It’s a recurring pledge made by contenders for president, particularly Republicans. The objective of George H.W. Bush’s economic strategy, according to him, was “jobs, jobs, jobs.” Republican Mitt Romney reiterated the theme in 2012. In 2016, Donald Trump made a hollow vow to be “the greatest jobs president that God ever created,” in line with his false promises on every other subject.
Trump would leave office with a smaller workforce than when he arrived, earning the poorest jobs record of any president in modern American history. To those who yell, “but COVID,” I would respond, “What is the purpose of a president if not to handle a crisis?”
The simple truth is that, throughout the tenure of Republicans in the White House since 1989, just 1.3 million net employment have been generated, whereas more than 49 million jobs have been created under Democratic administrations. The May employment data demonstrates that while the figures are true, it doesn’t follow that one party is the solution to prosperity.
During the two administrations of Bill Clinton, the economy added 18.6 million jobs. 11.6% of Barack Obama’s total. Furthermore, even though interest rates are still high, over 15 million jobs have been generated during Joe Biden’s leadership thus far, with the most recent one being a hotter-than-expected 272,000 in May. The rate of unemployment increased slightly to 4%, which is hardly a figure to be very concerned about. Remember: During the worst of the outbreak
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Hourly salaries have increased by 4.1% in this time, surpassing inflation.
Sure, we did say the word. The economy is still a major issue even if it is as robust as they come. Americans are still getting used to the idea of how much a trip to the grocery store may cost them because prices increased so sharply early in Biden’s administration. What they claim to experience on a daily basis cannot be overridden by the fact that earnings are rising as well and that the recruiting machine is almost a miracle.
As a result, Americans’ economic confidence is still low, with a sizable portion citing price increases as their top concern.
While the United States is surpassing other developed nations in just about every way, let others attempt to diagnose why so many people are so sour.
Despite concerns about inflation, the U.S. economy is the envy of the rest of the world, according to data from the Bureau of Labor Statistics. However, the Fed has mostly kept prices from skyrocketing. We’ve been answering questions like “Who will win the election?” with “What is the unemployment rate in October?” for a long time. In a few months, we will find out the answers to both.
