Dwight Eisenhower : 48 Million
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.
Trumps First 3 Years Created 15 Million Fewer Jobs Than Obamas Last 3
MANCHESTER, N.H. As President Donald Trump takes the stage at his reelection rally here Monday and boasts of his economic record, there is one statistic he is likely to omit: He created 1.5 million fewer jobs in his first three years in office than predecessor Barack Obama did in his final three.
Newly revised figures from Trumps own Department of Labor show that 6.6 million new jobs were created in the first 36 months of Trumps tenure, compared with 8.1 million in the final 36 months of Obamas a decline of 19% under Trump, according to a HuffPost analysis.
Economists say that the slowing of job creation is not surprising. There are fewer empty jobs and fewer unemployed people available to fill them as the economy gets closer to full employment.
Im not a big fan of jobs numbers as a metric of success, said Douglas Holtz-Eakin, once the top economic adviser to the late Arizona Sen. John McCains 2008 presidential campaign. He added, though, that Trumps hyperbole notwithstanding, the performance of the labor market has been nothing short of stunning.
David Rothschild, an economist with Microsoft Research, said Trump is presiding over a decent job market the same as his Democratic predecessor did. The economy is basically humming along for the last three years, just as it was for the last year several years of the Obama administration, Rothschild said.
Obama Created 272000 More Jobs Than Trump In The Same Amount Of Time
Trump has been taking coasting on President Barack Obama’s economy, but after 18 months and a disappointing July jobs report, Trump still doesn’t measure up to his predecessor.
On Friday morning, that latest jobs report showed that 157,000 jobs were created last month, well short of the 190,000 jobs that had been expected. But that didn’t stop the official White House Twitter account from trying to take credit for Obama’s record of job creation.
They tweeted that there have been “3.9 million jobs added since President Trump was elected,” but half a million of those were added during Obama’s presidency. The graphic that accompanied the tweet showed the current 94-month streak of job growth, 76 months of which occurred during the Obama presidency.
The American economy is continuing its longest monthly streak of job growth in history, with 3.9 million jobs added since President Trump was elected.
The White House
And as several people pointed out on , Trump’s record of job creation falls well short of Obama’s.
According to Bureau of Labor Statistics, Trump created 3,432,000 jobs during the first full 18 months of his presidency, February 2017 through July 2018. During the last 18 months of his presidency, President Obama created 3,704,000 jobs.
And just last week, Trump and his minions were trying to brag about a single quarter of 4 percent Gross Domestic Product growth, a mark which Obama eclipsed four times during his presidency.
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The Jobs Record: Donald Trump Vs Barack Obama/joe Biden
Donald Trump and Barack Obama at the White House in January 2017.AP
CLEVELAND, Ohio – President Donald Trump declared during Tuesdays presidential debate that “We built the greatest economy in history.
Democratic challenger Joe Biden, the vice president under Barack Obama, differed, saying we handed him a booming economy. He blew it.
Heres what the record says on jobs and unemployment rates, according to the U.S. Bureau of Labor Statistics:
Jobs growth slowed during the first three years under Trump from what had been the case during the final three years of Barack Obama. This is before the coronavirus struck, inflicting damage to the jobs market.
During Obamas final three years, from January 2014 through January 2017, the nation added 8,079,000 jobs, an increase of 5.9%.
During Trumps first three years, from January 2017 through January 2020, the nation added 6,585,000 jobs, an increase of 4.5%.
The difference was more striking for Ohio. The Buckeye State gained 288,000 jobs, or 4.2%, during the final three years of Obama, versus 79,700 jobs, or 1.4%, during the first three years of Trump.
As for the unemployment rate, it fell from 6.6% to 4.7% during Obamas final three years, then dropped to 3.6% after three years under Trump, as of January of this year.
In Ohio, the unemployment rate fell from 6.6% to 5.2% during Obamas final three years, then to 4.1% by January after the first three years of Trump.
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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Lyndon B Johnson : 86 Million
Yoichi Okamoto / LBJ Library
President Johnson added 8.6 million jobs to 68.2 million employed in December 1963 that’s 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%.
Jobs Created During Us Presidential Terms
Politicians and pundits frequently refer to the ability of the president of the United States to “create jobs” in the U.S. during his term in office.The numbers are most often seen during the election season or in regard to a President’s economic legacy. The numbers typically used and most frequently cited by economists are total nonfarm payroll employment numbers as collected by the Bureau of Labor Statistics on a monthly and annual basis. The BLS also provides numbers for private-sector non-farm employment and other subsets of the aggregate.
Among the Presidents from Jimmy Carter to Donald Trump, President Bill Clinton created the most jobs at 18.6 million, while Ronald Reagan had the largest cumulative percentage increase in jobs at 15.6%. This computation treats the base month as the December before the month of inauguration and last month as December of the final full year in office. Using the month after inauguration as the base month as shown in the accompanying diagram, the top four Presidents in terms of cumulative job creation percentage are Clinton , Reagan , Carter , and Obama .
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Performance Versus Obamas Baseline Is What Matters
A more useful way to quantify Obama vs. Trump economically would be to see how Trumps economic results compare to Obamas baseline. When Obama left office the Congressional Budget Office released a whole host of estimates on how various economic indicators would perform into the future if Obamas policies were left unchanged.
And to little surprise, Trumps economy is outperforming the hypothetical economy the CBO envisioned for an Obama third term. Council of Economic Advisers Chairman Kevin Hassett outlined as much in a September 2018 speech debunking the notion that the Trump economy was merely a continuation of Obamas. To summarize many of the metrics where Trump is performing above trend:
- Entrepreneurship is great again, with over 150,000 more business applications being filed each quarter over trend.
- Investment in small businesses is $300 billion higher than we wouldve seen had the trend Obama set continued .
- Blue collar employment wouldve declined had it continued its Obama-era trend. Instead, its grown and broken that trend Obama set. Blue collar employment is growing at the fastest rate since 1984.
- And as the economy booms, not only are the unemployed finding work, those who previously gave up looking for work are reentering the labor force. As they enter the labor force, theyre easily finding jobs, since there are more job openings today than unemployed people.
Barack Obama : 89 Million
President Obama created 8.9 million jobs by the end of December 2016, a 6.1% increase over the work force he took over after the end of the Bush administration.
But that doesn’t give the total picture. The economy lost 8.7 million jobs as a result of the Great Recession, which took place from late-2007 through mid-2009. From June 2009 to December 2016, Obama created 12.2 million jobs, an 8.7% increase.
Obama attacked the Great Recession with the American Recovery and Reinvestment Act. It created jobs through public works. Many of those jobs were in construction. That successfully reduced the unemployment rate. But that meant Obama increased the debt by $8.6 trillion, a 72.3% increase.
Job creation would have been stronger during Obama’s term if Congress hadn’t passed sequestration. In his last FOMC meeting, Federal Reserve Chairman Ben Bernanke noted that these austerity measures forced the government to shed 700,000 jobs in four years. In the prior recovery from the 2001 recession, the economy added 600,000 jobs during the same period.
Tax Cut And Jobs Act Deregulation And National Debt
Even before the virus further exacerbated U.S. income inequality, some experts say Trumps economic policies favored the wealthy — and left the poor and middle class behind.
His Tax Cuts and Jobs Act in December 2017 provided major tax breaks to corporations and wealthy individuals. The policy, among other things, reduced the corporate income tax rate from 35% to 21%.
Frankel called the policy “beyond ironic” for a president “who campaigned in 2016 on being the champion of the working man or working person and campaigned on ‘draining the swamp’ in Washington.”
Shierholz said this policy “absolutely increased inequality” and the “vast majority of the benefits of those tax cuts went to the already very wealthy.”
The economists also noted that the policy came at a time when unemployment was relatively low and the economy in good shape.
“That’s not the time to be giving away trillions of dollars to the wealthy,” Frankel said. “When you have a bad shock like the global financial crisis of 2008-09 or like the coronavirus crisis that we’re still going through — that’s the time to increase government spending and expansionary fiscal policy, but you lose the ability to do that if you gave it away.”
NYU’s Bowmaker noted that some “can make the case that the corporate tax rate was a little bit too high” and would welcome the tax cuts.
Despite his goal, the debt has ballooned under Trump. The total national debt has skyrocketed by more than $7 trillion during Trumps tenure.
Trump Vs Obama: The Most Jobs Created In First 20 Months
This article was originally published on ETFTrends.com.
The U.S. has seen a record-breaking pace of job creation. According to ADP data, 219,000 jobs were added in July, the 94 th straight month of job growth. Unemployment rate also broke below the 4 percent barrier, coming in at 3.9 percent in July, according to the Bureau of Labor Statistics.
Although the trade tensions between China and the United States are still in effect, they continue to have little to no impact upon U.S. markets and job growth, with the Dow, S& P 500, and Nasdaq up 3.3 percent, 5.5 percent, and 21.4 percent YTD, respectively. The S& P 500 index is just 0.4 percent below its record close of $2,872.87 hit on January 26.
Steve Liesman of CNBC broke down the sectors which have seen the most and least job gains under the Trump administration, with comparison to that of Obamas. In President Trumps first 20 months in office, the U.S. has seen 3.8 million jobs added, a 482,000 difference to Obamas 4.3 million jobs added in the same time frame.
In comparison to former President Obama, Trump has achieved significant job growth in sectors such as manufacturing, wholesale trade, and mining/logging. On the other hand, job growth under President Trump has lacked in comparison to Obama in education and health, leisure/hospitality, and retail trade.
For more market trends, visit ETFTrends.com.
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How We Determined Which Presidents Created The Most Jobs
These numbers are taken from the household survey data collected by the Bureau of Labor Statistics . Between 1929 and 1947, they are taken from a special BLS survey. Both surveys count the total number of people employed. That includes paid employees, self-employed people, private household workers, farm-workers, and temporarily unpaid leave workers.
The number of jobs added during each president’s term was calculated by subtracting the total number of jobs when he entered office from the number of jobs when he left office. The number is taken from the household survey data for December of the prior year.
The Bureau of Labor Statistics publishes two employment statistics for each month, taken from two different sources. The household survey measures number of people employed. The non-farm payroll report measures the number of jobs created by businesses. This number does not include the self-employed, private household employees, farm-workers, or temporarily unpaid leave workers. An individual with two jobs is counted twice by the payroll survey.
How President Trump Measures Up On Jobs In 6 Charts
Last January, President Trump attended the World Economic Forum in Davos, Switzerland, and gave a speech previewing his pitch for reelection this fall. Speaking to the assembled crowd of global elites, Trump made the highly dubious claim that the economy he had inherited from President Obama was in a dismal state, despite the fact that the U.S. had produced 76 straight months of job growth when Trump was sworn in. And with signature bombast, the President played his, well, Trump card. The U.S., he boasted, was in the midst of an economic boom the likes of which the world has never seen before.
It was debatable assertion, given that economic growth had averaged a solid-but-not-scintillating 2.5% over Trumps first three years in office. But the stock market was hitting record highs, and unemployment was at a historic low of 3.6%. Campaigning on his economic expertise seemed like a no-brainer for Trump.
Then came COVID-19.
Just weeks after Trumps address in Davos, the novel coronavirus was declared to be a global pandemic. And while the U.S. scrambled to respond to a spiraling health crisis, the economy went into free fall. Some 22 million jobs were lost in the U.S. in March and April as businesses went into shutdown, and the unemployment rate spiked to 14.7%the worst since the Great Depression.
A version of this article appears in the of Fortune with the headline, How Trump measures up on jobs.
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Richard Nixon : 94 Million
President Nixon added 9.4 million jobs to the 76.7 million workers at the end of the Johnson administration. That’s a 12.2% increase.
He initially presided over a growing economy. Americans celebrated by importing more goods. As they paid in dollars, foreigners started redeeming them for gold. In 1973, Nixon ended the gold standard entirely. Gold prices rose to nearly $60 an ounce by mid-1972 and $90 an ounce by early 1973. No longer tethered to the price of gold, the value of the dollar plummeted, triggering inflation.
Nixon won re-election in 1972. But his actions led to the 1973-1975 recession coupled with double-digit inflation.
Did Obama Add More Jobs Per Month Than Trump
Did Obama create more jobs than Trump? Despite the lowest unemployment in 50 years, a new Forbes article by Chuck Jones argues that Obama had a far more impressive economic track record.
Why? Because Obama has added more jobs per month over the course of his presidency than Trump has thus far. As he writes:
Trump entered office on January 20, 2017, and starting with February 2017 he has been President for 29 months. Total job growth during that time has been 5.613 million or 194,000 per month with those results being helped by the tax cut.
Working back from January 2017, Obamas last month in office, there had been 6.423 million jobs added or 221,000 per month. The difference for the 29 months is 810,000 more jobs or 27,000 more per month than Trump.
Ironically, this is true precisely because we have the lowest unemployment rate in 50 years. Its much easier to add more jobs than youre reducing unemployment from 10% than when you take office at 4.7%.
In any economy there is a natural rate of unemployment, meaning that even in an economy where everyone who wants a job can find one, the unemployment rate wont be zero. Why? Because some workers work jobs that result in seasonal unemployment, while others will be briefly unemployed in-between jobs.
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Us 2020 Election: The Economy Under Trump In Six Charts
Claim: President Trump says he built the greatest ever US economy prior to the coronavirus outbreak and that now it’s recovering faster than ever.
Reality Check verdict: It’s true the economy was doing well prior to the pandemic – continuing a trend which began during the Obama administration – but there have been periods when it was much stronger.
The US economy was then hit by the biggest economic contraction ever recorded as a result of the pandemic. It has since bounced back strongly, but hasn’t regained all its losses.
We’ve looked at the economy in six key charts.
The latest numbers show economic output surged by an annualised 33% in the third quarter of 2020, following a record fall as a consequence of the coronavirus pandemic.
The recovery, although strong, hasn’t yet brought economic activity back to pre-pandemic levels.
Mr Trump has said the recent recovery in growth is “the biggest in the history of our country by almost triple…that’s bigger than any nation”.
Yes, it is the biggest quarterly increase, but by more like double – outdoing the previous peak of 16.7% in the first quarter of 1950.
However, Mr Trump’s comparison with other countries isn’t right. From July to September this year, the economy grew by 7.4% in the US . This is less than Germany, Italy and the eurozone as a whole.
During his first three years in office, President Trump oversaw an annual average growth of 2.5%.