Pres Trump Touts Jobs Healthcare Amid Renewed Taxes Controversy
But nine days ago, GM announced that it will lay off 1,100 workers in Lansing, Michigan when the company ends a factorys third shift in May. That means a loss of 200 jobs for the company even after the 900 jobs are either created or recovered. And 680 of the workers in line to benefit from this job savings announcement will first spend time out of work.
Heres how Trumps Michigan announcement breaks down, according to GM:
- 220 of the jobs Trump boasted on Wednesday are new
- Included in the 900 jobs saved number are 680 workers who will be laid off from Lansing in May, then eventually hired back
- Within the 680 number: 180 of those laid off in Lansing will be re-hired 60 miles away in Flint, Michigan sometime this year . Another 500 of those laid off in Lansing will be hired back sometime in early 2018, said GM spokesman Tom Wickham
This comes after, and in addition to, General Motors announced a $1 billion investment that would create or retain thousands of jobs over the next few years.
Their January announcement was one of the first investments that Trump took credit for, despite GMs insistence that their decision dated back to 2014. Its something Trump has done repeatedly since his November win.
Here, we fact check the various announcements Trump has sought to take credit for.
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How Do Presidents Create Jobs
A president’s record at job creation depends somewhat on the business cycle. For example, those who inherited a recession, like Clinton, Obama, Reagan, Carter, and LBJ, did better at job creation. They started with a low base and so had nowhere to go but up. Those who were in office when recessions started did worse but Nixon and Bush were outliers.
Presidents have many tools to create jobs. The most important tools are expansive fiscal policy, especially deficit spending. Government spending can employ people directly and through contracting. That will encourage the private sector to hire through greater demand from consumers. But all presidents must have Congressional budget approval before they can increase spending or cut taxes.
A president does have one unique tool. He can inspire confidence through a compelling vision. A president who can articulate a message that reverses doubt and pessimism may be more successful in creating jobs.
So What Effect Would A Systematic Policy Forcing Companies To Repatriate Their Factories To The Us Have
What would happen if manufacturing companies followed the example of Ford and brought their production back to the US? There are two potential scenarios:
This analysis does not even consider possible retaliation measures by trading partners that may penalise products exported from the US, which could have negative impacts on the US manufacturing base.
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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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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.
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Many Achievements Of The Presidents Pre
President Trump has sought to turn the focus of the November election toward the economy during the campaigns final stretch. His presidency has been characterized by two economies. While the first, which lasted until March, was good for millions of Americans, the Covid-19 era economy has been historically bad.
KEY TAKEAWAYS
1. Jobs were better than expected until the crisis began.
The unemployment rate fell from 4.7% shortly after Trumps election to 3.5% by the end of 2019, below Federal Reserve expectations of about 4.5%. That was partly driven by Trumps corporate and individual income-tax cuts and a that reset spending caps Republicans had demanded in the Obama era. When the coronavirus struck, the economic damage from social distancing and states shutdowns helped to drive the jobless rate to 14.7% in April this year. The rate fell faster than the Fed expected, reaching 7.9% in September, but the jobs recovery is far from complete. Five million more people were unemployed in September than when Trump took office.
2. The growth rate rose, but not as expected.
3. Gains for minority workers were reversed.
4. Blue collar jobs were hit hard by Covid-19.
National Association Of Manufacturers
The National Association of Manufacturers had agreed with Trump’s plan to lower U.S. manufacturing costs, which are significantly higher than in other countries. NAM wanted Trump to further reduce regulations on manufacturing companies, as it pays nearly twice what companies in other industries do. This raises the price of American-made goods.
On the other hand, NAM disagreed with Trump’s protectionism. Other countries raise tariffs in return, which reduced American exports to those countries, even prior to the pandemic. It put a brake on U.S. growth and raised import prices for American consumers.
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Surpluses Are Usually The Consequence Of Suppressed Wages
This tendency to conflate unlike trade effects effectively misses the point. They do not ignore the impact of imports altogether, but their methodology seems to assume automatically that imports increase real household income by more than they reduce household income through direct job losses. Meanwhile, they simultaneously ignore the ways imports can repress wages or raise indirect unemployment, along with the indirect job losses caused by this wage suppression.
In nearly every country running large, persistent surpluses, the household share of GDP is lower than that of peer countries and trade partners. This isnt merely a coincidence. It is low wages relative to productivity that allows countries to run surpluses, and yet the USCBC analysis seems implicitly to deny that countries increase international competitiveness mainly by directly or indirectly reducing the wage share of production, or that when countries implement policies to improve what they deem international competitiveness, this is usually nothing more than a euphemism for policies that directly or indirectly suppress wages.
That is why they find that more trade can only result in higher real household income. They exclude the possibility that, to the extent a surplus country relies on lowering wages to become competitive enough to run its surplus, it must put downward wage pressure on its trade partners.
Cheap Fun Saturday: Job Growth Under Biden And Trump
01/08/2022 12:00am
The December job report again showed an extraordinary divergence between the establishment survey and the household survey. The establishment survey showed the economy creating just 199,000 jobs, while the household survey showed a growth in employment of 651,000, pushing the unemployment rate down by 0.3 percentage points to 3.9 percent, a level achieved at few points in the last fifty years.
Its not unusual for there to be substantial differences between the surveys, but these are extraordinary. In the last months, the household survey has shown an increase in employment of 1,741,000. By comparison, the increase in jobs in the establishment survey has been just 448,000.
While these divergences are striking, they largely disappear if we look over a longer period. Over the last year, the household survey shows employment is up by 6,092,000. The establishment survey shows a gain of 6,448,000 jobs.
Since the start of the pandemic, the household survey shows a drop in employment of 2,891,000. The establishment survey shows a loss of 3,572,000 jobs. Most of this gap can be explained by an increase in self-employment of more than 500,000, which would not be picked up in the establishment data.
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Biden Hails Strong June Jobs Report Takes Jab At Trump
President Biden on Friday hailed the June jobs report, which showed the U.S. economy added 372,000 jobs, noting that there are more jobs in the U.S. than at any time under former President Trump.
In the second quarter of this year, we created more jobs than in any quarter under any of my predecessors in the nearly 40 years before the pandemic. We have more Americans working in the private sector today than any day during Donald Trumps Presidency more people than any time in our history, Biden said in a statement.
The president also attributed the jobs report to the American Rescue Plan, which he signed into law early in his administration and which Republicans have criticized as a reason for the high inflation in the U.S.
This has been the fastest and strongest jobs recovery in American history, and it would not have been possible without the decisive action my Administration took last year to fix a broken COVID response, and pass the American Rescue Plan to get our economy back on track, Biden said.
The unemployment rate held steady at 3.6 percent in the jobs reported released on Friday, with growth in June far exceeding the projections of economists. The unemployment rate remained just 0.1 percentage points from its pre-pandemic level of 3.5 percent, which was a 50-year low.
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ExxonMobil, led until recently by President Donald Trump’s secretary of state, announced a $20 billion, 47,000 jobs investment in America with a press release a little after 3 p.m. Monday afternoon.
Less than an hour later, Trump applauded the oil giant with effusive tweets and a White House press release remarkably similar to Exxon’s own. He also claimed credit for the announcement in a video released on social media.
“This is something that was done to a large extent because of our policies and the policies of this new administration,” Trump said in the video. “I said we’re bringing back jobs. This is one big example of it.”
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But the investment isn’t new. At least some of the spending on that $20 billion investment began in 2013, Exxon’s press release reveals, and is expected to continue through 2022. One project the company touted has already been completed. Still, Exxon’s new CEO specifically praised Trump’s administration.
This isn’t the first time Trump has claimed credit for job creation and corporate spending that was initiated sometimes years before his presidential run or that a company has repackaged old news to seem fresh.
“Since my election, Ford and many others, have announced that they will invest billions of dollars in the United States and will create tens of thousands of new American jobs,” Trump said during his joint address to Congress.
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Reduce Corporate And Investment Taxes
Trumps tax plan, the Tax Cuts and Jobs Act, lowered the corporate tax rate from 35% to 21%. This was the lowest rate since 1939.
This change may not be as dramatic as it sounds, though. Most corporations make good use of legal deductions.
The Congressional Budget Office found that a more cost-effective method would be to cut business payroll taxes and increase unemployment aid. Governments should target any stimulus to small businesses, which produce 65% of all new private-sector jobs.
Trump Administrations Interior Supports $336 Billion In Economic Activity And 19 Million Jobs
200,000 more jobs supported and $82 billion increase in economic output compared to FY 2016
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WASHINGTON Today, U.S. Secretary of the Interior David L. Bernhardt released the Department of the Interiors Economic Report for Fiscal Year 2019, highlighting the Departments economic contributions that arise from managing Federal lands and waters and making investments that conserve and restore natural landscapes and the cultural heritage of the Nation. Departmental management of these resources facilitates private sector activities that result in economic contributions across conventional and renewable energy, recreation, non-fuel minerals, irrigation and a wide swath of other activities that supported $336 billion in economic output and 1.9 million jobs across the country.
Compared to FY 2016, 200,000 more jobs were supported contributing an additional $82 billion in economic output for communities throughout the country.
One-fifth of the nations energy supply came from Interior-managed lands and waters.
National parks, refuges, campgrounds and other public lands sites managed by Interior hosted an estimated 501 million recreational visits in FY 2019up from 473 million in FY 2016. These visits supported an estimated $60.6 billion in economic output and an estimated 469,000 jobs nationwide.
States with the largest contribution to Gross Domestic Product , economic output and employment include:
New Mexico
Wyoming
California
Colorado
North Dakota
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Trumps Modest Jobs Record Before The Pandemic
President Trump has frequently boasted about his pre-pandemic jobs record. And he has promised that once the pandemic is over, the job gains will return.
But data show that his administrations job gainsbefore the pandemic were only average compared with predecessors.
There were 6.8 million jobs added between the inauguration and February of this year, a 5% gain from when Trump took office. Measured by percentage, thats only the 11th best record out of the last 20 presidential terms.
The best percentage gain was in the period between 1941 and 1944, when the end of the Great Depression and the nations entry into World War II resulted in a 21% gain in jobs during President Franklin D. Roosevelts third term.
Donald Trump Vows That If He’s Elected President He Would Be The Greatest Jobs President That God Ever Created
One of the main reasons Trump cites is that he’s a businessman. He has already created jobs, he argues, so he’ll do it on an even bigger scale as president.
So how many jobs has Trump created as a businessman?
A CNNMoney analysis calculates at least 34,000 jobs attributable to the Donald.
It’s not the most straightforward calculation. His company, The Trump Organization, is private, so it does not have to disclose information publicly about how much money it makes or how many people it employs. His campaign didn’t give a specific figure either.
CNNMoney turned to PrivCo, which researches and tracks privately-held companies.
According to PrivCo, the Trump Organization has 22,450 employees and brought in $9.5 billion in annual revenue last year.
But that’s not the whole picture. There are likely other jobs that might not exist without Trump. Economists call this the “multiplier effect.”
New York’s Broadway shows are a good example. Visitors who come to see shows, may stay at least a night or two at New York City hotels and spend money at restaurants and stores. So any analysis on the economic and job impact of Broadway takes into account more than just ticket sales and employment of actors, singers and stage hands.
The same holds true for Trump’s resorts and hotels.
Ara is technically employed by the restaurant, not the Trump Organization, but his job probably wouldn’t exist if the hotel weren’t there.
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Trumps Jobs Record Fell Short Of Promises Even Before The Virus
When Donald Trump ran for president, he boasted he would be the greatest jobs president that God ever created.
Now, as a result of the COVID-19 pandemic, Trump heads into the November election on track to be the first U.S. leader since World War II to oversee a net loss of jobs during a four-year term.
The virus upended one of the nations strongest jobs markets in decades and triggered the sharpest recession since at least the 1940s. As a result, since Trumps inauguration, the nation has shed a net 4.7 million positions as of August and more than 13 million people are unemployed, the rough equivalent of the combined populations of New York City, Chicago and Houston.
But even before COVID-19, Trumps job gains were nearly keeping up with the pace during former President Barack Obamas second term. And he was falling short of his 2016 campaign pledge to create 25 million jobs over the next decade.
On Friday, the Labor Department is scheduled to provide its last big look at employment before the Nov. 3 election. Economists project an 850,000 gain in nonfarm payrolls in September and expect the unemployment rate to notch down to 8.2% which would mark a moderating rebound and leave jobs still almost 11 million short of the pre-crisis level.
For Trump, his record on the economy ranges from the quality of jobs created to the impact of policies he enacted on taxes and trade.
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