achievements in tax and regulatory reform, our country is undergoing a manufacturing revival unlike any we’ve seen in a long time. The latest manufacturing index from the Institute for Supply Management has reached its highest level in 14 years. This number translates to surging growth and increased production of goods made in America.”
The Washington Post recently reported that, “Jobs in goods-producing industries -- mining, construction and manufacturing -- grew 3.3 percent in the year preceding July, the best rate since 1984.”
This increase in manufacturing jobs has also resulted in rising wages. According to the August Bureau of Labor Statistics quarterly release, compensation for workers has risen to a nearly 10-year high.
Representative Walden in November voted to pass the Tax Cuts and Jobs Act, which provided tax relief to middle class families and small businesses in Oregon. Since its enactment in December, nearly 1.7 million jobs have been created nationwide, average wages have risen 2.7 percent, and more than $4 billion has been paid out in the form of bonuses.
Directly crediting the Tax Cuts and Jobs Act, over 100 manufacturers have invested more in their businesses, including hiring new employees and increasing wages and benefits for current employees.
Representative Walden has also supported efforts to rein in excessive rules and regulations that were hurting business owners in Oregon and across the country. As of January 2018, Walden helped repeal 14 regulations through the Congressional Review Act, and the current administration has taken action to cut regulatory costs by $8.1 billion.
During today’s hearing before the Energy and Commerce Committee today, which was entitled “Built in America: Jobs and Growth in the Manufacturing Sector”, Walden said this strong economic performance has dispelled notions by the previous administration of mediocre growth as the new normal.
“This notion from the last president that we should get used to a 1.5% or 2% GDP and that’s the best America could do is just garbage,” said Walden. “We’re moving forward now with 4.2% GDP growth and a very strong economy because of the Republican policies we passed out of this Committee and others down to the President for his signature.”
For more information on today’s hearing, including a background memo, witness testimony, and archived webcast, please click here.
Press release provided from the office of Greg Walden, US Representative of Oregon.