Tag: unemploment

Trump’s latest boast about the economy isn’t even close to accurate

Leave a comment

President Donald Trump spent the morning bragging about the economy. At least one of his claims didn’t come close to being true.

“The GDP Rate (4.2%) is higher than the Unemployment Rate (3.9%) for the first time in over 100 years!” the president said in a tweet.

The first two numbers are correct, although they measure completely different things, and in different ways.
The overall US economy grew at a 4.2% annual rate in the second quarter. Unemployment was between 3.8% and 4% during the quarter, and it came in at 3.9% in August.

That’s all good news.
“It’s definitely better when it’s true than when it’s not,” said Justin Wolfers, professor of economics at University of Michigan. “I like high GDP growth and low unemployment.”

But Trump got it wrong — way wrong — when he said it hasn’t happened in a century.

In the last 70 years, it’s happened in at least 62 quarters, most recently in 2006.

“He wasn’t even in the neighborhood of right,” Wolfers said in an interview.

Wolfers tweeted a response to Trump’s claim. In fact, it took him two tweets to list all the quarters in which economic growth was higher than the unemployment rate. He added a chart.

“It certainly not a natural comparison,” Wolfers said. “I’ve never seen it made before. It’s not one that a macroeconomist would make. They’re not comparable.”

That’s not just because lower unemployment is better, while higher GDP is preferable.

The unemployment rate is a monthly reading on the percentage of people in the labor force who are looking for work. It is a snapshot of a current condition.

GDP is a reading of the output of the overall economy. When economists talk about GDP growth, they’re not talking about a snapshot of a current condition. They are measuring the change compared with a year earlier. Quarterly GDP growth is also adjusted to come up with the annual rate.

The White House did not immediately respond to a request for comment.

[CNN]

Reality

This happened in 1941, 42, 43, 44, 48, 50, 51, 52, 53, 55, 59, 62, 64, 65, 66, 68, 72, 73, 98, 99, and 2000.

Trump celebrates as youth unemployment hits half-century low

Leave a comment

President Trump on Friday celebrated summer youth unemployment reaching the lowest rate since 1966.

“Just announced, youth unemployment is at a 50 year low!” Trump tweeted Friday morning.

The Bureau of Labor statistics reported Thursday that the youth unemployment rate was 9.2 percent in July 2018. The number signified the lowest summer youth unemployment rate since 1966.

The youth labor force consists of 16 to 24-year-old who are seeking work. The youth workforce swells each summer as high school and college students seek summer jobs, and new college graduates pursue permanent employment.

[Washington Examiner]

Reality

But the labor-force participation rate stands at 60.6 percent, far below its peak of 77.5 percent in July 1989, the BLS added. This rate illustrates the share of 16 to 24 year olds who are working or looking and available for work.

For 16-to-19 year-olds in particular, participation is at a record low. Just 35 percent of that age group is looking for work or working—the lowest figure since record-keeping started in 1948.

Trump touts unemployment drop — but a ‘WITCH HUNT’ remains on his mind

Leave a comment

In a single tweet Friday, President Trump simultaneously hailed news of the lowest U.S. unemployment rate since 2000 and derided the ongoing special counsel probe of possible ties between his campaign and Russia in the 2016 election.

“JUST OUT: 3.9% Unemployment. 4% is Broken! In the meantime, WITCH HUNT!” Trump wrote on Twitter.

The tweet was the president’s first public comment on the unemployment rate falling to 3.9 percent — a development that Trump allies argued was evidence of his strong stewardship of the economy.

But the tweet belied the fact that the president remains irritated by special counsel Robert S. Mueller III’s ongoing investigation, which has dominated headlines, along with a payment made by Trump’s personal attorney to porn star Stormy Daniels.

Trump has repeatedly called the Russia probe a ‘WITCH HUNT,” saying that Mueller has no evidence of collusion and is trying to trap him into committing perjury.

The president and his aides have sought to highlight the progress Trump is making on multiple fronts, including in negotiations over the denuclearization of North Korea, while Democrats and the media focus on issues Trump claims are less important to real people.

Trump’s latest tweet came shortly before he was scheduled to leave the White House en route to Dallas, where he is speaking to an annual gathering of the National Rifle Association.

[Washington Post]

Reality

Wow, it’s almost like a trend thanks to Democratic policies.

Trump declares unemployment problem solved and announces plan to let low-skill guest workers in

Leave a comment

At his Saturday night rally in Michigan, Donald Trump said that the nation’s employment problems are solved and announced that he is let low-skill workers come into the country to do agriculture work.

“And for the farmers, OK, it is going to get good. And we’re going to let your guest workers come in,” he said. “We’re going to have strong borders, but we have to have your workers come in… The employment picture is so good, so strong, that we have to let people in.

While talking a lot about the wall, Trump said that he would allow guest workers to come in. But, he said, he would then want them to leave.

“Guest workers. Don’t we agree? We have to have ’em,” he said.

The line got tepid applause.

[Raw Story]

Media

Trump taunts Jay-Z about black unemployment

Leave a comment

President Donald Trump mused about hip-hop icon Shawn “Jay-Z” Carter on Sunday morning, asking whether someone would inform him about the black unemployment rate.

“Somebody please inform Jay-Z that because of my policies, Black Unemployment has just been reported to be at the LOWEST RATE EVER RECORDED!” the president wrote on Twitter.

Jay-Z was interviewed on the debut episode of “The Van Jones Show” on CNN on Saturday night. Jones asked the rapper and business mogul whether Trump’s demeanor and actions, including Trump’s reported use of the word “shithole” in reference to African and other countries, were important given the state of the economy.

It’s “not about money at the end of the day,” Jay-Z told Jones. “Money is not — money doesn’t equate to happiness. It doesn’t. That’s missing the whole point. You treat people like human beings, then — that’s the main point.”

The president is correct in saying that black unemployment is at a record low. However, the decline began under former President Barack Obama, and the rate continues to be higher than overall employment, a disparity that has endured for decades.

When asked about the reported “shithole” comment, which came in the context of a discussion of U.S immigration policy, Jay-Z said it was “really hurtful.”

“Everyone feels anger. After the anger, it’s really hurtful because he’s like looking down on a whole population of people,” Jay-Z said. “You are so misinformed because these places have beautiful people and beautiful everything.”

Comparing Trump’s reported remarks to former Los Angeles Clippers owner Donald Sterling’s private, racist comments in 2013, Jay-Z said, “That’s just how people talk behind close doors.” In a leaked tape published by TMZ.com, Sterling criticized his mistress for being out in public with black people, telling her “not to bring them to my games.”

The NBA stripped Sterling of his ownership and banned him from the league. Despite the harsh penalties, Jay-Z said Sterling’s punishment avoided tough conversations, which in his eyes, can lead to someone like Trump.

“You have sprayed perfume on the trash can. What you do, when you do that is the bugs come and you spray something, and you create a superbug because you don’t take care of the problem,” he said. “You don’t take the trash out, you keep spraying whatever over it to make it acceptable. As those things grow, you create a superbug.”

That superbug, Jay-Z said, now resides in the Oval Office.

“And then now we have Donald Trump, the superbug.”

[Politico]

Reality

Donald Trump and his allies keep bringing up the low black unemployment rate, as a sign that he isn’t racist.

The black unemployment rate has been steadily falling since 2010 when Barack Obama turned the economy around from one of the worst recessions this country has ever seen, caused by Republican policies of tax cuts and deregulation.

Trump re-election campaign releases ad attacking ‘enemies’

Leave a comment

The day after racially charged violence gripped Charlottesville, Virginia, President Donald Trump’s re-election campaign released an ad attacking his “enemies” for obstructing his agenda.

The ad slammed Democrats, the media and career politicians for what it said were attacks on and obstruction of Trump’s efforts while touting the President’s record so far of overseeing low levels of unemployment, record-high stock prices and what the ad called “the strongest military in decades.”

“The President’s enemies don’t want him to succeed, but Americans are saying, ‘Let President Trump do his job,'” the ad said.

The Trump campaign did not respond Sunday to requests for more details on the ad, including when and where it will run and how much it cost.

Trump took office following years of decreasing unemployment rates, and those numbers have continued to improve during his time in office. The US economy added more than one million jobs since Trump was elected. The stock market has reached record heights by some measures as well, continuing a trend since recovering from the Great Recession, with a strong increase since the November election.

The release of the Trump campaign’s new ad comes as the President continues to receive criticism for his statements Saturday in response to the violence that wracked Charlottesville over the weekend.

White nationalists gathered in Charlottesville and clashed with counterprotesters Saturday, violence that culminated in a man driving a car into a crowd, killing a woman and injuring 19 others. Two Virginia state troopers died the same day in a helicopter crash while assisting the city’s response to the violence.

Trump gave a statement Saturday condemning the violence and bigotry “on many sides” and touted his own record, including low levels of unemployment and announcements by companies such as Foxconn, an electronic components manufacturer headquartered in Taiwan, which plans to increase production in the US.

“We have so many incredible things happening in our country, so when I watch Charlottesville, to me, it’s very, very sad,” Trump said.

But in his remarks, Trump did not single out white supremacists as responsible for the violence, drawing criticism from some congressional leaders within his own party.

On Sunday, the White House offered a statement on background claiming the President’s remarks included a condemnation of white supremacy and “all extremist groups.”

Senior administration officials said Sunday that Trump was referring to white supremacist groups in his remarks.

Pressed on “State of the Union” about the President’s position towards the white supremacists, White House homeland security adviser Tom Bossert offered a condemnation of all hate groups and said Trump felt the same way.

“I condemn white supremacists and racists and white Nazi groups and all the other groups that espouse this kind of hatred,” Bossert said.

When asked by on NBC’s “Meet the Press” why Trump did not single-out the neo-Nazis or white supremacists in his comments, White House national security adviser H.R. McMaster said: “When he condemned bigotry and hatred on all sides, that includes white supremacists and neo-Nazis, and I think it’s clear. I know it’s clear in his mind.”

Trump declared his intention to run for re-election at the very beginning of his presidency and in recent months has taken part in several campaign events, including holding a $35,000-per-seat fundraiser in June.

[CNN]

Reality

The ad makes several claims.

  • 1 million jobs created
  • Unemployment: Lowest since 2001
  • Stock Market: All time record highs
  • The strongest military

Except these trends all existed before Donald Trump took office. The same time last year 1.2 million jobs were created, Obama took unemployment from 10 percent in 2009 to 4.9 percent in 2017, and he took the stock market from 7,949.09 in 2009 to 19,732 when he left office. And we have a larger military than the next 6 countries combined.

Donald Trump really can’t take much credit for any of these claims.

Media