The Obama recovery surged by adding 178,000 new private sector jobs in November. This is the equivalent of 178 Trump deals with Carrier at zero cost to taxpayers.
The White House announced the good jobs news:
U.S. businesses have now added 15.6 million jobs since private-sector job growth turned positive in early 2010. Today, we learned that private employment rose by 156,000 jobs in November. Total nonfarm employment rose by 178,000 jobs, in line with the monthly average for 2016 so far and substantially higher than the pace of about 80,000 jobs per month that CEA estimates is necessary to maintain a low and stable unemployment rate given the impact of demographic trends on labor force participation.
In November, the unemployment rate fell to 4.6 percent, its lowest level since August 2007. The labor force participation rate ticked down, though it is largely unchanged over the last three years (see point 3 below). The U-6 rate, the broadest official measure of labor underutilization fell 0.2 percentage point for the second month in a row in part due to a reduction in the number of employees working part-time for economic reasons. (The U-6 rate is the only official measure of underutilization that has not already fallen below its pre-recession average.) So far in 2016, nominal hourly earnings for private-sector workers have increased at an annual rate of 2.7 percent, faster than the pace of inflation (1.6 percent as of October, the most recent data available).
If we use Trump’s own claim that the Carrier deal is saving 1,000 jobs, for the record it is only saving 800, but for the sake of simplicity and consistency, we’ll use Trump’s number of 1,000. Obama’s economic policy created 178 Trump Carrier deals in a month, with the cost to taxpayers of $0, compared to the cost to Indiana taxpayers of $7 million for Trump’s deal.
The economic growth under President Obama is the result of government working for the people. Trump’s Carrier deal is the byproduct of government working for corporations.
Many Americans who have taken the progress made under President Obama for granted are going to get an immediate shock when the Trumpanomics starts hitting them in the wallet. Those who don’t learn from history are doomed to repeat it, and enough voters didn’t remember the lessons from Bush’s Great Recession.
President Obama is proving that his middle-out economics works, and in the process, he has blown Trump’s Carrier PR stunt completely out of the water.
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