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How Many Jobs Did Trump Create

Cheap Fun Saturday: Job Growth Under Biden And Trump

Analysis: Yes, President Trump gets credit for the economy

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.

Manufacturers Added 6 Times More Jobs Under Trump Than Under Obamas Last 2 Years

In Trumps first 2 years of office, manufacturers added 6 times more jobs than under Obamas last 2 years.

Texas Public Policy Foundation

The federal government released its first jobs report of 2019, showing that nonfarm payroll grew by 304,000 in January, far above economists consensus estimate of 170,000. The average monthly gain in 2018 was 223,000.

Over the past year, average hourly earnings were up 3.2%.

After revising its data for past periods, the U.S. Bureau of Labor Statistics reports that seasonally adjusted nonfarm employment grew by 5.1 million jobs in President Trumps first full two years in office, a 3.5% increase. Private sector payrolls grew by 4.9 million, a 4.0% increase.

Significantly, growth in manufacturing jobs continued to show strength, with 13,000 jobs added in January.

Over the past two years, with the encouragement of the Trump Administrations red-tape cutting policies and the tax cut and reform law passed in December 2017, manufacturers added 467,000 jobs, more than six times the 73,000 manufacturing jobs added in Obamas last two years.

Looking at Trumps first two years, the revised BLS data shows that more than two manufacturing jobs were added for every one job added in government at the federal, state, and local level. In contrast, under Obama, almost five government jobs were added for every one manufacturing job.

Trumps deregulatory and tax policies have confounded his critics and benefited the American worker.

We Can Reshore Manufacturing Jobs But Trump Hasnt Done It: Trade Rebalancing Infrastructure And Climate Investments Could Create 17 Million Good Jobs And Rebuild The American Economy

Report By Robert E. Scott August 10, 2020

EPI Policy Center

While the Trump administration has claimed that the era of U.S. offshoring is over, the reality is that the United States has not begun to address the root causes of Americas growing trade deficits and the decline of American manufacturing. Decades of trade, currency, and tax policies that incentivized offshoring, combined with an utter failure to invest adequately in infrastructure and good jobs at home, have contributed to growing inequality and an eroding middle class.

President Trumps erratic, ego-driven, and inconsistent trade policies have not achieved any measurable progress, despite the newly combative rhetoric. On top of that, COVID-19and the administrations mismanagement of the crisishas wiped out much of the last decades job gains in U.S. manufacturing.

Unless steps are taken nowto reform our trade policy, to curb dollar overvaluation, to eliminate tax incentives for offshoring, and to rebuild the domestic economythere wont be a comeback.

As this policy report makes clear:

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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.

Allegations Of Business Links To Organized Crime

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Trump maintained a connection with organized crime members to supply the concrete for Trump Tower. According to former New York mobster Michael Franzese, âthe mob controlled all the concrete business in the city of New York,â and that while Trump was not âin bed with the mob ⦠he certainly had a deal with us. ⦠he didnât have a choice.âMafia-connected union boss John Cody supplied Trump with concrete in exchange for giving his mistress a high-level apartment with a pool, which required extra structural reinforcement. Trump admitted in 2014 that he had âhad no choiceâ but to work with âconcrete guys who are mobbed up.â He further stated that âI donât like getting close to people like that, but they respected me.â

Trumpâs lawyer Roy Cohn represented several mobsters in the past such as Carmine Galante, John Gotti, Anthony Salerno, possibly also representing Paul Castellano and Vincent Gigante. Cohn allegedly used his underworld connection to help Trump build Trump Tower.

Journalists David Cay Johnston and Wayne Barrett, the latter of whom wrote an unauthorized 1992 Trump biography, have claimed that Trump and his companies did business with New York and Philadelphia families linked to the Italian-American Mafia. A reporter for The Washington Post writes, âhe was never accused of illegality, and observers of the time say that working with the mob-related figures and politicos came with the territory.â

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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.

Trump Crams Policy Moves Real And Imagined Into Final Weeks

Trumps reelection campaign maintains that he has bolstered the manufacturing sector during his time in office, pointing to the hundreds of thousands of manufacturing jobs that were added prepandemic.

Back in 2016, people doubted President Trump could revive manufacturing in the United States, with then-President Obama saying he would need a magic wand to bring back manufacturing jobs but President Trumps policies delivered, campaign spokesperson Samantha Zager said. President Trump is already rebuilding our economy, adding back manufacturing jobs, and continuing to promote policies that boost American manufacturers, no magic wand needed.

Trump talked a lot about manufacturing, but the policies he engaged in were predictably damaging to manufacturing, Hicks said. As a result of the tariffs his administration imposed, people buy less , and if they buy less of them, that causes lower demand for employment.

Whether Trump wins reelection come November and is free to continue his trade wars could have an outsize impact on the U.S. manufacturing workforce, particularly given the sectors relatively modest job gains since February.

The returns from layoffs are probably over, Hicks said. And so if thats the case, if we see a second term of the Trump presidency, I would expect manufacturing employment to not be able to crawl back to what it was at the end of the Obama administration.

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Strengthen Us Competitiveness Against Mexico

Trump has many initiatives that involve Mexico.

Trump successfully renegotiated the North American Free Trade Agreement in 2018. The new treaty, now called the U.S.-Mexico-Canada Agreement , was officially ratified by all three parties in early 2020. Its goal was to bring back some U.S. manufacturing jobs sent across the border in previous years. The most significant change is that auto companies must manufacture more parts in the NAFTA trade area.

Trump promised to reduce the number of workers coming from Mexico by completing the wall along the 1,954-mile border. Legislative initiatives from the George W. Bush and Barack Obama administrations led to more than 650 miles of completed wall. Trump added another 371 miles, with a goal to complete 450 miles by the end of 2020.

Nearly half of all current unauthorized immigrants crossed the border with visas and then stayed after the permits expired.

Tax Cut And Jobs Act Deregulation And National Debt

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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.

Thats 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 were still going through thats the time to increase government spending and expansionary fiscal policy, but you lose the ability to do that if you gave it away.

NYUs 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.

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A Timeline Of The President’s Policies

Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. She is the President of the economic website World Money Watch. As a writer for The Balance, Kimberly provides insight on the state of the present-day economy, as well as past events that have had a lasting impact.

Erika Rasure, is the Founder of Crypto Goddess, the first learning community curated for women to learn how to invest their moneyand themselvesin crypto, blockchain, and the future of finance and digital assets. She is a financial therapist and is globally-recognized as a leading personal finance and cryptocurrency subject matter expert and educator.

Donald Trump promised to be the greatest job-producing president in U.S. history. During his 2016 campaign, he pledged to create 25 million jobs in the next 10 years. However, due to the COVID-19 pandemic, there were 3.1 million fewer jobs in December 2020 than in January 2017 when Trump took office.

If Donald Trump had been able to keep his campaign promise, he would have beaten the current record-holder, President Bill Clinton, who during his two terms.

To create those jobs, Trump told the Economic Club of New York he wanted to establish a national goal of 4% economic growth. Let’s look at the details of his policies and how they’ve worked during his term.

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 presidents 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.

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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 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

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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.

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What Of The Specifics

The data from the Labour Department for August also has other interesting insights to offer on the employment situation. Of the jobs gain in that month, employment in government increased by 344,000, accounting for one-fourth of the over-the-month gain.

However, of this, 251,000 was in the federal government, which reflected the hiring of 238,000 temporary 2020 Census workers. These workers are likely to be laid off after work on the Census is completed. Meanwhile, overall government employment is still 831,000 below its February level.

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.

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A Timeline Of The Presidents Policies

Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. She is the President of the economic website World Money Watch. As a writer for The Balance, Kimberly provides insight on the state of the present-day economy, as well as past events that have had a lasting impact.

Donald Trump promised to be the greatest job-producing president in U.S. history. During his 2016 campaign, he pledged to create 25 million jobs in the next 10 years. However, due to the COVID-19 pandemic, there were 3.1 million fewer jobs in December 2020 than in January 2017 when Trump took office.

If Donald Trump had been able to keep his campaign promise, he would have beaten the current record-holder, President Bill Clinton, who during his two terms.

To create those jobs, Trump told the Economic Club of New York he wanted to establish a national goal of 4% economic growth. Lets look at the details of his policies and how theyve worked during his term.

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