The U.S. economy keeps humming along, boosted on Friday by much stronger February job growth than expected, but with the markets in turmoil over the coronavirus, what will the economic impact be in the weeks and months to come?
On Friday, the Labor Department released the February jobs report, showing 273,000 new hires, nearly 100,000 more than Wall Street analysts anticipated. Hiring was strong across most sectors and the unemployment rate once again dipped to a roughly 50-year low of 3.5 percent.
What is driving this continued hiring and economic growth? Supporters of President Trump or his policies point to tax cuts and regulatory reductions as spurring business owners to add personnel or expand operations, but how exactly do those policies do that?
Heritage Foundation economist Joel Griffith shares those answers with Radio America’s Greg Corombos. Griffith also explains why the markets are wildly fluctuating in response to the coronavoirus threat, which policies make the most sense in response, and why the Federal Reserve was wrong to institute an unscheduled interest rate cut this week.
Listen here for the full podcast.