Research – Jobs/Economy

Unemployment at Historic Lows Thanks to Tax Cuts, Trump Economy

NPR: “US Unemployment Rate Drops To 3.7 Percent, Lowest In Nearly 50 Years.” (Avie Schneider, “US Unemployment Rate Drops to 3.7 Percent, Lowest in Nearly 50 Years,” NPR, 10/5/18)

Jobs Were Added In Transportation, Construction, Manufacturing And Health Care In September. “In September, professional and business services grew by 54,000, transportation and warehousing jobs by nearly 24,000, construction by 23,000, manufacturing by 18,000 and health care by nearly 30,000.” (Avie Schneider, “US Unemployment Rate Drops to 3.7 Percent, Lowest in Nearly 50 Years,” NPR, 10/5/18)

GDP Grew At 4.1 Percent In The Second Quarter In 2018. “Gross domestic product grew at a solid 4.1 percent pace in the second quarter, its best pace since 2014, boosting hopes that the economy is ready to break out of its decade-long slumber.” (Jeff Cox, “Second-Quarter GDP Jumps 4.1% for Best Pace in Nearly Four Years,” CNBC, 7/27/18)

“Manufacturers Are On Track To Record Their Highest Confidence Levels In The Survey’s 20-Year History.” “The National Association of Manufacturers (NAM) quarterly outlook survey showed that in the third quarter, 92.5 percent of manufacturing executives had a positive outlook for their business. In 2018, manufacturers are on track to record their highest confidence levels in the survey’s 20-year history, thanks in part to the Trump administration’s economic agenda, which included comprehensive tax reform and reduction in regulations.” (Brittany De Lea, “American Manufacturers on Track for Most Optimistic Year in at Least 2 Decades,” Fox News, 10/5/18)

Almost 3.5 Million Jobs Have Been Added From November 2016 Through June 2018. (Louis Jacobson, “Fact-Checking Donald Trump’s Talking Points about the Economy,” PolitiFact, 7/27/18)

PolitiFact: “Manufacturing Jobs Did Decline By 192,000 Under Obama, And Since Trump’s Election, They have Increased By 373,000.” (Louis Jacobson, “Fact-Checking Donald Trump’s Talking Points about the Economy,” PolitiFact, 7/27/18)

Brown Votes Against Small Businesses 100% of the Time

According to the Small Business Administration, There Are 944,797 Small Businesses In Ohio, Making Up 99.6% Of Ohio Businesses. As of 2015, they Employed 2.2 Million Ohioans, Making Up 46% of the Private Sector Workforce. (“2018 Small Business Profile,” Small Business Administration, Accessed 10/5/18)

Jim Renacci Has A 100% Voting Record With NFIB This Congress. (Federal Advocacy, Congressional Report Card, NFIB Website, Accessed 7/28/18)

Sherrod Brown Has A 0% Voting Record With NFIB This Congress. (Federal Advocacy, Congressional Report Card, NFIB Website, Accessed 7/28/18)

Brown Votes Against Manufacturers 90% of the Time

“Manufacturers Are On Track To Record Their Highest Confidence Levels In The Survey’s 20-Year History.” “The National Association of Manufacturers (NAM) quarterly outlook survey showed that in the third quarter, 92.5 percent of manufacturing executives had a positive outlook for their business. In 2018, manufacturers are on track to record their highest confidence levels in the survey’s 20-year history, thanks in part to the Trump administration’s economic agenda, which included comprehensive tax reform and reduction in regulations.” (Brittany De Lea, “American Manufacturers on Track for Most Optimistic Year in at Least 2 Decades,” Fox News, 10/5/18)

There Are More Than 620,000 Manufacturing Workers In Ohio As Of 2017. (“Ohio Manufacturing Facts, National Association of Manufacturers, Accessed 10/20/18)

Jim Renacci Has A 100% Voting Record With NAM For the 115th Congress. (115th Voting Record, National Association of Manufacturers, Accessed 6/20/18)

Sherrod Brown Votes Against Manufacturers More than 80% Of The Time For The 115th Congress. (115th Voting Record, National Association of Manufacturers, Accessed 6/20/18)

Sherrod Brown Voted Against the Tax Cuts That Are Growing Jobs in Ohio

In December 2017, Brown Opposed The Tax Cuts And Jobs Act. (Roll Call Vote #323, Brown Voted Nay, 12/20/17)

Sherrod Brown Calls The Tax Cut A Scam. “’[The Democrats have] gone farther to the left than ever before. I mean, you need to only look at Ohio’s Sen. Sherrod Brown to prove it,’ Pence told the audience. ‘I mean, the hardworking men and women of Ohio deserve to know, when it came time to cut your taxes, Sen. Sherrod Brown voted no,’ he continued. ‘Sherrod Brown actually voted no because he called these historic tax cuts a ‘scam,’’ Pence said. ‘The truth is, our tax cuts are delivering a middle-class miracle in Columbus and across Ohio. That’s the truth.’” (Josh Bowden, “Pence Knocks Sherrod Brown, Boosts Renacci,” The Hill, 6/15/18)

Brown Again Refers To The Tax Cuts As A Scam. “Another day, another way the @GOP’s tax scam rewards big companies – not hardworking families.” (Twitter Account of Sherrod Brown, @SherrodBrown, 6/19/18)

The Tax Cuts Are Helping Ohio Workers

Personal Incomes In Ohio Grew 4.7 Percent In The First Quarter of 2018. (Bureau of Economic Analysis, Press Release: State Personal Income: First Quarter 2018, 6/21/18)

According To The Tax Policy Center, 68.7% Of Ohioans Saw A Tax Cut On Average Of $1890 Per Year and Ohio Average Federal Tax Declined By 8.3%. (Frank Sammartino, Philip Stallworth and David Weiner, “Report: The Effect of the TCJA Individual Income Tax Provisions across Income Groups and across the States,” Tax Policy Center, 3/28/18)

Ohio Has Gained More Than 70,000 Jobs In 2018, Which Is More Than 40,000 More Jobs Gained Than During The Same Period In 2017. This Is A 132% Increase In Jobs Gained. (Databases, Tables & Calculators by Subject,” Bureau of Labor Statistics, Accessed 8/15/18)

Job Growth In Ohio Has Accelerated Since The GOP Tax Cuts Passed In Late December, Adding 42,400 Jobs In The First 4 Months Of 2018, Compared To 32,200 In All Of 2017. (“State And Area Employment, Hours, And Earnings,” Bureau Of Labor Statistics, Accessed 6/14/18)

In January 2018 Nationwide Mutual Insurance Co., Based In Columbus, OH, Announced That After The Passage Of The Tax Reform Bill They Would Be Giving Employees Bonuses And Increasing 401(k) Match. “Nationwide Mutual Insurance Co. is joining a number of major financial institutions in giving bonuses to employees following the tax reform passed by Congress right before Christmas. The Columbus-based insurer announced Wednesday that it’s giving a $1,000 discretionary bonus to employees and managers below the company’s senior ranks, and starting this year will increase its 401(k) match for employees to 50 percent on the first 7 percent of an employee’s contribution, up from 6 percent. About 29,000 of the company’s 33,000 employees nationwide will get a bonus, while all of its workforce will benefit from the 401(k) match.” (Tristan Navera, “About 29,000 Nationwide Employees To Get A $1,000 Bonus,” Columbus Business First, 1/3/18)

Nationwide Is The Largest Private Company In Columbus, With 13,750 Employees In Central Ohio. “Nationwide is the largest private company in Columbus, with a 2016 company revenue of $40.1 billion, according to the 2016-2017 CBF Book of Lists. It has 13,570 employees in Central Ohio.” (Tristan Navera, “About 29,000 Nationwide Employees To Get A $1,000 Bonus,” Columbus Business First, 1/3/18)

In December 2017, Cincinnati-Based Fifth Third Bancorp Raised Its Minimum Wage To $15 An Hour Because Of Tax Reform, Resulting In A Pay Increase For 3,000 Of Its Employees. “Fifth Third Bancorp is putting something extra in the stockings – and paychecks – of its employees, thanks to the newly approved tax cuts.  Cincinnati-based Fifth Third (Nasdaq: FITB), one of Central Ohio’s largest banks, will boost its minimum wage for all employees to $15 an hour. That’s a pay hike for about 3,000 of its hourly employees.” (Steve Watkins, “Fifth Third Giving Pay Raises TO Most Of Its Workers, Thanks To The Tax Deal,” Cincinnati Business Courier, 12/21/17)

Fifth Third Bancorp Also Announced More Than 13,500 Employees Would Get Bonuses. “On top of that, Fifth Third will dole out a $1,000 bonus to about 13,625 employees. Those bonuses go to employees up to a certain job level with senior managers and executive leaders excluded.” (Steve Watkins, “Fifth Third Giving Pay Raises To Most Of Its Workers, Thanks To The Tax Deal,” Cincinnati Business Courier, 12/21/17)

Overall, Fifth Third Bancorp Employees Will Receive A Bonus Or A Pay Increase Because of Tax Reform. “About 75 percent of Fifth Third’s employees will get a pay raise or a bonus. Fifth Third had 17,844 full-time-equivalent employees as of the end of 2016. It has about 550 employees in Central Ohio across 71 branches.” (Steve Watkins, “Fifth Third Giving Pay Raises TO Most Of Its Workers, Thanks To The Tax Deal,” Cincinnati Business Courier, 12/21/17)

Walmart, The Biggest Employer In Ohio, Announced That Because Of Tax Reform, They Were Raising Their Minimum Wage To $11 An Hour, And Employees Would Be Getting Bonuses Of Up To $1,000. “Walmart is raising its minimum wage and handing out tax cut bonuses because of the new Republican tax law. The retail company said the wage hike to $11 an hour would roll out in February. Employees are also getting a one-time bonus of up to $1,000.” (“Walmart Is Raising Its Minimum Wage And Handing Out Tax Cut Bonuses,” Fox 8 Cleveland, 1/11/18)

Walmart Also Announced Expanded Maternal And Parental Leave Policies, And The Creation Of A Benefit To Assist Associates With Adoption Expenses. “Because of the tax reform law, Walmart says it’s also creating a new benefit to assist associates with adoption expenses. The benefit, which will be available to full-time hourly and salaried workers, will total $5,000 per child. The company said it’s also expanding its parental and maternity leave policy. Full-time hourly workers in the United States will get 10 weeks of paid maternity leave and six weeks of paid parental leave. The changes affect more than 1 million hourly associates.” (“Walmart Is Raising Its Minimum Wage And Handing Out Tax Cut Bonuses,” Fox 8 Cleveland, 1/11/18)

Cincinnati-Based Western & Southern Financial Group, Citing Tax Reform, Announced Employee Bonuses Of Up To $2,000 For Full-Time Employees And $1,000 For Part-Time Employees. “Downtown Cincinnati insurance giant Western & Southern Financial Group is the latest local company to give its employees bonuses at least partly as a result of the corporate tax cut. And its bonuses are bigger than most. Western & Southern, the $47 billion-in-assets life insurer with real estate and investment units, will give full-time employees a $2,000 bonus. It will give part-time employees a $1,000 bonus. But its bonuses are tied to company performance. CEO John Barrett said the company is paying those bonuses to recognize employees’ contributions to the company meeting its 2017 financial goals. But he also cited tax reform as spurring those results.” (Steve Watkins, “Western & Southern Latest Cincinnati Company To Hand Out  Taxcut-Related Bonuses (And These Are Bigger),” Cincinnati Business Courier, 1/8/18)

Bruns General Contracting, Of Tipp City, OH, Said That Due To Anticipated Savings From The Tax Reform Bill They Will Be Investing In New Equipment And Vehicles, And Strengthening Employee Retirement Benefits. “As a result of the Tax Cuts and Jobs Act, Bruns General Contracting announced that it would be investing in new equipment and vehicles, as well as strengthening retirement benefits for its employees.” (Cecilia Fox, “Portman Visits Local Business,” Piqua Daily Call, 1/15/18)

Jim Wolf, The Owner Of Wolf Metals, Said That After Passage Of The Tax Reform Bill It Was A “No Brainer” To Invest In $500,000 Of New Equipment. “Wolf said the bill, which cut business and individual taxes, made it ‘a no brainer’ to invest in a new, $500,000 piece of equipment.” (Marty Schladen, “After Years Of Blasting Deficits, Portman Says GOP Plan Is Different,” Columbus Dispatch, 1/5/18)

Wolf Also Called The Republican Tax Bill A “Godsend” To His Business. “Portman, an Ohio Republican, was in Columbus to tour Wolf Metals, a steel-fabricating firm whose owner said the Republican tax bill signed last month by President Donald Trump is a godsend to his business. ‘It’s going to keep me competitive and keep my guys working,’ owner Jim Wolf said on the floor of the West Mound Street business he started in 1972. (Marty Schladen, “After Years Of Blasting Deficits, Portman Says GOP Plan Is Different,” Columbus Dispatch, 1/5/18)

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