From an economic standpoint, Americans have a lot to be thankful for: job growth, wage growth, a closing of the racial wage gaps, entrepreneurship growth, record low unemployment, a reduction in job-killing regulations, as well as a four-year high in homeownership. And according to a new Gallup poll, the American public has high confidence in the economy with 55 percent saying they believe the economy is doing either “excellent” or “good.” Only 9 percent thought the economy was doing “poor.”
For women, there’s even more to celebrate. The female unemployment rate is at a historic low. The U.S. now has 12.9 million women-owned businesses. That's an 11 percent increase since 2016 when there were 11.6 million women-owned firms. Women started an average 1,817 new businesses per day in the U.S. between 2018 and 2019, greater than the daily average created before, during and after the recession through the end of the Obama Administration. And women franchise owners now make up 42 percent of the market, up from 20 percent just five years ago.
But there’s still much work to be done. Farmers are hurting in America due largely to the trade war with China. In August, China said it would completely stop purchasing American agricultural products, which is a huge blow to the market. To help farmers adversely impacted by the trade war, the Trump’s administration has provided $28 billion in aid–which means, the farm bailout is more than twice as expensive as the 2009 bailout of Detroit’s Big Three automakers, which cost taxpayers $12 billion.
The trade war is also costing American businesses. According to the American Economic Association, import tariffs are costing US consumers and businesses that buy foreign goods 3.2 billion per month in added tax costs and another $1.4 billion per month in forgone trade.
So, while the economy could be better and certain sectors need help, the overall outlook on the economy is good. That’s good news for families. For that, I’m thankful.