State of the Economy: Jonathan Williams on The Tim Jones and Chris Arps Show

Jonathan Williams, ALEC Chief Economist and Executive VP of Policy, joined The Tim Jones and Chris Arps Show on NewsTalk STL to discuss the state of the economy, the latest Fed rate hike, and tax relief coming to millions of red-state residents.

We are not out of the woods yet when it comes to this economic situation. You look at the Federal Reserve raising rates, and certainly there may be more rate increases ahead because inflation has not been reined in by the so-called inflation Reduction Act. There’s just so many worrying signs on the horizon, such as, during the Biden administration where I’ve been told very recently, when the paths finally crossed, Americans are actually making fewer real wages.

I think, that’s just a snake oil salesman type argument being made that somehow wages are going up and of course, the Biden administration is saying this on nominal terms, but in real terms, after you adjust for this crushing inflation over the last several years due to big government spending policies, people are actually less well off than they were when they started the administration. So, the old chorus line that from Ronald Reagan, “are you better off than you were four years ago?” The answer is no for the vast majority of Americans.

Williams also highlighted the conditions people are looking for in the states for economic opportunity.

When you look at the states in our Rich States, Poor States Report that are growing the fastest, we look at the income growth and the wage growth. Also, we see Americans voting with their wallets and voting with their feet, they’re voting for states that value economic freedom and who do the heavy lifting when it comes to keeping the size and scope of government in check and cutting taxes.