The Us Must Rebuild A Sustainable Resilient Manufacturing
Even if the coronavirus pandemic is successfully controlled, we are likely to experience recurrent infections and hot spots until vaccines and more effective treatments arrive. Meanwhile, massive effort is needed, starting today, to rebuild and restructure the economy in ways that will address the needs of Black, Latinx, and women workers.
Millions of low-wage service jobs are unlikely to return. As we rebuild our economy, these jobs can and should be replaced with higher-wage jobs in manufacturing and construction that provide excellent benefits and afford workers the right to organize and bargain collectively. Planning and organizing these rebuilding effortsincluding design, permitting, and purchase of materials and rights-of-wayshould begin now, so that funding, projects, and employment can flow in earnest once the pandemic has been brought under control.
There are three essential components of a sustainable U.S. economy
Looking forward, the three pillars of building a sustainable, resilient, manufacturing-based economy are: rebalancing trade flows rebuilding U.S. infrastructure and supporting the transition to efficient and clean energy systems.5
The U.S. must rebalance trade flows
We must revise government procurement policies and trade rules to ensure that public infrastructure investments actually benefit U.S. workers and the U.S. economy
Investments should be financed with public debt until the economic crisis has subsided
Committee For A Responsible Federal Budget
Experts also debate how effective tax cuts are at inducing economic growth. Tax cuts are often considered an expensive way to create jobs. Historically, tax cuts haven’t created enough new jobs to finance themselves, so the jury is still out on whether Trump’s 2017 tax cuts will ultimately help the economy.
New England Journal Of Medicine
The New England Journal of Medicine said the U.S. didn’t adequately test nor provide healthcare workers and the general public with enough protective equipment.
It also criticized the administration for handing off disease control to the states instead of launching a national strategy. As a result, social distancing directives were inconsistent. The resultant hotspots of infection kept many businesses closed, and raised unemployment levels.
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How Many Jobs Has Trump Created Jobs And Unemployment
2017: 2.2 million jobs created
2018 Ends with 312,000 Jobs Created in December Strong Year for the Job Market
The employment rate is continuing the same upward trend it has been in for the past eight years. 2009 was a disaster for employment and, ten years later, we have still not reached the number of jobs we were at before The Great Recession.
Heres a 10-year chart of job creation from the Bureau of Labor Statistics. The part Ive highlighted in yellow is job creation under Trump. As you can see, 2017 looks very much like 2016.
The latest jobs report shows continued employment growth while wages are lagging behind prior recoveries.
There are now 3.8 million jobs created during the Trump presidency, putting the median monthly job creation move or less in line with that of the Obama administration.
Over 2 million jobs added per year for the past 8 years
Below are the employment gains from President Bushs last four years in office from just before the start of the Great Recession, through President Obamas and so far through President Trumps tenure.
Employment Total nonfarm employment grew by more than 3.2 million during the presidents first 17 months in office, according to the most recent figures available from the Bureau of Labor Statistics.
Thats steady, solid growth to be sure, continuing an unbroken chain of monthly gains in total employment that started in October 2010.
Dwight Eisenhower : 48 Million
Keystone / Getty Images
President Eisenhower added 4.8 million jobs, a 7.9% increase. He increased the debt by 8.6%, or $22.9 billion as he fought two recessions. The end of the Korean War caused the 1953 recession, and higher interest rates caused the 1957 recession.
Part of Eisenhower’s success with job creation was due to his creation of the Interstate Highway System. He spent $25 billion to build 41,000 miles of road.
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Lyndon B Johnson : 86 Million
Yoichi Okamoto / LBJ Library
President Johnson added 8.6 million jobs to 68.2 million employed in December 1963 thats a 12.6% increase.
LBJ spent on social programs, such as Medicare, Medicaid, and the War on Poverty. That increased the debt by 15.6%. By the time he left office, the economy was growing a robust 4.9% but inflation rose to 4.4%.
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There Are 3 Million Fewer Jobs Now Than When Trump Took Office
When President Trump took office in January 2017, there were 145.6 million Americans at work.
In his 2017 inaugural address, the new president promised more. We will bring back our jobs, he said.
Four years later and about to leave office unable to get a handle on an ongoing pandemic, Trump has not delivered on his promise.
Fridays jobs report showed the employment rolls last month included a workforce of 142.6 million total non-farm, seasonally adjusted, workers. Decembers disappointing data finalized what has long been expected: fewer people will be employed in America when Trump leaves office than when he arrived.
Just before the coronavirus hit the U.S. early last year, Trump was on pace for a sizable jobs gain for his term. He was overseeing an economy with 152.4 million non-farm jobs. The pandemic then cut more than 9.8 million jobs from those levels. The net effect is employment rolls down about 3 million people from when he took office.
A Yahoo Finance analysis from September found that a range of other countries have also lost jobs over the last four years as a result of the coronavirus pandemic and resulting recession.
In Trumps case, the cause of a job loss begins and ends with the pandemic.
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Donald Trump Said During The First Us Presidential Debate With Joe Biden That His Administration Built The Greatest Economy In History A Statement He Has Often Made To Support His Case For A Second Term In The White House
The presidents record on the economy has been diminished by the devastating fallout of the coronavirus pandemic. Polls, however, tend to remain positive for him when voters are asked who they trust more to create jobs and economic growth.
This sentiment stems from Trumps career as a businessman, an early tax cut he signed as president and a strong stock market, which on paper at least boosts retirement savings. Regardless, Trumps messaging on the economy is prone to exaggeration and hyperbole.
AFP Fact Check examines the numbers.
Did Trump create the greatest economy?
Gross domestic product and job numbers are the main measures of US economic health. Trump has touted both, as well as chart-topping stock prices, as proof of his success. But his claims are misleading.
In Trumps favor, US unemployment hit a 50-year low of 3.5 percent in December 2019. In January this year, however, before states imposed lockdowns to try and contain the coronavirus, the Labor Department issued an update that was less positive revised numbers showed job growth slowed significantly in the first three years of Trumps presidency.
Some 6.5 million jobs were added between 2017 and 2019 2.109m, 2.314m and 2.096m. This compared to more than eight million jobs 3.004m, 2.72m and 2.345m in the three prior years, under Barack Obama.
The pandemic has upended the job market.
Gross Domestic Product
The stock market
In Trumps single term as president the Dow Jones grew 56 percent.
Joe Biden: The Three Months Before I Got Here Our Country Was Creating Roughly 60000 Jobs A Month Weve Been Creating On Average 500000 Jobs Per Month
This is true, although the latest job numbers for April were less than predicted, when just 266,000 jobs were added.
The economy has continued to bounce back from the pandemic under President Biden. More than 530,000 jobs were added in February and 770,000 in March.
In the final few months of the Trump presidency, job growth was around 63,000 a month, on average.
The economy gained millions of jobs in Mr Trumps final nine months in office following the initial Covid crash peaking at almost five million in June.
But towards the end of his tenure, job growth dipped as infections rose again and some states re-imposed Covid restrictions.
Economists expected this number to rise again in April after a huge stimulus package, proposed by President Biden, was passed by the US Congress in March.
There are still more than eight million fewer jobs in the US than when the pandemic began.
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A Look At Trump’s Economic Legacy
Examining the outgoing president’s policies from tax cuts to trade wars.
President Donald Trump campaigned as a billionaire businessman and champion of the working class with the economic prowess and deal-cutting skills that politicians in Washington, D.C., lacked.
He summed up his position neatly during the campaign: “I’ll be the greatest jobs president that God ever created.”
On the campaign trail, Trump claimed to be laser-focused on bringing back manufacturing and mining jobs, renegotiating trade deals that led to work disappearing overseas and curtailing immigration.
His Clintonian tack of “it’s the economy, stupid,” despite the myriad scandals and investigations that dogged him, largely worked as GDP grew at a healthy clip, the stock market soared and unemployment rates hit a half-century low, until the coronavirus pandemic gutted the job market.
Yet as he leaves after his one-term tenure, Trump has become the first president since Herbert Hoover during the Great Depression to depart office with fewer jobs in the country than when he entered.
Economists say Trumps economic legacy will be defined by his failure in leadership during the COVID-19 pandemic that exacerbated the financial downturn, domestic policies that overwhelmingly benefited the wealthy, and international trade policies that hurt U.S. industry while simultaneously alienating allies.
Here is a look at the outgoing president’s legacy on the U.S. economy.
Has Pennsylvania Added Thousands Of Manufacturing Jobs Since Trump Took Office
If Your Time is short
- Data from the U.S. Bureau of Labor Statistics shows slow, steady growth in jobs across Pennsylvania since January 2017 when Trump took office. But the growth hasnt been as robust as Pence made it seem.
- There were 6,105,806 jobs in Pennsylvania the month Trump was inaugurated, the data show, compared to 6,249,391 jobs in February of 2020 just before the coronavirus pandemic sent the economy into a tailspin.
- The number of jobs recorded in June the most recent month for when data was available when Pences office made the statement shows a net loss of almost 600,000 since Trump took office.
The day before he toured a chemical company in southwestern Pennsylvania, Vice President Mike Pence touted the jobs growth that had taken place across the state since President Donald Trump took office.
As a candidate, Trump vowed to revive manufacturing, and a July 29 email from the Office of the Vice President says:
The Trump administrations pro-growth policies added over 209,000 jobs, including 16,000 new manufacturing jobs, to Pennsylvania the last three years.
We wondered whether the Trump administration had created as many jobs as it claimed.
Data from the U.S. Bureau of Labor Statistics shows slow, steady growth in jobs across Pennsylvania since January 2017 when Trump took office. But the growth hasnt been as robust as Pence made it seem.
But those gains have evaporated and then some.
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Trump V Biden: Competing Plans To Bring Back Manufacturing Jobs
Trump and Biden have rolled out plans to shore up US manufacturing jobs as the country recovers from the economic fallout of COVID-19.
Bob, a manager at a personal care product manufacturing plant in northeast Pennsylvania, is one of the voters who may decide the outcome of the United States presidential election in November.
A 50-something-year-old resident of a crucial battleground state, Bob, who asked Al Jazeera to withhold his surname to protect his privacy, is not affiliated with either the Republican or Democratic party.
Since 2000, he has voted for candidates from both sides of the political spectrum. In 2008, Barack Obama won Bob over. In 2016, it was Donald Trump. In both cases, his decision pivoted on the candidate he felt would do the most to protect US manufacturing jobs like his.
I had hoped that with the Obama administration, we would see positive change, Bob told Al Jazeera. But for me and most people I know, it was a disastrous period. In addition to my very good healthcare plan being gutted and now more expensive, I lived through thousands of jobs in the company I work for either becoming eliminated, consolidated or moved out of the US.
Bob kept his job, he said, but many of his colleagues did not.
The last four years of the Obama administration were particularly devastating to manufacturing. The trade deals and regulations only added cost, and the main offset to the additional cost meant fewer people, he explained.
As A Result Of The Republican Tax Bill Small Businesses Will Have The Lowest Top Marginal Tax Rate In More Than 80 Years
Not really.According to the Tax Foundation, the lowest top marginal rate in the past 80 years was 28 percent in the 1980s, although a claw back provision in the 1980s increased the top marginal rate to 33 percent for taxpayers with incomes over certain thresholds. Under current law, the top marginal rate is 37 percent, but pass-through businesses can receive additional tax breaks to lower their top marginal rate to 29.6 percent.
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Joe Biden: ‘we’ve Created More Than 15 Million Jobs The Most In The First 100 Days Of Any President On Record’
Since January, the US economy has added 1,572,000 jobs, according to the US Bureau of Labor Statistics.
And it’s true that this is the most jobs created in the first 100 days of any presidency since records began in 1939.
But this job growth comes from a low base point given that in April last year, unemployment hit its highest level since the Great Depression of the 1930s.
More than 22 million jobs were lost in the space of two months due to the impact of coronavirus.
In a tweet, President Biden heralded his first three month’s of job growth compared with Donald Trump’s.
But in contrast to Mr Trump’s first few months, President Biden has benefited from a sharp rebound in economic activity after the contraction caused by the pandemic.
Bill Clinton : 186 Million
President Clinton added 18.6 million jobs. He was the top job creator in terms of total numbers, but the third-largest percentage increase with a 15.6% increase. There were 119 million employed at the beginning of his term and 137.6 million people employed by the end of his term in December 2000.
Unlike most presidents, he did this through contractionary fiscal policy. He presided over eight years of steady economic growth. He created a $128 billion budget surplus in his final year as president, making him the more recent president to do so. His Omnibus Budget Reconciliation Act of 1993 raised the top tax rate from 28% to 39.6% for high-income earners. He increased the top corporate tax rate from 34% to 35%.
At the same time, President Clinton cut welfare spending. Recipients had to get jobs after two years. His policies helped reduce the number of people on welfare. Between August 1996 and March 2003, the number of welfare recipients fell by 59%, from 12.2 million to 4.96 million people.
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What They Were Saying: Republicans Praised Trump For 36% Unemployment Rate President Biden Just Achieved
Today, unemployment fell to 3.6% thanks to the work of President Biden and Democrats. Given their praise of the defeated former President Donald Trump when he delivered the same results, well give them the benefit of the doubt and hope Republicans were too stunned at this unbelievable progress to speak and that this isnt just more blatant hypocrisy.
Lets take a look at what Republicans WERE saying in 2019 when our economy hit 3.6% unemployment under their party leader, Donald Trump:
Are These Job Gains Sustainable
The Trump administration has touted job growth as one of its major successes. However, there is no clear evidence that these gains are sustainable. The number of jobs added since President Trump took office is well below the average for presidents in their first year. Furthermore, many of the new jobs are low-paying and temporary. If these job gains do not continue, the Trump administration will have failed in its key goal of creating jobs.
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How Much Influence Does The President Have On The Economy
Although presidential candidates usually make a lot of economic promises, their ability to fulfill them is somewhat limited. Much depends on factors outside of the presidents control, such as the state of the economy when they take office or national and global events that occur during their time in office. Presidents can impact the economy through things like budget decisions, tariffs, Federal Reserve appointments, and influencing Congress, but many of these policies have a delayed impact on the economy.
Joe Biden: ‘the Three Months Before I Got Here Our Country Was Creating Roughly 60000 Jobs A Month We’ve Been Creating On Average 500000 Jobs Per Month’
This is true, although the latest job numbers for April were less than predicted, when just 266,000 jobs were added.
The economy has continued to bounce back from the pandemic under President Biden. More than 530,000 jobs were added in February and 770,000 in March.
In the final few months of the Trump presidency, job growth was around 63,000 a month, on average.
The economy gained millions of jobs in Mr Trump’s final nine months in office following the initial Covid crash – peaking at almost five million in June.
But towards the end of his tenure, job growth dipped as infections rose again and some states re-imposed Covid restrictions.
Economists expected this number to rise again in April after a huge stimulus package, proposed by President Biden, was passed by the US Congress in March.
There are still more than eight million fewer jobs in the US than when the pandemic began.
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