The U.S. Labor Department reported 1.8 million jobs were added back to the economy in July and the unemployment rate came in at 10.2%. It was 11.1% in June. The 1.8 million jobs added back was 3 million less than the month of June and the 10.2% unemployment rate was the highest since 1983 when Reagan was President. So as of July 31, 9.1 million jobs were added back to the economy since the recession began compared to the 24 million jobs lost. That leaves 15 million jobs at risk waiting to return to the economy.
The unemployment rate has been over 10% for the past 4 straight months. President Obama inherited the great republican recession of 2008 but the unemployment rate never exceeded 10% on his watch. In fact, it hit 10% in October 2009 which was the only time on Obama's watch of double digit unemployment. So President Obama did a better job at handling unemployment than Trump has during an economic recession.
To add to Trump's problems, when this years fiscal year ends on 9/30/20 the federal deficit will set another record for the highest single year deficit in history. The present record is held by President George W. Bush in his last fiscal year when the federal deficit hit $1.4 trillion. And it is very likely that Trump will end his term in office with the worst job creation record since the great depression of 1929.
But it is all fore told in the republican party's past economic record that dates back over 70 years. And that story has been told right here in PolitiDose over the past 9 years. It is part of precedent for the republican party and predictable. Just ask the readers of PolitiDose, your daily dose of political commentary.
This commentary written by Joe Lorio
