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Originally Posted by Perfectlap
Correction 263k jobs. which puts the Trump average at 205k new jobs per month. For context, the average in Obama's entire second term was 207k new jobs per month. Yes.. we are creating LESS jobs now. And I took a look at that jobs report of 263k jobs in April. It was high because February only had 56k jobs!! Flip to the page in the jobs report about manufacturing jobs and it says only 1.5% came from new factory jobs. Let me repeat that for the guys in the back, in a month with 263k new jobs less than 2% of the total came from blue collar factory jobs. And it's the same 1-2% figure we had during.....Obama. The report also listed a loss of 12k jobs in retail. I guess the extra $20 bucks in each flyover country paycheck is resulting in fewer shopping bags at JC Penney than new Wraiths at the Rolls Royce dealer near Mar-A-Lago.
let's move on to GDP. So far under the professor of putting out fires of 800 year old historic landmarks, we've averaged about 3% GDP. That's not a booming economy by any measure. It would NOT put the professor in the top five Presidents on GDP. Even Jimmy Carter had above 3% GDP. The top five were all at 4-5%. Yep Jimmy was in the top five. Let me restate the obvious: GDP doesn't go up or down because of who is in the White House. Repeating this misnomer is one of the stupider things we do as Americans.
Let's discuss this "historic unemployment". When Obama walked into the White House with the FDIC and money market accounts two days from a total meltdown the unemployment rate was 7.8%. When Mr. "I didnt know a KGB agent (yeah, like an actual Soviet era spy) was at the Trump Tower meeting on "adoptions"" was inaugurated in January 2017 the unemployment rate was at 4.8%. Anything below 5% for just about any functional economy in the world is considered full employment. After two years of the proffesor/mentor to "Tim Apple"', the unemployment rate dropped a whopping 0.5 - 0.6% per year. The best analogy of Trump taking credit for "fuller full employment" is like a marathon runner jumping into a race in the last mile, crossing the finish first and immediately proceeding to take credit for the previous 25 miles he didn't even run.
Now let's look at "the longest lasting expansion in history "... We've had 119 consecutive months of positive job creation. Trump's been in office 26 of those 119 months. By my mathematical analysis... 93 of 119 months came under the previous administration. (showing my work: 119 - 26 = 93). That means that Obama accounted for 75% of the history-making total. Thus if we subscribe to the fallacy Presidents "create jobs" then how isn't Obama getting 75% of the credit??
Point of irony: fear of rising interest rates that had previously been at near 0% for an eternity are largely what motivated businesses to take out loans for expenditures that they'd been putting off for years And pushed home buyers to take out mortgages after sitting on the sidelines all during the recovery. Basically like shaking the last of the apples out of the tree. This rise in borrowing lit a fire under the economy's butt long before the corporate tax cut went from possible to a narrow victory in the Senate. And who took to Twitter to slam the Fed's decision to raise rates? The same guy now taking credit for increased lending activity and its resulting GDP growth. Yeah Mr. "I will not repeat my own words under oath" Trump ...but everyone else who has testified under oath are the ones lying. Okay Got it.
Meanwhile a year after the corporate tax cut passed and we had our first negative year in the stock market since the crash a decade earlier and are only now back on the same same curve that we were on since the 2012 deflationary spiral in materials and fuel prices. But more importantly if you look at actual corporate earnings growth today we're not really any higher since 2012 we're just paying a lot more in our IRAs and 401Ks for the same S&P 500 stocks. Back in NJ when you pay more for the same with no added value we call that a bubble.
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Those are great sound-bites and talking points.
What's your position on illegal alien immigration law violations?