201912

亞太 商報

Asian Pacific Business Journal

Issue Number 0126

2019 December Issue

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Asian Pacific Business Journal

Trump Victory Hosts First Vietnamese American Training in Manchester

MANCHESTER, NH - Dec 14 evening, over 60 community leaders gathered at New Hampshire’s St. Anslem’s Institute of Politics to attend Trump Victory’s first Vietnamese American Trump Victory Training in Manchester.

This first of its kind training focused on engaging New Hampshire’s Vietnamese-American community who are thriving thanks to President Trump’s pro-growth agenda that has created record low unemployment and more jobs.

Featuring speeches from New Hampshire Republican Party Chairman Steve Stepanek and Trump Campaign CoChair Lou Gargiulo, the evening centered around learning more about the history of the Republican Party, a Trump Victory data presentation, and how the APA community can get involved ahead of 2020. This Trump Victory Leadership Initiative Training was the first TVLI training conducted in Vietnamese, emphasizing the focus Trump Victory has on reaching out and engaging with voters of all communities.

As the fastest growing ethnic group in our country, growing by at least 30% in every state from 2000 to 2010, Trump Victory is engaging Asian Pacific American communities nationwide. In addition to Asian Pacific Americans, Trump Victory is reaching out to a variety of groups, empowering these groups to engage and organize their neighbors and communities.

“Our team is training thousands of activists in battleground states across the country to ensure that we are ready and able to re-elect President Trump and Republicans up and down the ballot next November. Getting involved and exercising our right to vote is our way of showing our support for the party of freedom and our commitment to preserve and defend such freedom,” said Trump Victory Deputy Director of APA Media Affairs Chau Truong.

“New Hampshire has an active and engaged Vietnamese-American community who are passionate about supporting President Trump and Republican values. Asian Pacific Americans are succeeding under President Trump, and are ready to get involved with Trump Victory to keep

their communities thriving and Keep America Great,” added RNC Spokesperson Nina McLaughlin.

2019 December Issue

Since 1975, Minnesota has welcomed more than 66,000 Hmong refugees to its state, with the Twin Cities having the largest Hmong community in the United States.

“Not only has the unemployment rate for Asian-Americans hit a record low under President Trump, but we’re seeing increased wages and more opportunities for communities like the Hmong community,” Samsundar said.

“As we continue to campaign in the state, we look forward to working with members of the Hmong community to keep America great!”

RNC and Trump Victory Celebrate Hmong New Year in Minnesota

MINNEAPOLIS, Minn. – Trump Victory participated in this year’s Hmong New Year celebration.

“Every year, Minnesotans attend this annual Hmong New Year celebration that commemorates the Hmong culture through dance, music, crafts, and various vendors,” RNC Spokesperson Preya Samsundar said. “This year, the RNC and the Trump Campaign was proud to participate in the event.”

Nearly 80 Republicans were in attendance this weekend to speak with more than 10,000 Hmong Americans about how President Trump’s policies have benefited them and their families.

During a speech to more than 10,000 Hmong Americans, Marina Tse, the RNC’s Director of Media Affairs for APA reinforced the Party’s commitment to the APA community. “We have fought together for democracy and for human rights,” Tse said. “We appreciate your loyalty and your dedication to the United States and we certainly admire your achievements and your contributions to our country.”

Republican National Committee (RNC) Chairwoman Ronna McDaniel released the following statement on DEC 18’s impeachment vote

"History was made today, but not in a way Democrats had hoped. With this vote, Nancy Pelosi and her fellow impeachment crusaders have ensured the reelection of President Trump and a return of a Republican majority in the House," said Chairwoman McDaniel. "The American people have turned on this partisan sham and see Democrats in Congress for what they truly are: politicians whose sole focus is to overturn the result for the 2016 election, not on the real issues they promised to address. In 2020, voters will re-elect President Trump and choose candidates who will truly work on their behalf instead of obsessing over destroying a duly-elected President."

First Lady Melania Trump Unveils Christmas at the White House

The First Family is celebrating their third Christmas in the White House. This year’s theme, “The Spirit of America,” is a tribute to the traditions, customs, and history that make our Nation great. Designed by First Lady Melania Trump, the White House decorations celebrate the courageous individuals who have shaped our country and kept the American spirit alive.

Upon entering the East Wing, visitors are welcomed by the cherished Gold Star Family Tree. Proudly decorated

by Gold Star families, it is adorned with golden stars and patriotic ribbons. This tree reminds us of the service and selflessness of the American heroes who defend this great land.

Around the corner, the East Colonnade is a timeline of American design, innovation, and architecture. Through the archways, the East Garden Room displays the First Family’s annual ornament and Christmas card. This year, both showcase the American flag – a symbol of our Nation’s pride.

Entering the Ground Floor Corridor, the Vermeil Room highlights the spirit of generosity of previous First Ladies.

Two trees are illuminated with tones of blush and gold and pieces of historic vermeil are on display for guests to view.

In the Library, the legacies of Presidents are celebrated with past and present White House Historical Association annual ornaments. The 2019 ornament is featured on the center tree and honors President Dwight D. Eisenhower.

The China Room is set with a holiday feast, illustrating the joys of family coming together at the holidays and sharing in the spirit of the season.

Upstairs in the East Room, four star-spangled trees stand tall, glimmering with stars and cascading ribbons.

Perched at the top of each are gilded eagles, a reminder of our Nation’s freedom and strength. Features of the American flag are proudly incorporated in the décor, with red symbolizing bravery and valor, and blue symbolizing perseverance and justice. For the 52nd year the White House Crèche is on display.

Moving into the Parlors, the Green Room features beloved and classic Christmas tales. Visitors can count down the days of the holiday season with the White House Advent calendar hanging in the windows. A time-honored tradition, the official White House Christmas tree takes its place in the Blue Room measuring over 18 feet tall.

Blossoming with handmade paper flowers, the décor on the Blue Room tree pays homage to the distinctive floral emblem of every state and territory. The Red Room, decorated with games galore, ignites the childlike spirit we all have at this time of year.

The State Dining room celebrates America, the beautiful.

Displayed on the iconic eagle pier table, the Gingerbread House features the South Portico of the White House and landmarks from across the country, including the Golden Gate Bridge, Space Needle, Mount Rushmore, the Alamo, Gateway Arch, Liberty Bell, and Statue of Liberty. The White House pastry team carefully constructed this masterpiece out of 200 lbs. of gingerbread dough, 125 lbs. of pastillage dough, 35 lbs. of chocolate, and 25 lbs. of royal icing.

Ending in the Grand Foyer and Cross Hall, guests find themselves in a glistening winter garden, filled with 22 evergreens, 14 golden magnolia topiaries, 10 floral urns, and dusted with fresh-fallen snow.

“This Christmas season I want to honor those who have shaped our country and made it the place we are proud to call home, and I am excited to announce our White House holiday theme, ‘The Spirit of America’ ” said First Lady Melania Trump. “When I travel the country, I am inspired by the hard working people and families that I meet.

No matter which state they call home, many Americans share a strong set of values and deep appreciation for the traditions and history of our great nation. Thank you to all of the staff and volunteers who worked to make sure the People’s House was ready for Christmas. Wishing everyone a very Merry Christmas and Happy New Year”.

Throughout the month of December, the White House

will be welcoming guests to enjoy this year’s decorations by hosting open houses, receptions, and tours.

Asian Pacific Business Journal

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2019 December Issue

Taiwan Can Be a Valuable Partner in the Global Response to Climate Change

Minister Chang Tzi-chin

Environmental Protection Administration Executive Yuan, R.O.C. (Taiwan) October 2019 Concentrations of atmospheric carbon dioxide recorded at the Mauna Loa Observatory in Hawaii hit a historic high of 415 parts per million in May 2019. The World Meteorological Organization has also released data showing that June 2019 was the hottest month in history, breaking records from New Delhi to the North Pole. As President Hilda Heine of the Marshall Islands, an ally of Taiwan, has urged the world, it is not worth arguing or debating whether climate change will come to pass, for it is happening right now.

As a member of the global village, Taiwan is striving to combat climate change and protect the Earth. Indeed, we are playing an indispensable part in the vital task of bequeathing a sustainable environment to future generations.

As a result of the current international political situation, Taiwan has been barred from participating in the Conference of the Parties held under the United Nations Framework Convention on Climate Change (UNFCCC). Nevertheless, we continue to pursue means of making contributions to the international community. We have passed the Greenhouse Gas Reduction and Management Act, setting longterm goals for Taiwan’s reduction of greenhouse gases, and formulated National Climate Change Action Guidelines and a Greenhouse Gas Reduction Action Plan. We also drew up a Greenhouse Gas Reduction Emission Control Action Plan covering Taiwan’s energy, manufacturing, transportation, residential and commercial development, agricultural, and environmental sectors. With a clearly outlined roadmap for national carbon emission reductions, the key points of this plan include promoting energy transformation; assisting manufacturers to become green, low-carbon enterprises; developing green transportation and expanding the use of low-carbon vehicles; upgrading energy-saving design standards for the exteriors of new buildings; helping livestock farms recycle biogas; and strengthening methane recycling from waste landfills and industrial wastewater. Moreover, the approval of a Greenhouse Gas Control Implementation Plan proposed by local governments shows how Taiwan is responding to climate change collectively,

from a central level to a local level.

Our government has made significant progress in developing Taiwan’s renewable energy sector in recent years, actively pursuing policies designed to reduce coal-fired power generation, increase our use of natural gas, and promote green development. By 2025, we expect solar- and wind-power generation to produce 20 GW and 6.9 GW of electricity per year, respectively, and we are also launching numerous power-saving policies and actions under our Forward-looking Infrastructure Development Program and similar initiatives. Meanwhile, our Green Finance Action Plan is focusing on such areas as finance, investment, fundraising, and talent incubation, supporting the development of the green energy sector by boosting financial incentives. In terms of technological research and development, Taiwan’s green technology policy covers energy development, energy storage, energy saving, and systems integration, drawing on forward-looking materials, sustainable technology, advanced energy-saving, smart systems, and similar areas to engage industry with the fruits of research in the academic world. And since the launch of our FormoSat-3 satellite in 2006, Taiwan has amassed over 10 million items of meteorological data, which it has provided, free of charge, to experts and scholars around the world for use in their scientific research. Furthermore, data gathered following this year’s launch of the FormoSat-7 satellite will now improve accuracy even further when it comes to predicting severe weather events, making a great contribution to global weather forecasting and climate change action.

Taiwan has brought together the relevant central government agencies to formulate a National Climate Change Adaptation Action Plan, constructing a resilient system that responds to eight aspects of climate change: disasters, basic infrastructure, water resources, homeland security, coastlines, energy and industry, agriculture, and health. In the field of health care, we are placing special emphasis on medical hygiene and epidemic prevention, disaster reduction, and emergency and disaster recovery capacity, safeguarding national health and prioritizing the protection of our most vulnerable citizens. In terms of conservation, we will sustain our agricultural production resources and biodiversity, bolster monitoring and early-warning mechanisms, strengthen natural disas-

ter rescue and insurance systems, and integrate technologies designed to boost the resilience of the agricultural, forestry, fisheries, and animal husbandry industries. We are also operating and managing nature reserves, establishing long-term ecological monitoring systems, and strengthening the conservation and appropriate use of our nation’s species and associated genetic material. All of this is aimed at safeguarding food safety and establishing sustainable agricultural practices that are well adapted to climate risks.

According to Patricia Espinosa, Executive Secretary of the UNFCCC, more than 10,000 extreme weather incidents occurred globally between 1997 and 2016, taking countless lives and destroying homes. As the world continues to face climate change crises, this global issue requires a global solution. That means that every person, as a member of our global community, must join in and search for a solution.

It is unfair for Taiwan to be excluded from international organizations on the basis of political prejudice. Our exclusion contradicts the spirit of related climate conventions, which urge all nations to work together to combat global climate change, and overlooks both the concept of climate justice emphasized in the Paris Agreement and the significance of calling on all nations to take climate action. This breach of the UN Charter weakens our international framework and harms the entire world.

Taiwan is a responsible and sincere friend to the international community, and is ready to contribute.

We would be pleased to share our experience in good environmental governance, disaster prevention and early-warning systems, upgrading to energy efficient technologies, and high-tech innovation and its applications. We are striving to make the world a better place, and believe that Taiwan can be a valuable partner in the global response to climate change.

Swedish COP25 delegation head meets EPA minister in Spain Berlin, Dec. 14 (CNA) The head of Sweden’s delegation to the 25th session of the Conference of the Parties (COP 25) met with Taiwan’s minister of the Environmental Protection Administration (EPA) on Thursday on the sideline of the United Nations Framework Convention on Climate Change (UNFCCC) meeting in Spain.

The meeting was characterized by Taiwan’s representative office in Sweden as the northern European country showing support for Taiwan’s bid to join the UNFCCC. During the meeting between Mattias Frumerie and EPA minister Chang Tzi-Chin (張子敬), the two sides exchanged views and shared their experiences combating climate change, according to the office in Sweden.

Frumerie works on climate finance and climate diplomacy at the Swedish Ministry for Foreign Affairs, including climate mainstreaming in development cooperation and external relations, the office added.

This is the first time a Swedish head of COP, the

decision-making body of the UNFCCC has held talks with Taiwan’s EPA minister on the sideline of the annual COP meeting, the office said.

The meeting came after nine Swedish parliamentarians, over the past two months, asked their government to take concrete action in support of Taiwan’s bid to join the UNFCCC as an observer, despite the two countries not having official diplomatic relations, according to the office.

Sweden has long been considered a leading country in combating climate change globally, the office added.

In 2017, the country passed legislation setting the target of zero net greenhouse gas emissions by 2045 at the latest.

Taiwan is not a member of the United Nations and has been blocked by China from engaging in many UN-related organizations and institutions, including participation in meetings related to the UNFCCC. Although Taiwan was not allowed to take part in the COP25, Chang headed a delegation made up of

representatives from different agencies that traveled to Spain.

Once there, they met with other participants on the sidelines of the conference held in Madrid from Dec. 2 to 13, to show the nation’s determination to play a role in the global fight against climate change.

Chang previously told CNA that he met a number of COP25 delegation heads from Taiwan’s diplomatic allies and non-allies, including Sweden, the United Kingdom, Germany and the European Union during his stay in Spain.

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Asian Pacific Business Journal

2019 December Issue

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2019 December Issue

Asian Pacific Business Journal

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Tips for Icy and Snow Packed Roads

December has just started and we are getting into the middle of our snow season, car accidents are going to be at an all time high with higher numbers of drivers on the road. Meteorologists are expecting this winter to have above average snowfall and lower than normal temperatures meaning icy roads! Our team at Aim High cares for your safety so we would like to offer some tips that many people over see or forget about.

Please take note and drive carefully when there is any snow on the ground and the temperatures are below freezing.

1. Decrease your speed and leave yourself plenty of room to stop. You should allow at least three times more space than usual between you and the car in front of you.

2. Brake gently to avoid skidding. If your wheels start to lock up, ease off the brake.

3. Turn on your lights to increase your visibility to other motorists.

4. Keep your lights and windshield clean.

5. Use low gears to keep traction, especially on hills.

6. Don’t use cruise control or overdrive on icy roads.

7. Be especially careful on bridges, overpasses and infrequently traveled roads, which will freeze first. Even at temperatures above freezing, if the conditions are wet, you might encounter ice in shady areas or on exposed roadways like bridges.

8. Don’t pass snow plows and sanding trucks.

The drivers have limited visibility, and you’re likely to find the road in front of them worse than the road behind.

9. Don’t assume your vehicle can handle all conditions. Even four-wheel and front-wheel drive vehicles can encounter trouble on winter roads.

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New five-piece rock band wins Filipino battle of bands competition

The Long Key

Hsinchu County, Dec. 15 (CNA) A new fivepiece rock band from Taoyuan Sunday won a year-end battle of the bands competition in Hsinchu County that aimed to provide exposure for up-and-coming Filipino migrant worker music groups.

Dennis Relampagos Saldana, lead vocalist of "The Long Keys," who also won best vocalist at the competition said the band was only formed about two weeks ago when he got a phone call from other musicians asking him to join the group.

The band, composed of a drummer, lead, bass, and rhythm guitar, covered three Filipino songs to defeat three other bands and win the grand prize trophy, said the 34-year-old Saldana, who hails from Davao City in the Philippines.

Edward Galleon, a 32-year-old factory worker from Taoyuan, said due to the relatively recent formation of the band, they only got to practice three times before the competition, which was held at Fengshan Community Activity Center in Hukou township.

“In my company there are many bands, and I want to encourage them to participate in events like this to show their talent,” said Galleon, who is originally from the Philippine province of Bulacan.

The Algorhythm Band, a professional band community. from Batangas City in the Philippines that was “Many Filipinos that I have interacted with invited to Taiwan to be part of the judges pan- are very talented, so we should give them a stage el commended “The Long Keys” for their song where they can shine,” Chen Chiu-hung said. choice and ability to harmonize their performance without letting the instruments clash.

In addition to the trophy, “The Long Keys” were awarded a cash prize of NT$7,500 (US$248), according to Allan Viray, the event co-organizer.

He said one of the main reasons that he decided to hold the event is to give Filipino bands a stage and to help them find exposure.

“There are many talented Filipino musicians in Taiwan who need the support of the community Dennis Relampagos Saldana to help their music be heard,” Viray told CNA. Viray, who works in Hsinchu and is from Pampanga Province, has been involved in numerous events in recent years showcasing the talent and creativity of Filipino migrant workers, ranging from beauty contests to hip-hop concerts.

The competition’s other co-organizer, Memilyn Chen, originally from the province of South Cotabato, and her Taiwanese husband Chen Chiu-hung (陳邱鴻) said they wanted to organize the event with Viray to give back to the Filipino Algorhythm Band members of their community in Hsinchu, which make up a large proportion of the clientele at their BBQ restaurant.

“It is getting close to Christmas and the end of the year, so we wanted to organize this event to thank everyone,” Memilyn Chen said.

With over 1,000 Filipinos living and working within walking distance of the restaurant, Chen’s husband said he is really happy to be able to help co-organize the competition, which he feels alChen Chiu-hung (陳邱鴻, left) and Allan Viray lows him to better understand the local migrant

2019 December Issue

Asian Pacific Business Journal

Pro-Growth Economic Policies Benefit Previously Left Behind Americans the Most

Across various metrics, economic data show a U.S. labor market that is the strongest it has been in the last half-century. CEA’s new report shows that these historic labor market gains, supported by President Trump’s pro-growth economic policies, disproportionately benefit traditionally disadvantaged Americans who were previously left behind during the economic recovery. The Administration’s policies are boosting job creation, lowering structural barriers that make it more difficult for Americans to enter labor markets, and reducing income inequality. Furthermore, the report shows falling enrollment in public assistance programs, which suggests that a strong economy is much more effective than government-provided welfare at lifting Americans out of poverty.

The Trump Administration’s pro-growth policies have created a surge in labor demand, leading to the first time that there are more job openings than unemployed people since job openings data began to be collected in 2000.

Openings have now outpaced unemployed people for 19 straight months. The U.S. unemployment rate continues to fall below pre-2016 election forecasts and reached 3.5 percent this year, the lowest rate in a half-century. This incredible drop in unemployment has ensured that job seekers find success, which drives the share of the population on unemployment insurance down to the lowest percentage since the 1960s.

Importantly, the unemployment rate for many disadvantaged groups also reached historic lows. The African American unemployment rate hit the lowest level on record, and series lows were also achieved for Asians, Hispanics, American Indians or Alaskan Natives, veterans, those without a high school degree, and persons with disabilities, among others.

Since the 2016 election, the economy has added more than 7 million jobs, far exceeding the 1.9 million predicted by the Congressional Budget Office in its final pre-election forecast.

These gains have brought Americans off the sidelines into employment, as shown in the figure below. The prime-age labor force has grown by 2.1 million people since the election, reversing losses under the prior administration’s expansion period, which totaled approximately 1.5 million people. This evidence suggests that

the labor market’s revival over the past three years is not a continuation of past trends, but instead a result of President Trump’s pro-growth policies.

The Trump Administration’s policies are not only leading to more jobs, but also to higher pay.

For 16 straight months, annual nominal wage growth has been at or above 3 percent, a level not reached since the Great Recession, and continues to outpace inflation. Importantly, wage growth for many disadvantaged groups is now higher than wage growth for more advantaged groups, as is the case for lower-income workers compared to higher-income workers, workers compared to managers, and African Americans compared to whites. These income gains mark a fundamental change compared to those opposite trends observed over the expansion before President Trump’s inauguration, contributing to reduced income inequality. When measured as the share of income earned by the top 20 percent, income inequality fell in 2018 by the largest amount in over a decade. The Gini coefficient, an overall measure of inequality in the population, also fell in 2018.

Employment and earnings gains continue to pull people out of poverty and means-tested welfare programs, increasing self-reliance through economic activity while decreasing reliance on government programs that incentivize people to limit their hours or stop working to qualify.

The number of people in poverty decreased by 1.4 million from 2017 to 2018, and the poverty rates for blacks and Hispanics reached record lows last year. Food insecurity has fallen and, as of August 2019, there are nearly 7 million fewer people participating in the Supplemental Nutrition Assistance Program (food stamps) than at the time of the 2016 election. Additionally, the caseload for Temporary Assistance for Needy Families (TANF) fell by almost 700,000 individuals and the number of individuals on Social Security Disability Insurance has fallen by almost 380,000 since the 2016 election. Similarly, Medicaid rolls are decreasing even as the U.S. population increas-

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es. Our analysis shows that this decrease is predominantly due to a reduction in the number of Medicaid-eligible individuals because of income growth, not eligibility restrictions.

Another Administration priority is the Opportunity Zones provision created by the 2017 Tax Cuts and Jobs Act. Opportunity Zones are tax cuts designed to spur investment and drive up investment and labor demand in economically depressed areas, directly helping the disadvantaged through increased economic activity. It is a means-tested, supply-side policy to reduce poverty by enhancing self-sufficiency rather than by growing government dependency through demand-side subsidies for goods and services like healthcare, housing, and food. And there is evidence that Opportunity Zones, along with other reforms that lowered taxes on capital, are working. Indeed, lowest wage earners have seen the fastest nominal wage growth (10.6 percent) of any income group since the Tax Cuts and Jobs Act was signed.

To further accelerate these unprecedented gains for disadvantaged groups, the Trump Administration is launching several new initiatives to increase economic opportunity by removing barriers to work. Modernizing worker training will ensure that workers have the skills needed to find jobs and build careers. Reforming occupational licensing will make it easier for workers to enter certain professions where regulations go beyond what is necessary to protect consumers. Occupational licensing also makes it more difficult to move to a different State, and reform will allow more workers to move to where there are available jobs.

Additionally, those leaving incarceration or struggling with opioid addiction face barriers to finding work, which stops them from filling open jobs. And, and as highlighted in last week’s White House Summit on Child Care and Paid Leave, many parents would like to enter the labor force or work more hours but face high costs for child care. Lowering child care costs, combating the opioid crisis, and promoting job opportunities for those leaving incarceration will allow more disadvantaged individuals to enter the labor market and realize the full gains of the strong economy.

Today’s historically robust labor market helps all Americans, but the largest benefits are going to people who have been traditionally disadvantaged and were previously left behind during the economic recovery. Additional deregulatory actions targeted at remaining labor market barriers will allow the economy to add to its record-long expansion and lead to further employment and income gains, particularly for disadvantaged groups.

Asian Pacific Business Journal

2019 December Issue

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Asian Pacific Business Journal

2019 December Issue

November Job Gains Once Again Smash Expectations

The economy added 266,000 jobs in November, according to the Bureau of Labor Statistics’ (BLS) monthly Employment Situation Report released today.

The job totals for September and October were also revised upward, leading to a total increase of 41,000 additional jobs.

The return of the striking GM workers boosted November payrolls, as well. Taking the average over the past 2 months, job growth has been 211,000 per month (netting out the impact of GM on each month’s numbers). This is an increase in the rate of job growth from earlier in 2019.

November’s impressive gain greatly exceeded median market expectations by 44 percent and brought 2019’s average monthly job creation to 180,000. Since President Trump’s election, the economy has added more than 7 million jobs—5.1 million more jobs than the Congressional Budget Office projected in its final forecast before the 2016 election.

In the 36 months since President Trump was elected, the economy has created at least 100,000 jobs in 33 of those months and has added jobs every month.

Considering the unprecedented length of the expansion and the 50-year low unemployment rate, continued job growth at this point again demonstrates that today’s labor market remains strong.

Because of the Trump Administration’s pro-growth policies, high labor demand is leading to increased employment and growing wages as businesses raise pay to attract workers. Nominal average hourly earnings increased at a 3.1 percent rate year-over-year, making November the 16th consecutive month that this measure of wage growth has been above 3 percent. Before

the start of this streak, nominal average hourly wage gains had not reached 3 percent in more than 10 years.

When taking inflation into account, real wages are also growing. Based on the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) price index, inflation in the past year was 1.3 percent as of October, meaning real wages increased at a year-over-year rate of 1.9 percent (November inflation data is not yet available). Assuming inflation holds steady this month, this translates into real wage growth of more than $1,000 over the past 12 months for someone working 40 hours per week year-round at the average wage.

At 3.7 percent, November year-over-year wage growth for production and nonsupervisory workers was near a post-recession high achieved last month and again exceeded overall year-over-year wage growth.

From the start of the current expansion to the end of 2016, average wage growth for production and nonsupervisory workers lagged that of managers, the bottom 10 percent of wage earners lagged that of the top 10 percent, those without a college degree lagged that of college graduates, and African Americans lagged that of white Americans. Since President Trump took office, each of these trends has been reversed, contributing to lower income inequality.

November’s 3.5 percent unemployment rate returned to the 50-year low previously achieved under the Trump Administration. The unemployment rate has stayed at or below 4 percent for 21 straight months, and during that time African Americans, Hispanics, Asians, those with disabilities, and those without a high school diploma all experienced series-low unemployment

rates.

As further evidence of how much the labor market has improved under President Trump, other data released by BLS this week show that the number of people who experienced unemployment last year declined by 2.4 million compared to 2016. This number should decline again in 2019 because, under the Trump Administration, the number of people claiming unemployment insurance as a share of the population is the lowest on record since the data began in 1967.

The labor force participation rate—which includes people who are working and those currently looking for work—in November was 63.2 percent, 0.5 percentage point above the rate when President Trump was elected.

The labor force participation rate for prime-age adults (ages 25-54), which largely avoids the demographic effects of the aging population, remained at 82.8 percent—1.4 percentage points above its rate in November 2016. Small changes in labor force participation can have major effects on the economy: Because of this increase, 2.1 million more prime-age adults were in the labor force in October compared to if the participation rate remained at November 2016 levels.

A faster pace of job growth in recent months shows the continued strength of the United States labor market. Low unemployment, combined with more job openings than job seekers, leads to consistent wage increases for American workers. The Trump Administration has shown that pro-growth policies have raised labor demand and had a tremendous positive effect on working Americans across demographics and the income distribution.

Two Years On, Tax Cuts Continue Boosting the United States Economy

December 22 marks 2 years since President Donald J. Trump signed the Tax Cuts and Jobs Act (TCJA).

TCJA’s pro-growth reforms of individual and corporate taxes were the largest tax cut in United States history.

Additionally, since TCJA’s passage, United States multinational enterprises have repatriated $1 trillion in past overseas earnings that were previously invested abroad.

Prior to TCJA’s passage, CEA made a number of predictions about the legislation’s long-term effects on economic growth, business investment, wages, and the labor market. Though TCJA’s full economic benefits will require additional time to materialize, CEA’s projections have been largely borne out.

A major TCJA provision allows businesses to immediately and fully deduct the cost of new capital investments, enabling them to invest more in their operations. CEA predicted an initial increase in the investment growth rate during the transition to an elevated steady state.

Investment levels have been notably higher in the post-TCJA period than Blue Chip’s pre-TCJA projections from October 2016. In 2018, investment was 4.5 percent higher than the projections. In 2019, investment was 3.3 percent higher than the projections and the capital stock is on track to expand across each major asset class (equipment, structures, and intellectual property products).

Additionally, TCJA provided much needed tax relief for America’s small businesses by letting certain pass-through entities deduct 20 percent of their qualified business income. As a result, over 80 percent of small firms believe that TCJA had a significant impact on the economy and over 50 percent believe it had a positive effect on their business, according to the National Federation of Independent Business.

CEA estimated that a drop in the corporate tax rate would increase average United States household income by $4,000 over 5 or so years. The individual tax cuts, which were not included in CEA’s $4,000 forecast, also boosted disposable income for most households.

For example, this year, TCJA’s doubling of the child tax credit will benefit 40 million American families, each receiving an average of over $2,200 dollars.

Altogether, real disposable personal income per household has risen by about $6,000 since TCJA was signed into law. Of that, our best estimate is that $1,500 to $2,900 (in real 2019 dollars) is due to the combination of TCJA’s individual and corporate tax reforms, meaning that a substantial portion of our estimated fiveyear income gains of $4,000 have already been realized.

The $1,500 lower-bound estimate is based on the divergence of real salary and wage compensation per household—a pre-tax measure that reflects corporate tax cuts, but not individual tax cuts—from the Congressional Budget Office’s (CBO) final pre-TCJA projections in June 2017 (shown in the figure below).

The $2,900 upper-bound estimate is based on the divergence of real disposable personal income per household—a post-tax measure that incorporates the effects of both corporate and individual tax cuts—from the March 2017 Blue Chip projections.

By increasing businesses investment and worker earnings, TCJA has also supported today’s strong labor market. The United States unemployment rate continues to fall below pre-2016 election forecasts and reached 3.5 percent this year, the lowest rate in a half-century. A surge in labor demand means that for the first time since job openings data began to be collected, there are more job openings than unemployed people. Openings have now outpaced unemployed people for 20 straight months.

These labor market milestones were not expected before TCJA was signed into law. Actual post-TCJA cumulative nonfarm job gains of 4.7 million were nearly three times the 1.6 million gains estimated in the CBO’s final pre-TCJA projection. Furthermore, the robust job market is bringing Americans off the sidelines and into the labor market. The 1.6 million increase in the prime-age labor force in the 23 months after the passage of TCJA has more than offset the loss of 1.5

million prime-age workers under the Obama Administration’s entire expansion period.

In addition to keeping more of their earnings because of individual tax cuts, workers across all income groups are seeing their wages rise. Since TCJA was passed, wage growth for production and nonsupervisory employees (blue collar) has been higher than wage growth for nonproduction and supervisory employees (white collar), reversing the results from the Obama Administration’s expansion period.

Blue collar wages rose at a 3.0 percent annual rate from January 2017 through November 2019, much higher than the 2.4 percent annual rate from July 2009 through December 2016. Annual blue collar wage growth post-TCJA also exceeded annual white collar wage growth over the entirely of the current economic expansion.

Another major TCJA provision created Opportunity Zones to spur investment and increase investment and labor demand in economically-depressed areas.

This change directly helps the 35 million Americans who live in the 8,764 communities designed as Opportunity Zones. The Opportunity Zones provision is a means-tested, supply-side policy to reduce poverty by enhancing self-sufficiency. There is evidence that Opportunity Zones, along with other reforms that lowered taxes on capital, are working as intended. Indeed, the lowest wage earners have seen the fastest nominal wage growth (10.6 percent) of any income group since TCJA was signed.

Two years after President Trump signed TCJA into law, economic growth continues exceeding expectations and the labor market continues breaking records on a monthly basis. By lowering the cost of capital, TCJA has raised business investment and personal income above pre-TCJA forecasts. While the full benefits of TCJA are yet to be realized, economic data show that the law has already improved the United States economy and Americans’ standard of living.

Asian Pacific Business Journal Publisher: Wendy Chao President: Frank Chao Editor: Alysia Lee