There are many parts to the U.S. Economy including UNEMPLOYMENT because it is an indication of the job market for the average American. Its an important part of the economy because consumer spending represents 70% of the economy. With the Presidential election six months off it is important in our two party system to know which party has the best track record for handling unemployment. So the following information is furnished so voters can learn the facts.
Since 1948, seventy one years and four months ago, seven republican Presidents have held the White House for a period of 39 years and four months. Six democratic Presidents have held the White House for a period of 32 years. During the 39 years and four months rule by those seven republican Presidents only the Reagan administration left office with a lower unemployment rate than when he took office. The unemployment rate when Reagan took office in January of 1981 was 7.5% and when he left office in January of 1989 it was 5.4%. So unemployment fell 2.1% on Reagan's watch. All of the other republican Presidents left office with a higher unemployment rate than when they took office. (except Trump who has not finished his first term yet)
The unemployment rate when Eisenhower took office in January 1953 was 2.9% and when he left office in January 1961 it was 6.6%, an increase of 3.7% in unemployment. When Nixon-Ford took office the unemployment rate was 3.4% and when they left office it was 7.5%, an increase of 4.1%. When Bush 41 took office the unemployment rate was 5.4% and when he left office it was 7.3%, an increase of 1.9%. When Bush 43 took office the unemployment rate was 4.2% and when he left office it was 7.8%, an increase of 3.6%. When Trump took office in January 2017 the unemployment rate was 4.7% and at the end of May 2020 it was 13.3%, an increase of 8.6%. Although Trumps term is not complete yet, the numbers indicate Trump will follow in the footsteps of the other five republican Presidents where unemployment increased on their watch.
During the 32 year rule by the six democratic Presidents, the unemployment rate decreased on five of those Presidents watch and stayed the same on President Carter's watch. When Truman took office in January of 1949 the unemployment rate was 4.3% when he left office in January 1953 it was 2.9%, a 1.4% reduction in the unemployment rate. For the Kennedy-Johnson administration it was 6.6% upon taking office and 3.4% when Johnson left office, a reduction of 3.2% in the unemployment rate. When President Carter took office the unemployment rate was 7.5% and when he left office it was 7.5%, the same as when he took office. When Clinton took office the unemployment rate was 7.3% and when he left office it was 4.2%, a reduction of 3.1% in unemployment. When Obama took office the unemployment rate was 7.8% and when he left office it was 4.7%, a reduction of 3.1% in the unemployment rate.
If any one thinks it is just a coincidence that republican administrations did so poorly over a 71 year period think again, because the same is repeated with job creation, balancing the federal budget, deficit spending, bank failures, economic recessions and the list goes on and on. And PolitiDose has been reporting all this for several years and that democratic administrations are so much better at governing. So yes my fellow American, it does matter and make a difference that one party in our two party system is best at governing. And that one party is the democratic party. Precedent leaves no doubt.
This commentary written by Joe Lorio
Note 1: The unemployment numbers used here in taken from the Historical Records published by
the U.S. Bureau of Labor Statistics.
Note 2: Unemployment numbers were taken from January when the President takes office to
January when he leaves office.
Note 3: Truman's numbers taken from when he was first elected, January 1949 to January 1953.
