The U.S. Labor Department reported the economy created 20,000 new jobs in February and the unemployment rate came in at 3.8% It was the 101st straight month of positive job growth and the lowest since September 2017 when only 18,000 new jobs were created. Economist said they were concerned but would have to see what comes next.
In Trumps first 25 months in office 4,673,000 new jobs have been created for an average monthly total of 186,920 new jobs. In President Obama's last 25 months in office 5,188,000 new jobs have been created for a monthly average of 207,520 new jobs. The weak jobs report comes at a time Trump has announced his budget plans for the governments next fiscal year that begins October 1, 2019.
And his budget is a whopper with a record federal spending budget of $4.75 trillion. It includes a large increase in military spending and his WALL, cuts to domestic programs and single year federal deficits in the trillion dollar range for several years. The budget also reneges on Trump's earlier budget which he said would lead to a balanced budget in 10 years. His latest record budget now says it will be 15 years before the budget is balanced.
This latest Trump budget is a fairy tale budget in the image of Presidents Reagan and Bush 43 budgets with the same outcomes: record federal deficits, federal spending and debt. The failure of the republican party's extreme ideology is confirmed over and over by their own numbers and unAmerican attitude. Trump and the republicans talk about being conservative on the federal budget, the national debt and fiscal matters should be disavowed by the national news media and the local news media in general.
President Clinton did not need 10 years to balance the budget. He did so in his years 5,6,7 and 8. And in his years 1,2,3 and 4 his administration reduced deficit spending every year. No republican President can claim to even reduce the deficit 4 years in a row in the last 50 years. In fact those republican Presidents left office with a larger deficit than when they took office. The American people have been sold a bill of goods that republicans are really conservatives. The numbers of Reagan, Bush 43, Trumps first two years and his proposed record spending budget have burned those journalists who project the republicans as keepers of the government's pocket book. They have simply disregarded the fact that the last republican President to balance the federal budget was Eisenhower in 1960. What a shame.
This commentary written by Joe Lorio
