The Labor Department reports that the number of Americans collecting Unemployment checks fell this week to 1,979,000. That’s the lowest since April 15, 2000, seventeen years ago. One economist explained that there’s been a steady downtrend in the pace of layoffs that put workers on Unemployment. There are various factions trying to claim credit, with Democrats saying it’s a continuation of that Obama recovery, and Republicans saying it’s because of Trump’s pro-business policies and his ongoing reversal of Obama regulations that cost employers tens of billions of dollars. There’s some truth to both claims. Well, at least to the latter.
But anyone who’s ever tried to run a business knows there’s another factor at work. It’s not what the government is doing, but what it’s NOT doing. Employers finally feel confident that with Trump at the helm, there will not be any more new complicated, business-killing regulations blindsiding them in the near future, and that activist bureaucrats will NOT target their industry for extermination in the name of some trendy cause popular on the left. So they can take some of the cash they’ve been sitting on like a security blanket and use it to keep workers working or even to hire more and expand. It shows how well the economy does when the government gets out of the way, and even more important, when employers feel secure that it’s going to stay out of the way.