The U.S. Labor Department reported the U.S. economy created 130,000 jobs in August, down from the previous month of 164,000 jobs and that the unemployment rate remained at 3.7%. The numbers continue to decrease and this years average job numbers for the first 6 months are way behind last years average. The economy is in its 11th year of expansion but the slow down continues.
So in Trump's first 31 months in office, a total of 5,725,000 million jobs have been created for a monthly average of 184,677. In President Obama's last 31 months in office 6,574,000 million jobs were created for a monthly average of 212,065. That means during that 31 month period 849,000 more jobs were created under the Obama administration despite the Trump tax cuts which were supposed to create more jobs. As a distraction, Trump now says the Dow Jones Average would be 10,000 points higher if not for his trade war with China. That in itself reflects his commitment to corporate America, those who were helped the most by Trump's tax cuts and used those tax cuts to buy back their own companies stock to run up the prices,
In addition, Trump is still blaming his Federal Reserve Chairman's failure to reduce interest rates to the level Trump desires as a reason for a slow down economy and job creation. But those who follow politics understand that republican administrations have no real economic plans or policy for the economy, they only have an ideology based on tax cuts for those that need them the least. And Trump did not realize he admitted his own failure when he ordered American business to leave China and move their company business back to the U.S., something he said would take place after his tax cuts took effect. Of course it never took place and Trump has not moved any of his companies business back to the U.S. either.
The bottom line on the economy and job creation was the steady growth on President Obama's watch because of a sound economic policy after a severe economic recession. Under Trump's tax cuts and ideology, the economy and job creation is now in decline and consumers are paying the price for his unwelcomed trade wars.
This commentary written by Joe Lorio
