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 .
The Trump Administration Has Not Succeeded In Reshoring Manufacturing
In recent congressional testimony, U.S. Trade Representative Robert Lighthizer praised several companies that have scrapped offshoring efforts or have announced plans to move production to the United States, and he has further claimed that the era of reflexive offshoring is over . He also praised both the U.S.-Mexico-Canada Trade Agreement which took effect July 1and the current Phase One China trade deal. These are supposed to be signature accomplishments for the administration, contributing to a purported blue-collar boom.
It is important to note that the Trump administration has a habit of issuing press releases citing plans for major foreign investments in the U.S. that never materialize. In July 2017 Foxconn announcedto great fanfare from the White Houseplans to invest $10 billion and bring thousands of new American jobs to Wisconsin and elsewhere in the United States . News reports indicate that Foxconns buildings in Wisconsin were still empty as of April 2020 .1
But offshoring has in fact continued throughout this time, as reflected in changes in the total number of U.S. manufacturing plants, shown in Figure A. Overall, the U.S. has suffered a net loss of more than 91,000 manufacturing plants and nearly 5 million manufacturing jobs since 1997. Nearly 1,800 factories have disappeared during the Trump administration between 2016 and 2018 . The U.S. has experienced a net loss of manufacturing plants in every year from 1998 through 2018 .
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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.
Joe Biden: ‘we’ve Created More Than 15 Million Jobs The Most In The First 100 Days Of Any President On Record’
Since January, the US economy has added 1,572,000 jobs, according to the US Bureau of Labor Statistics.
And it’s true that this is the most jobs created in the first 100 days of any presidency since records began in 1939.
But this job growth comes from a low base point given that in April last year, unemployment hit its highest level since the Great Depression of the 1930s.
More than 22 million jobs were lost in the space of two months due to the impact of coronavirus.
In a tweet, President Biden heralded his first three month’s of job growth compared with Donald Trump’s.
But in contrast to Mr Trump’s first few months, President Biden has benefited from a sharp rebound in economic activity after the contraction caused by the pandemic.
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Biden: Increased Government Spending Then Targeted Tax Hikes For Manufacturing And Green Energy Proposals
Democratic nominee Biden might have the complete opposite point of view when it comes to kick starting job growth. He is proposing raising taxes to generate enough revenue to fund a $2 trillion infrastructure plan and other investments.
Biden has promised not to increase taxes on individuals who earn less than $400,000 a year instead, he is setting his sights on boosting levies on major corporations and the wealthy. Those extra funds could generate about $3.1 trillion in revenue, according to the Tax Foundation. These funds would be reallocated into new spending proposals, such as health care and education, as well as other hopeful job-creating investments.
Corporations would mostly see a three-part tax policy adjustment. Biden proposes a 15 percent minimum book profit tax proposal on companies that earn more than $100 million in revenue. He also wants to increase the corporate tax rate from 21 percent to 28 percent, and employers might have to pay payroll taxes on wages above $400,000 a year.
While no dollar amount is provided, Biden wants to expand the availability of government-funded testing, which experts say might lead to more targeted lockdowns, preventing another round of nationwide lockdowns if cases spiked again.
Trumps Bizarre Claims: Disinfectant Sunlight Can Kill Covid
Further, among major worker groups in the US, while the unemployment rates declined in August, they still varied heavily. Labour Department data shows that while it stood at 7.3 percent for Whites, it was at 13.0 percent for Blacks, 10.5 percent for Hispanics and 10.7 percent for Asians.
Additionally, while the number of unemployed persons fell by 2.8 million to 13.6 million in August, it is still higher than in February by 7.8 million. Meanwhile, the number of permanent job losers increased by 534,000 to 3.4 million in August as well.
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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.
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.
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Did Companies That Trump Trusted Create Jobs
Talking of the specific companies that Trump counted on to boost the job creation, Trump in his first address to the U.S. Congress referred to General Motors, Harley-Davidson, Intel and seven more companies as innovators and job creators. At the time, Trump said these companies would come up with tens of thousands of new jobs and invest billions of dollars in the economy.
Though these ten companies invested billions in new factories and upgrades, they may not have created as many jobs as expected, notes a report from Reuters, citing analysis of capital expenditures and headcounts of these companies since 2017.
As per the analysis, the collective employment at Intel, Sprint, GM, Ford Motor, Harley-Davidson, Chrysler Automobiles, Walmart and Amicus Therapeutics has remained at around 2 million. During the same period, the U.S. employment rate has gone up by 4.5%.
Since Trump took office, only Lockheed Martin and Fiat Chrysler have added an impressive number of new workers. The U.S. headcount for Lockheed has gone up by 15%, while for Fiat it is up by 11%. According to the companys official documents, net addition of jobs at the two companies is 22,800 since the end of 2016.
In comparison, the total U.S. headcount at Ford and GM dropped by about 10,000, or 5%, to 184,000. This drop came despite the two companies investing billions in the manufacturing facilities. Also, Harley-Davidsons latest headcount number is 5,900, a drop from the 6,000 figure at the end of 2016.
White House Falsely Claims Trump Has Created More Jobs For Black Americans Than Obama Did
Sarah Huckabee Sanders, the White House press secretary, said the economy added only 195,000 jobs for African-Americans under President Barack Obama. In fact, it added about three million.
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what was said
This president, since he took office, in the year and a half that hes been here, has created 700,000 new jobs for African-Americans. Thats 700,000 African-Americans that are working now that werent working when this president took place. When President Obama left after eight years in office eight years in office he had only created 195,000 jobs for African-Americans. President Trump, in his first year and a half, has already tripled what President Obama did in eight years.
Sarah Huckabee Sanders, at a White House news briefing on Tuesday
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Ronald Reagan : 165 Million
Ronald Reagan Presidential Library
President Reagan added 16.5 million jobs during his eight-year term, a 16.6% increase. Reagan added the second-largest number of total jobs, which was also the second-highest percent increase. There were 116.1 million people working in December 1988 compared to 99.6 million in December 1980.
Reagan responded to the 1981 recession with Reaganomicsan expansive fiscal policy based on supply-side economics. Reagan cut the top income tax rate from 70% to 28%. He also cut the top corporate tax rate from 46% to 34%. His policies more than doubled the debt from 1980 to 1989.
How Republicans Stopped Worrying And Remembered They Love Deficits
To the extent that weve seen a modest growth bump over the past year, the driving reason might be one Republicans are loath to admit: After years of refusing the Obama administrations entreaties to lift sequestration and cut taxes for workers, congressional Republicans have joined Trump to boost government spending by hundreds of billions of dollars and pass $1.5 trillion in unpaid tax cuts.
Theres been, in other words, a large, deficit-financed demand-side stimulus of the sort Republicans condemned when Obama asked for it but were all too happy to pass as soon as Trump took office. And after years in which Republicans warned that fear of long-term debt was stopping corporations from investing and the economy from growing, theyve added trillions to the national credit card without any evident harm to the economy.
Trump took the Obama economy and added a Keynesian spending boost Republicans never wouldve let Obama do, says Sojourner.
The disappointment is that more of this money hasnt shown up in wages. The good news, to the extent that there is good news, is that recent pay raises have been concentrated at the bottom end of the income distribution. Workers in the bottom 40 percent of the income distribution are seeing faster real wage growth than they have since the late 1990s, but wages overall are growing more slowly than would be expected for an economy thats grown this much for this long.
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