The U.S. Labor Department reported the economy created 200,000 new jobs in January and that the unemployment rate was unchanged at 4.1%. It was the 88th straight month of positive job growth as the economy continues its upward trend. Median family income was up for 2017 which began its climb in 2013. The increase in the minimum wage by 20 plus states and many business was responsible for part of the increase.
In January of 2017, President Obama's last month in office the economy created 227,000 new jobs and the unemployment rate stood at 4.8%. It was 7.8% when Obama took office in January 2009. So unemployment decreased 3% during President Obama's eight years in office. Unemployment decreased 3.1% during Clinton's two terms and decreased 3.2% during the Kennedy-Johnson two terms. Unemployment decreased the most under those three democratic administrations than any other administration in the last 67 years.
So what can the people look for economically this year and in the future. Trump's treasury secretary gave us a hint the other day when he stated the administration would ask congress to increase the governments debt ceiling earlier than planned because the recently passed tax cuts are reducing federal revenues and the debt limit will be exceeded earlier than projected. Also keep in mind no matter the fake news coming out of the administration, Trump and the GOP did not pass one piece of legislation last year that can be considered progressive for the economy.
PolitiDose will continue to be the leader in bringing its readers the economic facts so stay tuned to your daily dose of political commentary.
This commentary written by Joe Lorio
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