— Slate (@Slate) February 9, 2020
Courtesy of Slate:
President Donald Trump has always exaggerated the strength of his jobs record, claiming to have brought about an unprecedented hiring boom when, in fact, payrolls have been growing at a somewhat slower pace than they had been during Barack Obama’s final years in office. But it turns out, the reality of it was even weaker than the official data let on.
On Friday, the Bureau of Labor Statistics released its latest batch of employment numbers, along with its annual benchmark revisions adjusting its estimates from prior months. Before, the government believed that the U.S. had added 223,000 jobs per month in 2018, the year that the GOP’s tax cuts and new, higher spending levels took effect. It has now lowered that estimate to 193,000 per month, a significant drop.
Here’s how this changes the story of the past few years. Based on the old numbers, it looked like Trump had inherited a steady economy but gave hiring a boost in 2018 through some deficit-fueled stimulus. Based on the new numbers, it looks like he inherited a steadily growing economy and didn’t do much at all. Trump’s deficits likely juiced employment growth a bit, while his trade war likely undercut it. (The Federal Reserve’s interest rate hikes probably muted growth in 2018 a bit too.) In the end, the economy has added fewer jobs in every year of his presidency than it did during Obama’s final one. There never was much of a Trump bump.
With today’s benchmark revision, there was still a modest increase in payroll growth in 2018 over 2017. The 2019 average was essentially unchanged. Job growth has been remarkably steady for the past four years. pic.twitter.com/I44FdiLTVp
— Jed Kolko (@JedKolko) February 7, 2020
This is quite literally all that Trump is running on. The economic success of President Obama that he has done nothing to improve.
The fact that he gets credit for this burns my ass everytime I hear it.
If the Obama economy is really that important to the American people then they really only have two choices to either maintain it or improve it.
One is to elect Joe Biden who was with Obama every day that he was deveolping the strategy, and Elizabeth Warren who was one of the major intellects behind that strategy.
Actually I really think we should just cut out the middlemen and put Warren in charge.
I guarantee that everyday Americans will do better with her at the helm.
Major financial institutions on the other hand, not so much.