The U.S. Department of Labor reported 4.8 million jobs returned to the economy in June and that the unemployment rate came in at still a depression level of 11.1%. The report also noted with the rising new cases of the coronavirus and more business closings a repeat of the June numbers would not likely continue in July. The June numbers also did not cover what took place the latter part of June when more businesses were ordered to close.
To have a better prospective on the job situation and where things stand the following information is presented: According to the Department, the economy lost 701,000 jobs in March and 20.8 million jobs in April for a total of 21,501,000 jobs lost. In May, 2.5 million jobs returned and in June 4.8 million jobs returned to the economy for a total of 7,300,000 jobs returned as of June 30. That leaves a total of 14,201,000 jobs that still need to return to the economy that were lost.
So President Trump, like every republican President before him in the last 70 plus years that followed a democratic administration will not create as many jobs as the previous democratic administration. And in the case of President Trump, it would have happened even if there were no coronavirus. And if anyone thinks that is just a coincident, you are not a reader of PolitiDose nor up to date on the facts.
The job creating deficiencies of the republican party can be found in their ideology and tax cuts that benefit those who need the cuts the least and both are void of economic policy, thought and plans. The GOP is also highly deficient in governing. And the Presidency of Donald Trump has made the situation more noticeable in the amount of time spent talking about the stock market that is controlled by the wealthiest 10%. Do you get the idea who the GOP really works for?
The voters of America can change all of that come November.
This commentary written by Joe Lorio
