Workers Should Back Lower Taxes
As America observes the century's last Labor Day, workers are reaping the benefits of the best economy in modern history. But whether the nation's work force continues to prosper and post gains in income and financial security will depend largely on some critical decisions that Congress and the president will make in the coming months.</br></br>We're in an economic expansion that just won't quit. At 4.3 percent, our unemployment rate is the lowest since 1970, and the lowest of any major country. More than 64 percent of the adult population is working today -- more than ever before in our history. Inflation remains at an insignificant level. Real wages have increased nearly 5 percent in just the past two years. Home ownership is at an all-time high.</br></br>Since 1990, household financial assets have doubled, and since 1995, the increase in household financial assets for each year was equivalent to nearly one-half of disposable after-tax income for all households. Millions of Americans own stock directly, and millions more own stock indirectly through pension funds. That's a clear sign that Main Street and Wall Street are becoming one and the same.</br></br>While politicians are quick to take credit for the booming economy, most of the credit belongs to American companies and their employees -- especially the millions of small businesses and self- employed entrepreneurs who take most of the risk, spur most of the innovations and create most of the new jobs in our country.</br></br>Yet while government may not have created the current expansion, it will have a profound impact on whether prosperity continues and whether on Labor Day in the year 2000 working families are still moving forward or are in a period of decline.