On Friday, March 10, the jobs report was publically announced stating the U.S. economy created 235,000 jobs in February with the unemployment rate dropping to 4.7 percent. Overall, this is good news as the economy continues to grow albeit at a slower pace for some politicians and economists. Hearing this economic news and knowing our POTUS is Donald Trump, a tip of the cap to him for these February numbers. It’s certainly good news and I can’t fault our POTUS for taking some credit for this success. However, there’s more here than what initially meets the eye so the objective of this post is to critically think and provide some objectivity and context to this economic news and the economy in general.
I’ve included some excerpts from the WashingtonPost.com with my additional input.
On Friday morning, Trump retweeted a tweet by Drudge Report with a link to a news story on the jobs numbers. “GREAT AGAIN: +235,000,” the tweet read.
KEVIN’S COMMENTS…First, I’m not sure what Trump means by ‘Great Again’? Is he talking about another positive jobs report or something else? If specific to jobs, the February data provides the first full month of his presidency so is it not disingenuous to compare data from his full first month of February to January where Obama was POTUS until January 20, 2017?
When the economy created 200,000-300,000 jobs during the Obama administration with an unemployment rate of 5 percent, what was the reaction of President Trump? Wasn’t he quoted a number of times stating these numbers were fake, weak, or phony? Based on this logic, if I were cynical, I might think Trump creating 235,000 jobs is great news but when a similar accomplishment was done by the previous administration, the POTUS may consider this weak, phony or a hoax.
White House press secretary Sean Spicer also appeared to claim some credit for the Trump administration. “Not a bad way to start day 50 of this Administration,” he wrote in a tweet that quoted data from the jobs report.
KEVIN’S COMMENTS…I wonder if Mr. Spicer ever complimented President Obama when his jobs report had comparable numbers? It’s as though very little context was provided here on the positive trending of our economy over the last 7 years…Are there many Trump supporters who actually think the golden touch was voted into office and now mysteriously the economy is doint well? Was it on life support until Inauguration Day – the POTUS will now leverage his apparent business acumen to make the economy just unbelievable again.
“The fact that hundreds of thousands more people found new jobs last month is a good sign that our economy is moving in the right direction,” Rep. Kevin Brady (R-Tex.) said in a statement. “While we still have much more work to do, I’m optimistic that the actions that President Trump and House Republicans are taking will add to this momentum — creating more jobs, growing families’ paychecks, and improving the lives of all Americans.”
KEVIN’S COMMENTS…Perhaps it’s been dusty in Texas recently for Republican congressman, Kevin Brady. So the economy is moving in the right direction. Mr. Brady, have you ever been quoted in ’15 or ’16 while #44 was in office that our economy was mproving and on the right track? Or would that not be a politically astute thing to do, especially in Texas? In addition, will you merely “cherry pick” and ignore the 16 million jobs that were created after the Great Recession?
The U.S. economy has now grown for 94 straight months, the third-longest expansion on record. While growth has been somewhat slower than in previous boom times, economists emphasize how far the nation has come since the depths of the recession, including adding roughly 16 million jobs since the beginning of 2010.
KEVIN’S COMMENTS…So when Trump talks about the fact he inherited a disaster from the former POTUS, when will he state that the economy has added about 16 million jobs since 2010? Trump would like to grow at 3-4% although some economists and policy makers say slower but steady and consistent growth might be the path to take. Even though economic rates have been below 3% for the last 6 years, we’ve had 94 straight months of growth. The economy the POTUS inherited is not perfect, we have concerns about wage growth, inflation and developing higher paying jobs, however, a disaster? Hardly.
Economists have been watching Trump’s statements on the jobs figures carefully. On the campaign trail and after his election, Trump had challenged the accuracy of the official unemployment rate, calling it “phony” and a “joke” and claiming that it was actually as high as 42 percent.
KEVIN’S COMMENTS…So which is it Donald, a “phony” or a “joke” or something to be celebrated? You can’t have it both ways…
July 7, 2016
“The phony 5 percent numbers that we hear about with the unemployment.”
Aug. 8, 2016
“The 5 percent figure is one of the biggest hoaxes in modern politics.”
Nov. 4, 2016
“The terrible jobs report that just came out … you can see phony numbers, 5 percent.”
KEVIN’S COMMENTS…Prior to the election, 5 percent unemployment was considered phony or one of the biggest hoaxes by Trump until he can report a similar number once he’s president. Perhaps now that it’s under 5 percent is justification why it’s now legit and not phony or one big hoax.