Saturday, March 11, 2017 by JD Heyes
Many economists and political hacks who are supporters of the #NeverTrump movement continue to downplay the positive fiscal impact President Donald J. Trump’s election victory has had on the country, but with each passing day it becomes ever more apparent their denial is not rooted in realism.
The signs are everywhere of a Trump boom: In higher employment, a higher workforce participation rate, rising construction gains, and most important of all, dramatically higher confidence among the American people that finally – finally – the country appears to be on the right track, economically.
As Team Trump touted the president’s first 50 days in office over the weekend, there was a slew of positive economic news to convey as well. Among those items:
— Employment: Naysayers are claiming that employment growth under former President Obama was already taking place, but the reality is, that’s complete bunk. For his eight years in office, job growth under Obama was tepid at best, routinely clocking in at less than 190,000 jobs per month; in a country of 310 million, that’s pathetic. In fact, the Obama economy never grew as much as 3 percent in a single quarter his entire two terms in office – a record (for bad performance). (RELATED: Great Again! February Jobs Gains Rocket To 235,000 As Unemployment Ticked Down)
In fact, notes NPR, the Federal Reserve Bank of St. Louis found that average monthly job growth under Obama was an anemic 109,000. Granted, he inherited the Great Recession, but even after you factor in 75 months of job growth, the average is still only 199,000/month.
In Trump’s first month in office, jobs grew by 235,000 – or about 100,000 more than economists had projected, according to Bloomberg News.
Gary Cohn, the former Goldman Sachs Group Inc. president who’s now director of the National Economic Council, says based on what the president himself has been able to accomplish in convincing U.S. companies to keep or expand operations domestically, job figures should only increase.
“Remember, those jobs are not in these numbers,” he told Bloomberg. “Those jobs will come in the future — they’ll come three, six, 12 months from now. So we think there’s enormous demand for American workers built into the system.”
— Debt reduction: During his campaign, Trump said he wanted to also wipe out the $20 trillion national debt accumulated during the Obama presidency (which doubled the $10 trillion accumulated under George W. Bush).
Before he took office, the debt was rising on autopilot – but then, something strange happened. As noted by The Gateway Pundit, it actually fell by $68 billion between Inauguration Day, Jan. 20, to March 8. That’s just a drop in the bucket, mind you, but anytime the debt trends downward, that’s good for our country’s future.
— Labor markets: “Better by almost any measure,” is how Bloomberg News describes it. While some of last month’s job gains are rightfully being accredited to unseasonably warm weather – as in the construction sector – the fact is these projects were going to be undertaken anyway; they just got underway sooner, thanks to the better weather. (RELATED: #MAGA: Job participation rate rising as construction starts gain most in a decade)
In addition, the labor force participation rate is also increasing, as compared to the Obama years, when labor force participation rates declined to their lowest numbers, as a portion of the overall population. CNSNews.com notes:
A record 152,528,000 Americans were employed in February, 447,000 more than in January, and the labor force participation rate went up, the Labor Department’s Bureau of Labor Statistics reported on Friday.
During the Obama years, labor force participation fell precipitously, setting record after record. Obama began his presidency with a record number of Americans not in the labor force and it ended the same way.
— Manufacturing versus government jobs: Over the same measurement period, the growth in U.S. manufacturing jobs far outpaced job growth in the public sector – government jobs, in other words, by 28,000 to about 8,000.
Government jobs are net negatives on the overall economy because the government doesn’t produce anything that creates value and, thus, profit, like private-sector employment.
J.D. Heyes is a senior writer for NaturalNews.com and NewsTarget.com, as well as editor of The National Sentinel.