Last year was the best in generations for American workers, but what lies ahead? Can the Trump economy keep roaring through 2020?
The undeniable truth is that fewer Americans are unemployed today than at any time since 2000. The impact of America being at work is resulting in higher wages with low inflation, meaning real income has grown with low-wage workers benefiting the most.
One thing is equally clear – nothing stays the same. When there is a wind behind the sails of an economy, it has a certain amount of inertia, until it doesn’t.
Senate passage of the U.S.-Mexico-Canada Agreement seems likely considering the broad bipartisan support the deal obtained in the Senate Finance Committee. It will provide certainty for the flow of commerce between our three countries. While the trade focus is on China, 34 percent of U.S. exports last year went to Canada and Mexico. China only buys about 7 percent of our goods and services.
Automobile manufacturing in the United States should flourish under the deal. It imposes a higher threshold requiring auto parts and components be made in Canada, Mexico or the U.S. for vehicles to qualify