May 2, 2025, Fairfax, Va.—Americans for Limited Government Executive Director Robert Romano today issued the following statement on the latest jobs numbers, urging Congress to extend and expand the 2017 Trump tax cuts:
“The unemployment level inched up to 7.16 million in April, the highest it has been since October 2021, now up 1.4 million since its January 2023 low of 5.75 million. If you look closer at the non-rounded unemployment rate, it edged up ever so slightly from 4.15 percent to 4.18 percent, still near historic lows. And, the unemployed-to-job-openings ratio reached .984 in March — job openings data lags a month — its highest level since April 2021, a figure that usually rises after peak employment at the end of the economic cycle, and has been rising since 2022 along with unemployment. In the meantime, those saying they have jobs increased to 163.94 million, an all-time high. With inflation data continuing to cool and payroll employment slowing down too on its trend (which is usually does at the end of the cycle), the only question is whether the economy is in for a so-called ‘soft’ landing or a ‘hard’ one.
“Congress should not take any chances. It has before it a tax cuts bill that if everything the President has proposed is included, including no tax on tips, overtime and Social Security, along with factory expensing to incentivize businesses to make their products in America, will set up the economy for long-term growth if the worst should happen. If there is any good news about the labor shortages brought on by the Baby Boomer retirement wave, wherein almost 1 million of those 65 years old and older are leaving the labor force every year, it is that when we do get to the next recession, there will be fewer people to lay off and so hopefully unemployment does not go so high. It could just be that because of the retirements, we either skip the next recession or if we get one its shallow. Hope springs eternal. Either way, whatever is on the horizon has been years in the making following peak inflation in 2022, and so all Congress can do is set the U.S. up for future success as best as it can. It’s time to extend the tax cuts.”
Attachments:
“Go Big Or Go Home! Weekly Jobless Claims Reminder For Congress To Extend Tax Cuts Plus Factory Expensing And No Tax On Tips, Overtime And Social Security” By Robert Romano, May 1, 2025 at https://dailytorch.com/2025/05/go-big-or-go-home-weekly-jobless-claims-reminder-for-congress-to-extend-tax-cuts-plus-factory-expensing-and-no-tax-on-tips-overtime-and-social-security/
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