On one of those shows, I discussed the coming economic slowdown and how Trump’s trade war and economic policies were largely responsible for creating conditions that all but guarantee a recession in the very near future.
In many ways this is the greatest economy in the HISTORY of America and the best time EVER to look for a job!
— Donald J. Trump (@realDonaldTrump) June 4, 2018
Though Trump often crows about how his 2017 tax cuts were so successful that they created “the greatest economy in the history of America” — which makes you wonder why he’s flirting with another round of tax cuts — the truth is his policies are bad for business and bad for labor.
Last week’s yield curve inversion in the bond market — these inversions have accurately predicted the last five recessions — has been blamed on the economic uncertainty created by Trump’s trade war and his sporadic behavior on economic issues.
Trump’s trade war is also creating great uncertainty for businesses, even though they received the lion’s share of the 2017 tax cuts. Consequently, the pro-investment incentives provided in the 2017 tax cuts have all but disappeared, thus depressing economic growth.
When economic growth is impacted to this extent, another area of the economy is affected . . . job creation.
Trump brags about how his tax cuts and economic policies have created new jobs — last year he called job creation under his administration “historic” even though Obama had better numbers — but according to new data released by the Labor Department yesterday, Trump’s claims are rhetorical hot air.
American employers created 500,000 fewer jobs from January 2018 through March 2019 than initially estimated. This data contradicts Trump’s claims that his 2017 tax cuts and his deficit-exploding spending have spurred more job creation.
Last year, hiring averaged around 180,000 jobs per month, down from the 223,000 jobs initially estimated. When compared to 2017’s job creation average of 179,000 jobs per month, 2018 was essentially flat.
When you add last year’s stock market tumble that wiped out all of 2018’s gains to this Labor Department report, the only thing “historic” about Trump’s economy is how often he spins the lie about how great it is.
Oh well. At least Trump’s economy doesn’t look anything like Obama’s … right?
Umm . . . Hold that thought.
David Leach is the owner of The Strident Conservative.
His daily radio commentary is distributed by the Salem Radio Network and is heard on stations across America.