The U.S. Labor Department reported 245,000 jobs returned to the economy in November and that the unemployment rate came in at 6.7%. It was the fifth straight month the job numbers were down and there are still over 9 million jobs that have not returned since the economic recession and pandemic. Unemployment was down from 6.9% in October but the Labor Department cautioned that the rate is actually higher because it does not count unemployed of those who have stopped looking for work.
So as of November 30, counting new jobs created prior to the recession and pandemic, the job loses that followed and those jobs that have since returned to the economy, job creation is at a minus 2.5 million jobs. If those 2.5 million jobs do not return to the economy by the time Trump leaves office his administration will have the worse job creation record since the great depression of 1928-29, Trump said his administration would create 25 million new jobs but never had a chance because he had no economic policy or plans.
And once again it is a republican administration that has failed to keep up with job creation that took place under democratic administrations. The unemployment rate when Trump took office was 4.7%. November's rate was 6.7%, 2% points higher. That indicates Trump is on the verge of leaving office with a higher unemployment rate than when he took office. Every republican administration in the last 72 years with the exception or Reagan left office with a higher unemployment rate than when they took office. It is just another sad record for republican administrations on the U.S. economy. But the Reagan administration holds the record of the highest sustained unemployment rate during that same 72 year period when unemployment stood at over 10% for ten straight months from September 1982 to June 1983. The Trump administration has the highest unemployment rate since the great depression when it hit 14.7% in April 2020.
The facts tell the story that what took place during republican administrations over the last 60 plus years, nothing was learned from the failed past of republican administrations and there fore for them, the future was like the failed past and repeated itself. Fortunately, democratic administrations that followed those failed republican administrations had policy and plans to deal with the disaster they inherited. Democratic administrations have a better understanding of governing because they know it takes plans and policy to address the issues. And President elect Joe Biden is displaying that leadership at the present time in transition.
This commentary written by Joe Lorio
