Now comes a story by the Associated Press that the U.S. Labor Department announced last Wednesday "the U.S. job market isn't quite as strong as originally believed because of revised figures that show the economy had 501,000 fewer total jobs this March than originally reported." The largest decline came from the retail, leisure and hospitality sectors, the industries most associated with consumer spending.
The down turn was the sharpest downward revision in job totals since the great recession of 2009 when the economy was just starting to turn around the Department reported, and that it suggest job growth was slowing. The report comes at a time President Trump was talking about a payroll tax cut to ward off a recession, then changed his mind and said a recession is no where in sight and backed away from his tax cuts. Then he told his cabinet he did not want to hear the word recession mentioned.
The readers of PolitiDose already knew that the job market under Trump in his first 31 month in office was already much slower than what it was in President Obama's last 31 months in office. There is another element found in the Department's report that is worth repeating. That is the Trump-GOP trickle down economic tax cuts for corporations and the wealthy are not economic policy, does not create more jobs or a stronger economy and increases the federal deficit dramatically. The sad story is old and goes back to the years of the Reagan and Bush 43 administration's tax cuts.
What is taking place on Trump's watch was predictable. The numbers were always there to guide the informed as well as the un-informed willing to listen. Economic policy and plans are not a part of the Trump or the republican party's ideology and that is why democratic administrations consistently out perform republican administrations.
Note" See PolitiDose's three part series titled, "The U.S. Economy: Which Party Performs Best? dated 1/27/2008 And "Recap and Conclusions" dated 3/2/2008.
This commentary written by Joe Lorio
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