Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Iamdjchrys wrote:
Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Trump’s First 3 Years Created 1.5 Million Fewer Jo... (
show quote)
If you go to the BLS web site, you will find actual data showing that Obama had 7.9 million and Trump had 6.7 million. But that small difference is inconsequential. The big news that is being swept under the carpet is manufacturing jobs. Obama's gains were concentrated in the service sector which is fond of paying minimum wage. But Trump's gains showed up much more in factory jobs -- half a million to just over a quarter million for Obama. Trump's policies on trade are starting to pay dividends in business coming back home after decades of losses to Japan and China. Factory jobs built America's middle class in the 1950s. But they were stripped away starting in the 1970s as Japan dumped cheap cars and cheap steel on America. Today, Japan sells 75 cars to America for each ONE car that we sell to Japan. Bethlehem Steel, which was the largest steel maker in the world in 1900, is bankrupt (GONE) today thanks to Japan's dumping of cheap steel. China now produces nearly everything that is sold by Walmart. Trump is turning that around. America's middle class is growing again after decades of decline.
If you want to help turn this around and provide jobs for hard-working Americans -- STOP BUYING TOYOTAS. American cars are better.
EconomistDon wrote:
If you go to the BLS web site, you will find actual data showing that Obama had 7.9 million and Trump had 6.7 million. But that small difference is inconsequential. The big news that is being swept under the carpet is manufacturing jobs. Obama's gains were concentrated in the service sector which is fond of paying minimum wage. But Trump's gains showed up much more in factory jobs -- half a million to just over a quarter million for Obama. Trump's policies on trade are starting to pay dividends in business coming back home after decades of losses to Japan and China. Factory jobs built America's middle class in the 1950s. But they were stripped away starting in the 1970s as Japan dumped cheap cars and cheap steel on America. Today, Japan sells 75 cars to America for each ONE car that we sell to Japan. Bethlehem Steel, which was the largest steel maker in the world in 1900, is bankrupt (GONE) today thanks to Japan's dumping of cheap steel. China now produces nearly everything that is sold by Walmart. Trump is turning that around. America's middle class is growing again after decades of decline.
If you want to help turn this around and provide jobs for hard-working Americans -- STOP BUYING TOYOTAS. American cars are better.
If you go to the BLS web site, you will find actua... (
show quote)
Total
3004
2720
2345 8069
2109
2314
1949 6372
0
1697
Of course, the difference between the two is because Trump years are reflective of full employment and fewer jobs to be created. But hey, if you want to go ahead with BS explanation far be it from me to try to stop you...
Iamdjchrys wrote:
Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Trump’s First 3 Years Created 1.5 Million Fewer Jo... (
show quote)
==================
You are twisting the facts. Obama had a 21% unemployment for black youths. And 12% of the whole population. Do you have shame at all?
https://nationalcenter.org/ncppr/2019/11/04/liberals-ignored-high-black-unemployment-under-obama-wont-celebrate-record-lows-under-trump/Now president Trump has provided the Blacks and Hispanics he lowest unemployment since history. The president also released hundreds of thousands of low level offenders 70% of them are blacks. He gave them training for jobs, and now, they are all working and restored to their normal lives.
That is why support of blacks for the president has increased to above 30%.
EconomistDon wrote:
If you go to the BLS web site, you will find actual data showing that Obama had 7.9 million and Trump had 6.7 million. But that small difference is inconsequential. The big news that is being swept under the carpet is manufacturing jobs. Obama's gains were concentrated in the service sector which is fond of paying minimum wage. But Trump's gains showed up much more in factory jobs -- half a million to just over a quarter million for Obama. Trump's policies on trade are starting to pay dividends in business coming back home after decades of losses to Japan and China. Factory jobs built America's middle class in the 1950s. But they were stripped away starting in the 1970s as Japan dumped cheap cars and cheap steel on America. Today, Japan sells 75 cars to America for each ONE car that we sell to Japan. Bethlehem Steel, which was the largest steel maker in the world in 1900, is bankrupt (GONE) today thanks to Japan's dumping of cheap steel. China now produces nearly everything that is sold by Walmart. Trump is turning that around. America's middle class is growing again after decades of decline.
If you want to help turn this around and provide jobs for hard-working Americans -- STOP BUYING TOYOTAS. American cars are better.
If you go to the BLS web site, you will find actua... (
show quote)
Totally agree, buying American is what we do to support our heritage, our Country. People who don’t have that foresight are the ones voting democrat, supporting abortions and outright going against patriotic fellow Americans who see the truth not like those others who love getting lied too.
Parky60
Loc: People's Republic of Illinois
PeterS wrote:
Total
3004
2720
2345 8069
2109
2314
1949 6372
0
1697
Of course, the difference between the two is because Trump years are reflective of full employment and fewer jobs to be created. But hey, if you want to go ahead with BS explanation far be it from me to try to stop you...
WTF does your gobbldegook mean?
Canuckus Deploracus wrote:
i don't understand...
Clarification?
Secret love language to Kemmer?
iFrank wrote:
Totally agree, buying American is what we do to support our heritage, our Country. People who don’t have that foresight are the ones voting democrat, supporting abortions and outright going against patriotic fellow Americans who see the truth not like those others who love getting lied too.
But trump tax brake gave manufacturers a 50% tax brake to move there production off shore.
Iamdjchrys wrote:
Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Trump’s First 3 Years Created 1.5 Million Fewer Jo... (
show quote)
Hey..... Goobersmoocher...... Obammy is history and he ain't coming back.
His legacy is being obliterated by the great Donald J Trump.
He did absolutely nothing for his people and the only ones who benefitted from his administration was queers, trannies and food stamp losers.
The black community should tar and feather that queer and then boot his worthless butt out of the country.
Canuckus Deploracus wrote:
i don't understand...
Clarification?
I think he momentairly dozed off with his finger on the keyboard. How do I know? Experience daily experience. 3445 tut 6899dr 246 785. Oh! Excuse me please.
Lonewolf wrote:
But trump tax brake gave manufacturers a 50% tax brake to move there production off shore.
Just the opposite, you illiterate poodle.
Iamdjchrys wrote:
Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Trump’s First 3 Years Created 1.5 Million Fewer Jo... (
show quote)
The mere fact that everyone discusses employment stats in the context of a particular president tells us all we need to know about the size and grasp of the bloated federal government! It was never part of the government’s job description to “create” anything..........it was designed to stay out of our way in the conduct of our lives and keep us from stealing from each other.
Iamdjchrys wrote:
Trump’s First 3 Years Created 1.5 Million Fewer Jobs Than Obama’s Last 3 Years
MANCHESTER, N.H. – As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trump’s own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trump’s tenure, compared with 8.1 million in the final 36 months of Obama’s ― a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
“I’m not a big fan of jobs numbers as a metric of success,” said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCain’s 2008 presidential campaign. He added, though, that Trump’s “hyperbole” notwithstanding, “the performance of the labor market has been nothing short of stunning.”
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market ― the same as his Democratic predecessor did. “The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration,” Rothschild said.
Nevertheless, the statistics belie Trump’s frequent claims that he turned around Obama’s poor management of the economy.
The White House would not respond to the new statistics, but spokesman Judd Deere told HuffPost: “President Obama presided over one of the slowest recoveries in history while President Trump has smashed expectations with 5 million more jobs grown than forecasted by the (Congressional Budget Office), a record setting stock market, strong wage growth for blue collar workers, and historically low unemployment rates. Because of the strength of the Trump economy more and more Americans are coming off the sidelines to find work many of whom were left out of the so-called Obama recovery.”
During his State of the Union speech last week to Congress, Trump said: “If we hadn’t reversed the failed economic policies of the previous administration, the world would not now be witnessing this great economic success.”
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
Trump has repeatedly disparaged Obama’s stewardship of the economy while claiming he has done a far superior job.
The economy is just one of several areas where Trump repeatedly claims credit for conditions or policies implemented under his predecessors. He has bragged about reductions in air and water pollution that were the result of presidents going back decades. He has claimed credit for a reduction in lung cancer deaths based on a decades-long study that ended the year he took office. Perhaps most famously, he has repeatedly ― and falsely ― boasted about passing the “VA Choice Act,” which allows veterans to get medical care at private facilities if wait times are too long at Veteran Affairs clinics, even though it was signed into law by Obama.
But the economy is the one issue that could determine whether Trump succeeds or fails in his attempt to win a second term ― and his boasts about it are consistently misleading and, at times, simply false.
Trump repeatedly brags that unemployment among African Americans is at historic lows. While that was correct in August and September, the unemployment figure has risen since then, according to federal statistics. More broadly, the trend lines for both African Americans and Latinos show a steady decrease from the end of the 2008-09 recession, through the Obama presidency and to the present day, with no significant change in the slope of those graphs when Trump took office in January 2017.
“He’s largely riding trends he inherited,” said Jared Bernstein, once the chief economist to former Vice President Joe Biden.
Bernstein and other economists pointed out that the nation’s gross domestic product, after showing higher growth rates immediately after the passage of Republican-backed tax cuts in late 2017, have now dropped closer to 2% ― a figure that Trump and others called weak during the Obama years.
And that, Holtz-Eakin and Rothschild agreed, could be attributed to the trade war Trump picked with China starting in mid-2018, and from which the president has only recently started to back down.
“There are markets we’re probably not going to get back, and we’re going to have nothing to show for it,” Rothschild said. “The economy is moving along pretty well despite the best efforts of Donald Trump.”
CORRECTION: An earlier version used the wrong job creation number for Obama’s final three years. The correct number is 8.1 million (not 8.3 million), which is 1.5 million (not 1.7 million) more jobs created than in Trump’s first three years.
Trump’s First 3 Years Created 1.5 Million Fewer Jo... (
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Quantity over quality. Another failed liberal argument.
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