The U.S. Labor Department reported 49,000 jobs returned to the economy and the unemployment rate came in at 6.3% for January 2021. The job numbers were a disappointment and the department said the unemployment rate fell from December's 6.7% because workers stopped looking for work and were therefore not included in the unemployed looking for work. Approximately 10 million Americans still have not returned to the workforce.
It was the final numbers of the Trump administration and they followed the weak performance of past republican administrations. So the President left office with the worst job creation record since the great depression under President Herbert Hoover when the economy lost over 6 million jobs. The economy lost 2.7 million jobs on Trump's watch counting the jobs that were created, the jobs lost and those who returned to work.
President Obama's administration created more jobs in his 8 years in office (11.5 million jobs) than President George H.W. Bush (2.5 million jobs),President George W. Bush (1.3 million jobs) and Donald Trump (-2.7 million jobs) did in their 16 years in office. And the Clinton administration created more jobs (22.7 million jobs) in his 8 years in office than were created in the Reagan (16.1 million jobs), Bush 41, Bush 43 and the Trump administration in their 24 years in office.
The unemployment rate increased 1.6% on Trump's watch. It was 4.7% when Trump took office and 6.3% on January 31, 2021. So Trump joins every past Republican President since 1948 with the exception of the Reagan administration where unemployment increased on their watch. During that same period of time every democratic administration with the exception of the Carter administration left office with a reduction in the unemployment rate. The unemployment rate on Carter's watch stayed the same.
The Trump administration also ended with an economic recession that began on his watch. His administration followed past republican administrations in that regard also as every republican administration in the past 100 years suffered an economic recession that began on their watch. The precedent of past republican failures have been consistent and therefore are not just a coincident. Trickle down economics and the republican ideology of governing have been a disaster.
So the failure under the Trump administration came to an end like the failed past of former republican administrations. Trump and his party learned nothing from the failed past, so the future under Trump, ended in failure like the failed past.
And it was all fore-told here in past PolitiDose commentary from the very beginning of the Trump administration.
This commentary written by Joe Lorio
