Despite all the hand-wringing in the media — which thrives on conflict and disasters — there are many good signs for the U.S. in 2018 that bode well for the country, if we’ll just keep our eyes on the future.
Let’s start with the economy. The stock market was heading toward 26,000 this week, with unemployment heading below 4 percent. Along with increased dividends for shareholders and investments in new plants and equipment, corporations are using some of the tax savings they’ll see as a result of the tax reform bill to give wage increases as well as bonuses to their employees. When Walmart raises its average pay $2 an hour, to $11, it means thousands of additional dollars per year in the pockets of each of its 1.5 million American workers.
Consumer confidence is at a 17-year high, as evidenced by the jump of 4 percent in holiday retail sales. Americans have been buying homes and cars at a solid pace. Big manufacturers like Fiat-Chrysler are moving production back to the U.S. in response to bipartisan pressure on unfair trade practices. The world economy continues to recover from the last recession.
On the international front, a coalition including the U.S. and Russia (yes, Russia) has all but destroyed ISIS and its caliphate in Syria and Iraq. Iran is swept up not in anti-U.S. fervor but in demonstrations against its own oppressive regime. The two Koreas are talking, not fighting, and will be competing together in the upcoming Olympics in South Korea, encouraged by U.S. military and diplomatic resolve, international sanctions, and even some timely pressure from China.
So where is all the trouble for the U.S. that the pundits and naysayers like to dwell on? Maybe it’s not there at all. Here at home, we’ve just got to get down to business and continue to grow our economy with some common-sense initiatives. The biggest boost could come from an infrastructure program favored by both President Trump and a bipartisan coalition in Congress. By combining a portion of the revenue repatriated under lower U.S. corporate tax rates with some targeted public-private investments, we can finally begin to rebuild the country’s decrepit roads and bridges, leaking water and sewer systems and outdated airports. That means more good-paying jobs for American workers.