Many predicted that the massive hurricanes that ripped through the southeastern region of the country would stagnate the economy for a while as recovery efforts proved taxing on national resources and the donated resources of those in the private sector.
According to Politico, it turns out that not only has the economy recovered, but it’s doing better than last year. The Labor Department has revealed 261,000 new jobs for October. This comes as a surprise to many analysts and critics — including former-President Obama — who predicted the Trump administration would bring nothing but gloom.
This massive job growth is a huge relief after the small gain of 18,000 jobs in September that was the result of hurricanes Harvey and Irma. The unemployment rate was at 4.1 percent.
Yet economists stubbornly refuse to attribute anything positive about the economy to President Trump, even if it means denying improvement. Economists are adamant that October’s gains are merely a return to the status quo. According to Chief Economist at Pantheon Macroeconomics, “None of this means anything. It’s just noise.”
Yet when the numbers are matched up against former-President Obama’s from last year, as reported by the Business Insider, it’s obvious this October was better than last October. Where President Trump grew 261,000 new jobs, Mr. Obama only raised 161,000. President Trump’s unemployment rate rests at 4.1 percent while Mr. Obama’s was a higher 4.9 percent.
Given this comparison, it’s unclear what economists mean when they say it’s a return to the status quo. Do they mean the status quo of last year? Because according to the LA Times, the monthly average last year was 180,000. Even 2015 saw an average of 230,000, and 2014 saw 250,000 — numbers still below 261,000. So which status quo are they referring to and how is this improvement meaningless?
Or perhaps they’re referring to the status quo of the economy before President Obama.
According to Investor’s Business Daily, the problem is that Democrats sincerely believe their own economic growth myths under President Obama. One of the best indicators of economic growth, the US GDP or production, has been averaging 1 percent since 2007. Meaning President Obama hadn’t budged the GDP his entire 8 years as president.
The election was also evidence that the average American was tired of a Democrat economy and felt there was a problem with the nation’s growth, even they were being told by the establishment that everything was fine. When told they could continue President Obama’s economic legacy under Clinton or try something new with Mr. Trump, the US chose Mr. Trump.
An article by Sean Hannity on Fox News shows that the labor force participation rate for 2016 hadn’t been that low since the 1970s. 95 million Americans were out of work and many had given up trying to find work. Home ownership was the lowest in 51 years. 13 million additional Americans were on food stamps during President Obama’s terms. 43 million Americans were in poverty, an 8 million increase from before President Obama.
The Washington Examiner reveals perhaps the most important economic gain the US has experienced under President Trump: confidence. A survey questioned a number of Republican voters on how the economy was doing now under President Trump when compared to President Obama. Many were “positive” about the economy now and claim to have experienced firsthand the impact of the new economy on their personal bottom lines.
Over 200,000 jobs have been created in the month of October alone. Do you think more jobs will be created this month?
This confidence is what drives economic growth. People are confident their businesses will succeed, they’re confident their investment dollars will perform well, and people are confident they’ll find new jobs. This confidence leads to action and behaviors that result in economic growth.
Economists can use whatever number or statistic they want, leftists can endlessly deny President Trump’s economic successes, but there is no denying that Americans wanted President Trump’s economy and they’re happy with it.