Unemployment Under Biden

Lets see FIRST DAY : At least 11,000 jobs lost Keystone xl / 15 hour min wage / more masks boom for ppe makers CHINA ( fed building even he didn't ) climate accord / that's just the start
Just Brilliant the galactic incompetence of the dark winter has started Originally Posted by rexdutchman

Probably more like 30k when you factor in those 11k eating out less, buying less clothing, using less fuel, etc....

THE FACTS: Trump is seeking credit he doesn’t deserve for black job growth. He’s also wrong to assert that Democrats haven’t done anything to improve the economic situation for African Americans.
Originally Posted by WTF

The FACT is your statement is not a fact, it's an opinion.

The FACT is your statement is not a fact, it's an opinion. Originally Posted by buzzlghtyr401

No that is actually a fact junior.

Here is another Fact:

To talk about unemployment without talking about debt and deficits and how they effect each other is a lesson in futility.


Democrats love to spend money no matter who is President, Republicans like to spend money only when they have a Republican in the WH.

Trump had spent like a drunken sailor.

Tiny please give Trump credit for all....not just the good things. That logic is saved for God.
.

It's just a fact of life that the gop run up the deficit by giving tax cuts to the wealthy aka reganomics. The dems run up the deficit by trying to give the middle class and poor a break. Except rock star Clinton who raised taxes on the wealthy and balanced the budget and left a booming economy. then another gop gets in power...

Trumpy didn't just fuck up the economy though.

Actually BushI raised taxes. Clinton benefited from lower deficits because of Bush, spending reductions and booming dot com bubble.

https://www.cnbc.com/2018/12/04/geor...cal-price.html

More significant, they persisted through torturous negotiations toward a compromise to restrain swelling budget deficits.

As they battled for the 1980 Republican presidential nomination, Bush accused Reagan of "voodoo economics" for insisting he could balance the budget while cutting taxes and boosting defense spending. Events proved Bush right, and Reagan handed his vice president a larger deficit than he inherited from Jimmy Carter.

The S&L cleanup made those deficits worse. The mid-1990 recession darkened the fiscal outlook further.

In his own 1988 campaign, Bush had pledged to resist any tax increases. That pleased his party's ascendant, anti-government conservatives, who favored shrinking taxes and spending in tandem.

Yet keeping that pledge would have precluded action on deficits. Congressional Democrats, determined to protect government services and benefits their party created during the New Deal and Great Society, opposed relying exclusively on spending cuts.


So Bush announced he wouldn't keep his promise. That enraged conservatives but produced a bipartisan deal. The president accepted several tax increases, most notably an increase in the top personal tax rate to 31 percent from Reagan's 28 percent. Democrats accepted spending cuts twice as large in dollar value.

Their deal, followed by another one three years later during Bill Clinton's presidency, paid long-term dividends. The 1990s ended with the economy booming and the federal budget in surplus.

But Bush reaped no political reward. Even after victory in the first Iraq War caused his popularity to soar, the recession then dragged it back down.

Bush suffered a conservative rebellion in 1992 GOP primaries, then lost in a three-way general election campaign against Clinton and independent business executive Ross Perot. While the economy had resumed growing by then, voters still felt beleaguered.

The fallout reshaped the Republican Party. No national GOP leader since has accepted that preserving the government services Americans want requires higher taxes.

THE FACTS: Trump is seeking credit he doesn’t deserve for black job growth. He’s also wrong to assert that Democrats haven’t done anything to improve the economic situation for African Americans.

It’s true that black unemployment did reach a record low during the Trump administration: 5.9 percent in May 2018. It currently stands at 6 percent.

But many economists view the continued economic growth since the middle of 2009, when Democratic President Barack Obama was in office, as the primary explanation for hiring. More important, there are multiple signs that the racial wealth gap is now worsening and the administration appears to have done little, if anything, to specifically address this challenge.

African Americans also had higher income prior to the Trump administration. A black household earned median income of $40,258 in 2017, the latest data available. That’s below a 2000 peak of $42,348, according to the Census Bureau.

The most dramatic drop in black unemployment came under Obama, when it fell from a recession high of 16.8 percent in March 2010 to 7.8 percent in January 2017

AP Economics Writer Christopher Rugaber contributed to this report. Originally Posted by WTF

HAHAHAHAHA! Respectfully, the source you're using for numbers sucks.

As I already said in this thread, you gentlemen are placing way too much of the blame and the credit for economic performance on the head of the president. But, if you must....

Black median household income in real terms during Obama's term went from $39,119 in 2009 to $41,705 in 2017. During Trump's term, pre-Covid, they increased from $41,705 in 2017 to $46,073 in 2019. The 2020 and 2021 numbers, which aren't available yet, would be even higher if Covid hadn't intervened. Source: https://www.census.gov/data/tables/t...ouseholds.html

Black unemployment, as a result of Covid, stood at 9.9% in December, not the 6% you quoted:

https://fred.stlouisfed.org/series/LNS14000006

The 8% unemployment rate among Blacks when Obama left office is not something to applaud. It's a travesty that it wasn't much lower.

Republicans have arguably done more for the middle class and poor than Democrats. Democrats are more focused on class warfare than coming up with solutions from the bottom up. For example, poor Betsy de Vos tries to do something to give kids from disadvantaged environments a fighting chance in life, and the Democrats are all over her because it would make life a little less cushier for the members of the teacher's unions.

I wrote on this in more detail here, which I'll publish again in memory of eccieuser. He was misguided in his political leanings, but his heart was in the right place:

The Census Bureau reported median household income for 2019 a couple of weeks ago.

Please note that "median" doesn't mean the same as average. It means the middle number. Fifty percent of American households in 2019 made less than the median income and fifty percent made more. So this number is very representative of how the middle class is faring.

The 2019 figure is striking, $68,703 per household, up 6.8% from 2018. During Obama's entire 8 years in office, coming out of a recession which should have goosed growth and wages, the increase was only 5.8%

This is very good news. The middle class did not do particularly well during the period of time when George W. Bush and Barrack Obama served as presidents. (Aside: I don't place the blame primarily on those two leaders -- there are many other factors that affect income growth besides what the president does or does not do.)

In fact, median household income when Obama left office had barely budged since 1999 and 2000, when the policies of a Republican Congress and President Clinton (welfare reform, a balanced budget, free trade, a lower capital gains tax) helped usher in a golden age. See this chart and click on "Max" for some historical perspective: https://fred.stlouisfed.org/series/MEHOINUSA672N

So what happened? I believe a huge part of the reason for the growth in median household income last year was the Ryan/Trump tax cuts for corporations, and for pass through businesses with lots of employees, in 2017. Trump's deregulation helped as well. Businesses expanded. There was more competition for labor. Unemployment went down. Wages went up.

The Wall Street Journal published a piece on the Census numbers. It wasn't just the middle class that did well:

Poverty fell 1.3 percentage points last year to 10.5%, the lowest level since 1959, and declined more for blacks (2 percentage points), Hispanics (1.8), Asians (2.8), single mothers (2.6), people with a disability (3.2), and no high-school diploma (2.2). The black (18.8%) and Hispanic (15.7%) poverty rates were the lowest in history.

As family household incomes increased, the child poverty rate also declined to 14.4% from 16.2% in 2018 and 18% in 2016. The decline in childhood poverty last year was nearly twice as much as during the entire Obama Presidency. The most pro-family policies are those that increase jobs and wages.

Income inequality last year also declined by most measures as the bottom quintile’s share of income grew 2.4%.

The share of households making less than $15,000 in inflation-adjusted dollars declined to 9.1% last year from 10.4% in 2016 and 11.2% in 2010. At the same time, the share with income between $75,000 and $200,000 increased to 36.1% from 34.4% in 2016 and 32.8% in 2010 while the percentage earning more than $200,000 ticked up to 10.3% from 8% in 2016 and 5.9% in 2010.

In other words, all Americans were gaining economic ground. But lower and middle-class Americans enjoyed the largest gains relative to the Obama Presidency.

https://www.wsj.com/articles/the-hig...s&page=1&pos=1

Acknowledgements

I want to thank Eccieuser for participating in my series of "For Eccieuser" threads, and for reciprocating with a couple of "For Tiny" threads as well. I am trying to enlarge my audience, and in the hopes that three or four people who are left of center will read this post instead of just one, I have titled it "For Esteemed Posters on the Left", instead of "For Eccieuser."

I would also like to thank some of the posters here who suffer from TES (Trump Enlightenment Syndrome), who showed me that there's a way to put words that start with t, like Tiny and Trump, in tiny text. Originally Posted by Tiny

2.oil company should drill there own land.

5. Most people don't avoid work unless paid to do so. Originally Posted by Ripmany

The two best sentences you have ever posted. Unfortunately, the rest of your post is practically unreadable.

Tiny to you original point, you still ignore the percentage decrease in unmployment under Obama vs Trump. Greater decreases across the board. Plus we all know it’s more difficult to pull an economy out of recession than it is to make a good economy better. Trump didn’t have to do anything. The economy was on the right track when he came in. When Obama became president the economy was going in the wrong direction.

Trumps economic policy was “let’s not fuck up what Obama handed us”. Obama actually had to develop an economic policy and implement it to stop a recession and create a growing economy. And that’s what he did. Republicans biggest complaint was that it was a slow growth, which was intentional as to not risk a double dip.

Let’s be honest. Trumps economic team was lacking. It was comprised of people he watched in morning Kudlow, really??? Originally Posted by 1blackman1

+1

Trumps corporate tax cuts did nothing for GDP growth rates. Trumps GDP growth rates percentages are the same as Obama. Like you mentioned when Obama did 2% GDP it was considered slow growth. When Trump did 2% GDP it was considered setting an all time record.

https://www.thebalance.com/us-gdp-by-year-3305543

Tiny to you original point, you still ignore the percentage decrease in unmployment under Obama vs Trump. Greater decreases across the board. Plus we all know it’s more difficult to pull an economy out of recession than it is to make a good economy better. Trump didn’t have to do anything. The economy was on the right track when he came in. When Obama became president the economy was going in the wrong direction.

Trumps economic policy was “let’s not fuck up what Obama handed us”. Obama actually had to develop an economic policy and implement it to stop a recession and create a growing economy. And that’s what he did. Republicans biggest complaint was that it was a slow growth, which was intentional as to not risk a double dip.

Let’s be honest. Trumps economic team was lacking. It was comprised of people he watched in morning Kudlow, really??? Originally Posted by 1blackman1

Trump is irrelevant to my original post. I never even mentioned Trump. The OP was all about Biden's proposed policies and their effect on unemployment.

See the quote at the end of my reply to WTF above, which is pretty much the same thing I'd argue as a reply to your belief expressed above that Republicans didn't do jack. A large part of the reason IMHO for their success is the corporate tax rate cut, which took us from having the highest tax rates on business in the world to a level more in line with other countries. It juiced the private sector and increased demand for labor. The corporate tax cut was along the lines of a reasonable flat tax, cutting out the loopholes, that you prefer.

I might add that Trump doesn't agree with a flat tax. Gary Cohn, a Democrat who was one of the very capable economic advisors that Trump had at the start of his term, had to talk him out of doubling down on the progressivity of the tax system (which was already the most progressive in the developed world) by further raising taxes on the rich and upper middle class. Anyway, I give Ryan and Republican Congressmen credit for the corporate tax cut, not Trump.

I pretty much disagree with all of your post. I'm not going to give Obama massive credit for bringing the unemployment rate down to 4.7% eight years after a recession. Or for bringing real median household income back to about the level of 1999.

and -1b1 makes it clear - the DPST's will blame Trump. They are unable to comprehend the consequences of their policies.

their marxist anti free enterprise policies aim to put all amerika on their dole and control the country.

Their blueprint is the Soylent Green new Deal



1b1- ever read AOC's Soylent Green new Deal????
it is Orwellian- and AOC will stuff it down the throats of her DPST/CCP Amerika! Originally Posted by oeb11

Oeb, based on his fundamental political beliefs, which he's posted here, 1b1 believes a little more like you and I do than your average Democrat. HedonistForever says he's a lawyer. If so my theory would be that law school sapped away his independence, and now he's subconsciously compelled to defend his party, like he'd defend one of his clients, no matter the position or the situation. He is very smart, in the world of Democrats something like the legal equivalent of what Paul Krugman is to economics.

That was a good one. Lol.

The fallout reshaped the Republican Party. No national GOP leader since has accepted that preserving the government services Americans want requires higher taxes. Originally Posted by WTF

Lower taxes and lower government spending (i.e. a larger private sector) are the reason the USA is in a select group of countries, including Switzerland, Singapore, and Ireland, that are the most prosperous in the world, save the petro-states like Kuwait, and very small places like Luxembourg. I share your fears about deficits. I would prefer we make government more efficient and lower spending, instead of raising taxes and killing the goose that laid the golden egg.

Lower taxes and lower government spending (i.e. a larger private sector) are the reason the USA is in a select group of countries, including Switzerland, Singapore, and Ireland, that are the most prosperous in the world, save the petro-states like Kuwait, and very small places like Luxembourg. I share your fears about deficits. I would prefer we make government more efficient and lower spending, instead of raising taxes and killing the goose that laid the golden egg. Originally Posted by Tiny

We did both with HWBush and a Democrat Congress and Clinton and a Democrat Congress followed by a Republican Congress.

Bush and Clinton were able to raise taxes and then Clinton and that fucking Newt before he was a partisan asshole cut spending.

The problem we have now is nobody will raise taxes and cut spending. It is a political death wish.

HWBush did what was right for the country at his own peril. Carter did too....with those high interest rates by the Fed!

Just think what 10% plus intrest would do to this country?