The U.S. Labor Department reported the economy lost 140,000 jobs in December and the unemployment rate came in at 6.7%. It was the first negative jobs report since April and the sixth straight month of falling job creation. The unemployment rate of 6.7% was the same as November. Over 9 million jobs have still not returned to the economy since the economic recession which began in February and the pandemic the following month in March 2020.
So as of December 31, 2020 counting the number of jobs created and lost during Trump's administration the economy has lost approximately 2.7 million jobs which represents the worst job creation record since the great republican depression of 1929 under President Herbert Hoover. And Trump only has January to turn that record around. Unemployment on Trump's watch increased 2% as of December 31. It was 4.7% when President Obama left office. The unemployment rate on Obama's watch fell 3.1%.
Trump's job creation record follows the pattern of weak job creation of past republican administrations and the precedent they have set over the past 90 plus years. Trump said he would create 25 million jobs and his tax cuts would be the primer but even before the economic recession and following pandemic began his job creation record fell far behind that of President Obama's job creation record in his last 3 years in office.
Trump's problem like past republican administrations, never really had a real economic policy or plan for creating jobs and keeping the economy stimulated. Their idea of tax cuts for those that need them the least was voo-do economics from the very beginning. As a result, the country's economic future under the Trump administration was like the failed past of previous republican administrations.
And yes my fellow Americans, understanding the past is still the key to a better future. And the Biden administration understands that.
This commentary written by Joe Lorio
