Trump Delivers For Workers … After Years Of Empty Obama Promises
S E E D E D C O N T E N T
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Labor Market: The latest expectation-shattering jobs report isn't a fluke. It's another sign that President Trump's economic policies are improving the lives of middle class families.
The 304,000 gain in jobs reported by the Labor Department was nearly twice the consensus estimate. And it comes after December's expectation-busting gains.
There's more. The jobs picture is so strong right now that it's pulling people in who've been sitting on the sidelines.
Another Gem In The Jobs Report
In fact, for the first time in more than 20 years, the number of people who are out of the labor force — those without jobs and not looking — shrank by 647,000 over the past 12 months. So many people are returning to the labor force that the official unemployment rate is going up, even as the job market booms.
This comes, mind you, at a time when baby boomers are retiring en masse . Under Obama, in contrast, the number of labor force dropouts exploded by 14.4 million.
The latest numbers also underscore a point we've been making in this space for months — that all the talk of a tight labor market overlooked the vast pool of idle workers during the Obama years.
The latest jobs report is noteworthy for another reason.
Job growth is accelerating, nearly 10 years after the last recession officially ended. Job creation averaged 179,000 a month in 2017, and 223,000 last year. In the past four months, it's averaged 250,000. Last year, the economy created 1.3 million more jobs than mainstream economists expected .
Jobs Report Is Unusual
To say this is unusual so late in an economic expansion — and while the Fed is busy tamping growth with rate hikes — is an understatement. Job growth typically explodes in the first few years after a recession, as the economy reabsorbs displaced workers while creating jobs for new labor force entrants. Then growth tends to slow.
This time around, the reverse happened. For eight years under Obama, job growth was well below the average of previous recoveries. Only now is the labor market showing real strength.
Other evidence of this turnaround came earlier in the week, when the Labor Dept reported that private sector wages and salaries climbed 3% last year — the biggest annual increase in a decade. Under Obama, private sector wage gains averaged just 2%.
Why Now?
So why now, this late in the game?
The answer is simple. At least to those not blinded by partisanship or economic ideology.
For eight years, Obama kept promising "bottom-up growth," while telling the country that tax cuts and deregulation would only benefit the rich. But his policies — Dodd-Frank, ObamaCare, higher taxes, a regulatory tsunami — produced economic stagnation. As it always does, that stagnation hurt the working class most.
Trump went in the opposite direction. His pro-growth tax cuts, deregulatory campaign and pro-energy policies fueled huge increases in economic optimism and turbocharged the economy. And now we're seeing real job growth and strong wage gains for the first time in more than a decade.
You tell us which approach is proving more worker friendly.
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“This time around, the reverse happened. For eight years under Obama, job growth was well below the average of previous recoveries. Only now is the labor market showing real strength.
Other evidence of this turnaround came earlier in the week, when the Labor Dept reported that private sector wages and salaries climbed 3% last year — the biggest annual increase in a decade. Under Obama, private sector wage gains averaged just 2%.
Why Now?
So why now, this late in the game?
The answer is simple. At least to those not blinded by partisanship or economic ideology.
For eight years, Obama kept promising "bottom-up growth," while telling the country that tax cuts and deregulation would only benefit the rich. But his policies — Dodd-Frank, ObamaCare, higher taxes, a regulatory tsunami — produced economic stagnation. As it always does, that stagnation hurt the working class most.
Trump went in the opposite direction. His pro-growth tax cuts, deregulatory campaign and pro-energy policies fueled huge increases in economic optimism and turbocharged the economy. And now we're seeing real job growth and strong wage gains for the first time in more than a decade.”
Trump is a great American President and is doing a great job at producing wage increases, benefit increases, and more jobs for those of us in Heartland America’s middle and working classes. He is a great American and we are grateful to him for our jobs, wage and benefits increases and our tax cuts. Trump will have our unending allegiance and voting support for what he has done and is still trying to do. KAG!
Celebration! 🎉 🎊 🥂 👏 😎 🎈
