The Real Truth About the Booming American Economy

[Fantine]

• 467,000 jobs added last month
• wage growth surpassed inflation
• the Fed is prepared to do what is necessary to keep the economy stable by slightly raising interest rates on treasury bills (currently 0%).

5 Numbers From the December Jobs Report | U.S. Department of Labor Blog (dol.gov)

3.9% unemployment rate

The unemployment rate dropped 0.3 percentage points in December, marking the first time the unemployment rate dipped below 4% since the pandemic began.

84% jobs recovered

Speaking of the beginning of the pandemic, we’ve recovered 84% of the jobs lost in March and April 2020. And we’ve recovered these 18.8 million jobs years faster than economists predicted.

2x+ Black unemployment rate

If you’ve read any of my blogs, you know I care about demographics. The true measure of economic success is how the economy is doing for those usually left behind. Currently, the Black unemployment rate is more than double the white unemployment rate, and Black women were the only demographic group who saw unemployment rise in December. I’ll never get tired of saying it: An economic recovery is not complete unless everyone recovers, so there’s still work to do.

-12K government jobs

While private sector growth has been strong, government employment has recovered only 39% of the 1.5 million jobs lost in March, April and May 2020. That means the public sector has shrunk by 927,000 jobs since the start of the pandemic, including 12,000 in December. We’ll need a robust public sector to enact the policies that will help us combat the virus and ensure ongoing economic growth.

+53K leisure and hospitality jobs

 

[Akita Suggagaki]

But it is hard to buy a car.

 

[Fantine]

Because of supply chain issues. Many of the electronic components come from China.

 

[SavedByGrace3]

We went to the grocery store yesterday. Many prices have increased by 50%. My income certainly has not gone up 50%.
The job growth is merely due to the return of the jobs that were lost during the "crisis."
There is always a way out. It is called war. And the Democrat war dogs are really hoping for it. Nothing like a good war to perk up the economy and distract people from the depressing lives they have been given by the current administration.

 

[rocknanchor]

No wonder they scrubbed President Trump's Secretary of Labor's Wikipedia's stats, those stats were through the roof! But, more of this onslaught is now undeniable, though busy with the many failed coup attempts the legacy media immersed themselves in, DJT's record breaking economy may well have shown us, as him being the single greatest achieving American President ever.

Without the thrust of people racing to recover from a pandemic, right before the lockdowns went into effect: Added 266,000 jobs in Nov 2019 alone.

• First Year Unemployment Rate for President Trump was 4.8%.
• Trump’s first Year Added Just Under 3-Million Jobs
• May 1st, 2018, President Trump Cut in Half President Obama’s 1st Year Increase of US Debt
• President Trump’s GDP Grew Faster than the US Debt
• May 11, 2018, In January the DOW reached heights of over 26,500
• May 21, 2018, 1st Quarter Profits All-Time High Earnings, Largest Monthly Surplus in History
• Largest Tax Cut Ever
• US Energy Independence
• Despite the Onslaught Smear Campaign, Trump’s Approval Rating Over 50%

 

[FreeinChrist]

No wonder they scrubbed President Trump's Secretary of Labor's Wikipedia's stats, those stats were through the roof! But, more of this onslaught is now undeniable, though busy with the many failed coup attempts the legacy media immersed themselves in, DJT's record breaking economy may well have shown us, as him being the single greatest achieving American President ever.

Without the thrust of people racing to recover from a pandemic, right before the lockdowns went into effect: Added 266,000 jobs in Nov 2019 alone.

• First Year Unemployment Rate for President Trump was 4.8%.
• Trump’s first Year Added Just Under 3-Million Jobs
• May 1st, 2018, President Trump Cut in Half President Obama’s 1st Year Increase of US Debt
• President Trump’s GDP Grew Faster than the US Debt
• May 11, 2018, In January the DOW reached heights of over 26,500
• May 21, 2018, 1st Quarter Profits All-Time High Earnings, Largest Monthly Surplus in History
• Largest Tax Cut Ever
• US Energy Independence
• Despite the Onslaught Smear Campaign, Trump’s Approval Rating Over 50%

Under Biden, 6.4 million jobs have been created in one year, and the GDP is high.

The Biden Boom: Economic Recovery in 2021

Though the United States faces serious economic challenges amid the ongoing global pandemic, 2021 was an extraordinary year of economic growth and recovery. The country saw record job gains and an unprecedented drop in unemployment. The economy likely grew faster than in any year since 1984, as measured by real gross domestic product (GDP). In 2021, the economy not only regained all pandemic-related GDP losses—it also surpassed pre-pandemic levels. Despite elevated inflation, Americans’ disposable incomes were higher in 2021 in real (inflation-adjusted) terms than they were in 2019 and 2020. Additionally, by many important measures such as savings and bank balances, Americans are more financially secure. The United States also made dramatic progress in lowering its exceptionally high rate of child poverty.​

Biden's Economic Performance Has Proved Unbeatable

U.S. financial markets are outperforming the world by the biggest margin in the 21st century, and with good reason: America’s economy improved more in Joe Biden's first 12 months than any president during the past 50 years notwithstanding the contrary media narrative contributing to dour public opinion.​

Exceptional returns from dollar-denominated assets, especially the S&P 500 Index in both absolute terms and relative to its global counterparts, can be attributed to record-low debt ratios enabling companies to reap the biggest profit margins since 1950. Corporate America is booming because the Biden administration's Covid-19 vaccination programs and $1.9 trillion American Rescue Plan reduced the jobless rate to 4.2% in November from 6.2% in February, continuing an unprecedented rate of decline during the Covid-19 pandemic.​

So since Jan. 2021, the US has had:

- record job gains (6.2 mil per Factcheck.org)
- a jobless rate of 3.9% (per Factcheck.org)
. an economy that grew the fastest since 1984
- higher disposable incomes for many Americans
- 210,000,000 Americans fully vaccinated
- 500,000 more Americans got Health Insurance

and more.


Inflation is the product of supply and demand. Cars are more expensive because many of the microchips come from China. Intel is making a big investment in microchips in the US.

 

[Tiberius Lee]

No wonder they scrubbed President Trump's Secretary of Labor's Wikipedia's stats, those stats were through the roof! But, more of this onslaught is now undeniable, though busy with the many failed coup attempts the legacy media immersed themselves in, DJT's record breaking economy may well have shown us, as him being the single greatest achieving American President ever.

Without the thrust of people racing to recover from a pandemic, right before the lockdowns went into effect: Added 266,000 jobs in Nov 2019 alone.

• First Year Unemployment Rate for President Trump was 4.8%.
• Trump’s first Year Added Just Under 3-Million Jobs
• May 1st, 2018, President Trump Cut in Half President Obama’s 1st Year Increase of US Debt
• President Trump’s GDP Grew Faster than the US Debt
• May 11, 2018, In January the DOW reached heights of over 26,500
• May 21, 2018, 1st Quarter Profits All-Time High Earnings, Largest Monthly Surplus in History
• Largest Tax Cut Ever
• US Energy Independence
• Despite the Onslaught Smear Campaign, Trump’s Approval Rating Over 50%

Trump was POTUS from Jan 2017 to Jan 2021.

Trump lost 8 million jobs by the time he left office. No other President in modern history lost so many jobs.

And you call that greatest economic achievement ? sure we all have our opinion!

 

[Hammster]

So if I lost my job because of Covid restrictions, and then got my job back last month, is that counted as a created job?

 

[Pommer]

So if I lost my job because of Covid restrictions, and then got my job back last month, is that counted as a created job?

Yes.
The economy was just barely robust enough to have survived four years with Donald J Trump at the helm of the Ship of State.

 

[Fantine]

We went to the grocery store yesterday. Many prices have increased by 50%. My income certainly has not gone up 50%.

Certainly meat prices have risen by double digits, but not 50%.
A better gauge would be comparing a whole week's food bill with 2021.
I cook for three. I shop at Aldi, high quality low prices, well-paid employees compared with Wal-Mart.
I buy my gas at Sam's Club with a card that gives me 5% off.
Prices have risen, but the 5.9% increases in our Social Security and his VA benefit have covered it.

 

[JosephZ]

We went to the grocery store yesterday. Many prices have increased by 50%.

You might want to find another place to buy groceries.

USDA ERS - Food Price Outlook

 

[SavedByGrace3]

You might want to find another place to buy groceries.
View attachment 312252
USDA ERS - Food Price Outlook

Worked in the IT department of a college for 17 years. I helped the number crunchers put together like reports and statistics.
Anyone dealing in these matters knows you can make a chart mean anything you want. Ask people if they are paying more for their groceries.
That is where you find the truth.

 

[JosephZ]

Worked in the IT department of a college for 17 years. I helped the number crunchers put together like reports and statistics.
Anyone dealing in these matters knows you can make a chart mean anything you want. Ask people if they are paying more for their groceries.
That is where you find the truth.

Am I paying more for groceries? Yes. Am I paying 50% more than a year or so ago? Not even close.

 

[Bradskii]

Worked in the IT department of a college for 17 years. I helped the number crunchers put together like reports and statistics.
Anyone dealing in these matters knows you can make a chart mean anything you want. Ask people if they are paying more for their groceries.
That is where you find the truth.

So you don't need to crunch no numbers. Statistics, schmatistics. Reports? Not worth the effort garnering the evidence for them. Who needs expert opinion! Best way? Ask a guy in a bar. The sure fire way to get the exact response that you want.

 

[SavedByGrace3]

Am I paying more for groceries? Yes. Am I paying 50% more than a year or so ago? Not even close.

Well, I bought a can of mushrooms at Aldis. It was 43 cents last year. Now it is 69.
Just one example.

 

[SavedByGrace3]

So you don't need to crunch no numbers. Statistics, schmatistics. Reports? Not worth the effort garnering the evidence for them. Who needs expert opinion! Best way? Ask a guy in a bar. The sure fire way to get the exact response that you want.

No, I trust my cart more than their chart.
"There are four lights!"

And before you start calling people stupid. Remember it is people with doctorates and high IQs that got us exactly where we are. They don't know which bathroom to use, they think men can have babies, and have brought the world to the edge of destruction.
So, I would not brag too much.

 

[SimplyMe]

No wonder they scrubbed President Trump's Secretary of Labor's Wikipedia's stats, those stats were through the roof! But, more of this onslaught is now undeniable, though busy with the many failed coup attempts the legacy media immersed themselves in, DJT's record breaking economy may well have shown us, as him being the single greatest achieving American President ever.

Without the thrust of people racing to recover from a pandemic, right before the lockdowns went into effect: Added 266,000 jobs in Nov 2019 alone.

• First Year Unemployment Rate for President Trump was 4.8%.
• Trump’s first Year Added Just Under 3-Million Jobs
• May 1st, 2018, President Trump Cut in Half President Obama’s 1st Year Increase of US Debt
• President Trump’s GDP Grew Faster than the US Debt
• May 11, 2018, In January the DOW reached heights of over 26,500
• May 21, 2018, 1st Quarter Profits All-Time High Earnings, Largest Monthly Surplus in History
• Largest Tax Cut Ever
• US Energy Independence
• Despite the Onslaught Smear Campaign, Trump’s Approval Rating Over 50%

Let's go through these point by point
1) While the unemployment rate in 2017, Trump's first year, was 4.8%, the unemployment rate under Obama at the end of 2016 was 4.7%. Not sure why you are bragging about fewer people being employed in Trump's first year.

2) Great, 3 million jobs created but fewer people employed. Guess lots of people were needing second jobs, or something, to make more jobs and have fewer employed. In truth, just over 2 million jobs were created (roughly 182,000 per month) and it was fewer than were created in 2016 -- in fact, it was the lowest job growth since 2010.

3) There is a reason they want to compare it to Obama's first year -- when the US was in the middle of the worst recession in decades and the government, under both the Bush and Obama administration -- spent money to help restart the economy. Of course Obama's first year, partially due to a budget passed before Obama became President and also because there is less "income" to get from taxes in a recession, had a high deficit. The issue is when you compare the deficit from Obama's last year (2016) with the deficit in Trump's first year (2017), when the economy was doing well: in 2016, the deficit was $558 billion but in 2017, under Trump, it went up to $665 billion. In other words, the deficit was worse under Trump, despite the "great economy" he claims.

Worse, the deficit got worse every year Trump was in office -- $665 billion in 2017, $779 billion in 2018, $984 billion in 2019, and then there was COVID. In fact, since you want to compare first year to first year, let's compare last year to last year -- Trump's deficit in 2020, his last year, was roughly 5 times higher than Obama's last year. Good news though, the deficit in 2021 dropped from Trump's last year; guess Biden is doing a better job already.

4) From what I can see, this has been true since 2012 -- under Obama -- and continues under Biden currently. Not sure this is a major talking point for Trump, other than at least he didn't keep the GDP from going up as he increased the annual deficit every year that he was in office. Think how great it would have been, with the great economy -- which meant increased income to the government -- it would have been if Trump would have lowered the deficit (and even the debt) prior to COVID.

5) Obama had more new DOW record highs than Trump did -- and Obama started with the worst recession in decades (and a correspondingly depressed DOW, about 1/3 of what it was when Obama left office).

6) I'd like to see sources for this one, particularly what is meant by "Largest Monthly Surplus" -- what surplus, when the debt grew in 2018 by far more than in 2017.

7) The largest tax cut in history -- something that is not true. Beyond that, I'm not sure you really want to crow about this when it is a major reason why deficits increased every year Trump was in office, while the economy was good, and helped make the deficit in 2020 explode due to COVID.

8) The "US Energy Independence" is a questionable claim (since there is no single definition of "energy independence") -- though if you use a definition that says Trump made us energy independent, then it is also worth noting that we were no longer energy independent when Trump left office -- we lost in the middle of 2020 while Trump was still President. Apparently since that time we have fluctuated being energy dependent and not, depending on usage vs. production, and the final numbers for 2021 do not yet seem to be available.

9) It is nice an opinion poll claims Trump's approval was above 50%. To bad the vote in Nov, 2020 disagreed with those poll numbers.

 

[Sparagmos]

We went to the grocery store yesterday. Many prices have increased by 50%. My income certainly has not gone up 50%.
The job growth is merely due to the return of the jobs that were lost during the "crisis."
There is always a way out. It is called war. And the Democrat war dogs are really hoping for it. Nothing like a good war to perk up the economy and distract people from the depressing lives they have been given by the current administration.

What’s gone up 50%? That’s crazy!

 

[Fantine]

Here is an analysis of the good news about wage growth of 5.7% and job growth of 467,000. Economists' one concern is that interest rates tend to cool off the stock market, but if the Fed acts slowly and cautiously, it will keep things running smoothly and prevent a recession.

I have noticed that home prices are skyrocketing where I live (and that is unusual.) Low interest rates usually mean higher home prices because there is lots of demand and people can afford more. When mortgage rates rise, home prices will also fall a bit. Good for young homebuyers, not so good for sellers.
What economists are saying about the red-hot January jobs report (yahoo.com)

 

[rocknanchor]

It is nice an opinion poll claims Trump's approval was above 50%. To bad the vote in Nov, 2020 disagreed with those poll numbers.

If the statistician above (SBG) is correct in saying these reports, charts are easily subject to personal bias, then that puts the weight back on whether sources aren’t experiencing the same Wikipedia bookcooking syndrome I referred to (gov’t or civilian info centers). Conveniently omitted in your exhaustive response. But the needs of accuracy is the only thing that keeps pollsters busy, as SBG mentioned, tap the opinion at the grocery store, or pretty much any blue-collar walk, “That is where you find the truth.” And if that is the case, then the ’81-million votes’ said to have occurred for Joe when he could barely fill a little-league dugout on the campaign trail, compared to DJT’s averaging 40,000 (comfortably) in attendance, then I guess you may want to ratchet up your personal analysis of information since that one didn’t fare so well.