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Friday, May 04, 2018

Capitalism returns. Unemployment hits 3.9%

Drudge headline: "Valerie Jarrett: Credit Obama for Jobs Report."

You know the economy is doing well when the Marxists try to take credit for the hard work that President Trump has done in lobbying companies to invest here, renegotiating bad trade agreements, and cutting taxes for every taxpayer in the USA.

For only the fifth time in 48 years, unemployment hit 3.9% in April. The last time it did that was in October, November, and December 2000.

And then you must go all the way back to January 1970 to find the national unemployment rate that low.

Black unemployment is at an all-time low of 6.6%.

"To more fully gauge the health of the job market, economists look at a broader measure of employment that looks at: The unemployed; people who want to work but have given up searching; and people working part-time who can't find full-time work. That measure stood at 7.8 percent in April," Bloomberg News said.

(Clears throat.) And now for the rest of the story: That's the lowest it has been since July 2001.

Bloomberg News also reported wages rose 2.6% over the last year. It did not report that inflation stood at 2.1%. Under Obama, adjusted for inflation, wages were flat.

Of course, the take home pay improved by even more as Trump cut taxes.

But let us thank Obama for trying to horn in and take credit through a surrogate.

29 comments:

  1. Mr. Surber, you might try to be at least a little intellectually honest and admit that the unemployment rate under Trump has been nothing more than a continuation of the trend for the last 6 years under Obama.

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    1. You should really lay off the Kool-Aid,

      Delete
    2. The Obama unemployment numbers were a function of record-low labor force participation rates, which dropped to levels not seen since women entered the workforce in large numbers in the 1970s.

      In the interest of intellectual honesty, I also will point out that unemployment had spiked immediately upon Obama assuming office and that just about any policies were bound to create a drop off from the George W-induced economic meltdown of 2008. But some drop offs are based on better ideas than others, and POTUS-Trump is getting unemployment down by increasing actual employment, not decreasing workforce participation.

      There. How'd you like that "intellectual honesty" Jonny Scrum?

      Delete
    3. I don't like it because it's not honest. In fact, the labor-force participation rate for the entirety of Trump's term has been literally indistinguishable from the rate during the first 10 months of 2016, which were under Obama.

      Delete
    4. But Johnny Scum, we were told that Trump would tank the economy.

      In other words, his actions would produce RESULTS and that those results would have consequences and that the consequences would be BAD.

      Maybe the consequences were GOOD instead. Had you thought of that?

      Mark S.

      Delete
    5. Jonny Scrum-halfMay 4, 2018 at 9:47 PM

      Now you're changing the goalposts.

      Delete
    6. That "moving" the goalposts.

      And, no, it isn't.

      (these guys get $15/hr to type in this drivel?)

      Delete
  2. First they say that the economy is Trump's. Then, when there's lots of good news, it still belongs to the Kenyan. They want to have their cake and eat it too.

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  3. Jonny, what was the U6 while The Black Jesus graced us with his rule? And what is it now?

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    1. The U6, like the U3, has been declining at about the same rate for the last 7 years.

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    2. Actually not. It flatlined in 2015 and 2016 at just under 10%. Trump's dropped it from 9.4% on inauguration day to 7.8%. That is a drop four times as large as Obama's in his last 1 1/2 years. Please stick to facts

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    3. Jonny Scrum-halfMay 4, 2018 at 9:52 PM

      The statistics I see show U6 as 10.4% in June 2015 declining by 1.3 percentage points to 9.1% in December 2016. That's really not "flatlining," especially if you're going to act like the 1.6% decline under Trump is significantly better than that.

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    4. 1 point is flatlining.

      Really.

      Delete
  4. Don: I can't remember. Is Jamele Hill on the list of failures against PDT? I hear her program without her is going gang busters.

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    1. ESPN doesn't quite know what to do with her so they move her around as a guest from one show to the next, from Around the Horn to Highly Questionable. She is the Katie Couric of ESPN.

      Delete
    2. Little Fish. You must be this tall

      Delete
  5. Remember when the economy was so bad under BO that they stopped counting the people who had simply given up hope and stopped looking for jobs? Thus deflating the #s of folks looking for work?

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  6. Notice this is of a piece with Michelle Obama announcing she is the "Forever First Lady" of the US, not "a" former First Lady, but "the" First Lady. Was this an unintentional or intentional sleight to the current First Lady, Melania Trump? Knowing how desperate these losers are to hang on and take unearned credit for the accomplishments of the current administration, I am not inclined to give her the benefit of the doubt. These people refuse to let go.

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    1. And she's also the reincarnation of Jackie Kennedy, complete with charm and fashion sense.

      /sarc

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  7. Two-year-olds are more mature about sharing their toys than these Obamanistas are about letting go!

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  8. The honorific title "First Lady" is the only way Moochelle is any kind of lady at all, so (s)he'll hang onto it with all (s)he's got.

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    Replies
    1. Hahaha Big D! Good one.

      Delete
    2. Why you're right, Big D! Even when I spel somethin right, I get it wrong!

      Horrorific it surely is!

      Delete
  9. It's just like Wee Widdle Barrie's tweet on 4/27 taking credit for the meeting of the two Korean leaders. Got to horn in on DJT's successes. Worst part, the former manchild-in-chief said congratulations "to two fine nations." He actually called NoKo, the epitome of a cruel, barbaric dictatorship a fine nation. Unbelievable!
    ---Fred

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  10. Optimism is what Trump brought to business activity, the optimism to invest and take risk. This translated into low unemployment and a booming stock market.
    Unemployment in certain areas like steam fitters and other highly skilled blue collar jobs have also taken off. Obama and Jarret had nothing to do with those he called the bitter clingers when he sought support from the coastal super rich and wanted them to know he shared their contempt.
    If Obama deserves credit for anything it was staying out of the way of the fed and its low interest rates policy which allowed the market to reinflate. But he was just a passive rider on the storm without any experience at any helm. No one knew what would happen, least of all him. But Obama himself had no real interest in blue collar work enhancement or jobs in general, only the personal glory of Obamacare kept him thinking about anything other than his slice and perpetual 4 putts. Schumer himself confessed this. Yes,He tried to protect and promote subsidized industry to pay off his supporters,including government employment and green energy, neither of which have helped wage growth, nor have they proved sustainable. In Australia where Tesla is not subsidized, sales are near extinction, or were 2 months ago.
    He did his best to suppress oil exploration and fracking, the latter bad effects much of which was often hidden amd local,as in New York. He was a statist guy who in fact was really against growth because of it's consumerist nature and because capitalist success tears at the socialist sack cloth he thought all should wear, except him, the eternal first lady, and his mother in law as they travelled the world in the big blue jet.
    The greatest difference between him and Trump however is the can do optimism of DT. Trump is a throw back to WWII industrialists like Howard Hughes. Everything is possible. Obama was and is a gloomy scold, a nihilist. He did nothing for his black constituents because he didn't believe anything could be done. He said 2% growth was forevermore, suck it up! His orgy of executive regulations in the last few weeks of his term was to damage the country as much as possible, so as not to help in anyway his mortal enemies, economic freedom its right wing political support.
    Happiness is an expectation of good things to come. Obama never produced such a feeling, even among his supporters, only 8 years of misery and despair. In spite of protestations of denial, even many of them are happy he is now only a nightmare and they are awake in DT land with a job and prospects.

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    1. We were told to get used to all those "new normal: of Obama's crappy economy (at least when he wasn't dumping tens of billions of taxpayer dollars into the market every month through quantitative easing). Obama's a scold: nobody was planning with confidence unless they were one of the preferred industries of his bundlers like the green groups/rent seekers.

      Delete
  11. Didn't ValJar tell us Zippy never had a real challenge to tax his Awesome abilities?

    I guess when the Awesome get challenged, the Awesome go golfing.

    And then on vaca.

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