The U.S. Labor Department reported the economy created 225,000 jobs in January and that the unemployment rate came in at 3.6%, up from 3.5% the previous month. It was the 112th straight month of positive job creation and the economy was in its 11th straight year of expansion. The Department also revised Trump's job creation in 2018 down from 2.64 million jobs to 2.3 million jobs and 2017 and 2019 to 2.1 million in each year.
Chris Isidore, CNN's business host gave a more detailed account of the Labor Departments revisions that actually went back decades concerning multiple Presidential terms in office. He reported that for the last 36 months of the Obama administration, job creation was revised down by 47,000 jobs for a total of 8.1 million jobs being created during Obama's last 36 months in office. Job creation during Trump's first 36 months in office was revised down by 354,000 jobs for a total of 6.6 million jobs created during Trump's first 36 months in office.
So President Obama's administration created 1.5 million more jobs than the Trump administration did for that 36 month period. And once again, it is more proof that destroys Trump's promise that his tax cuts would create more jobs. (he promised 25 million jobs) And PolitiDose has a record published in commentary defining how Democratic administrations are better at handling the economy and creating jobs. (see commentary dated 11/05/2010 Titled, Job Creation for Presidential Terms, 1929-2008)
Trump's state of the union speech about the economy being the greatest ever was another failed promise. Trump promised the GDP would grow at least 4% a year and could be sustained. Well after three years in office the GDP has grown at an average annual rate of 2.4%. Much, much lower than under Bill Clinton, Ronald Reagan and other past Presidents. And recently, Trump's advisers have said the GDP for 2020 will average around 2.1%.
The bottom line after three years in office the economy under the impeached President continues to create jobs at a much slower pace than the previous administration and unemployment remains low. However, the cost to the tax payers has been increased with Trump's tariffs, increase in deficit spending and a national debt that continues to rise. The $1.5 trillion tax cut did not produce more jobs nor encourage corporate America to move jobs back to America from their foreign locations like Trump promised. And in the case of the Trump business empire, none of their foreign operations have been transferred back to America either. The 14% reduction in the corporate tax rate simply gave corporate America an avenue to buy more of their own stock and run up the price and is why the stock market is so over valued. But the market is coming down, make no mistake about it.
The Reagan, Bush and Trump tax cuts that favored the wealthy and corporate America and that were claimed to make America more competitive and keep their factories in the U.S. never took place because Corporate America pays little taxes any way and as business people really know, paying taxes is not the problem, greed is. And they use those tax reductions to fuel their greed. A larger percentage investment in plant and equipment by corporate America took place on President Bill Clinton's watch and he raised taxes on those making over $200,000 a year.
One can go back for the past 60 plus years and the numbers say democratic administrations perform better concerning the economy than republican administrations. And when you check it out you will see it was first reported here in PolitiDose many years ago and on a regular basis.
Note: A reminder that this writer in reporting the job numbers every month did not include any later revisions by the U.S. Labor Department. The job numbers were those announced every month by the department.
