All the liberal hand-wringing that Donald Trump would completely destroy the American economy seems particularly silly right now.
Even when it seemed that a Trump presidency wouldn’t usher in bread lines and dole queues, leftists turned to their proclamation that while the economy wouldn’t collapse, all his economic positions would only benefit the wealthy.
They can shut up about that too.
Because the numbers are in and not only is the economy improving, it’s dramatically improving for the very people who leftist said would be hurt the most. Consider these numbers from the Bureau of Labor Statistics:
Last month, the national unemployment rate was 4.1 percent – approaching what economists call “full employment” and a full 0.6 percent drop from one year prior. But that’s just part of the story. The real story is how working-class Americans have fared. The Washington Examiner reports:
The unemployment rate for Americans without a high school diploma was 6.3 percent in December 2017, down from 7.6 percent one year earlier. Further, the average monthly unemployment rate for this demographic in 2017, 6.5 percent, is the lowest it’s been since 2000 and the second-lowest figure in BLS’ data for that demographic, which goes back 26 years to 1992.
For workers with a high school diploma, the numbers are just as impressive. The unemployment rate for that group dropped from 5.1 percent to an amazing 4.2 percent between December 2016 and December 2017. In the last four months of 2017, the average unemployment rate, 4.28 percent, was the lowest it’s been since 2001.
And it’s not just the number of jobs, but the quality of jobs that’s improved. “The average number of Americans 16 years or older working part-time for economic reasons, about 4.91 million in December 2017, is about 600,000 jobs less than December 2016 and the lowest figure for the month of December in a decade,” The Examiner writes. That means more Americans who have been forced to work part-time are finding higher-paying, full-time employment.”
How about people on welfare? Even there the numbers are stellar. Food stamp rolls have dropped dramatically. Total national enrollment in the Food Stamp program dropped 3.3 percent between September 2016 and September 2017. Of the 50 states, 47 experienced declines in enrollment.
From October 2015 to October 2016, enrollment in Medicaid and the Children’s Health Insurance Program grew by 2.9 million people, to 74.7 million. But from October 2016 to October 2017, the most recently available data, Medicaid enrollment dipped by about 500,000, a truly astounding turnaround.
While we’re at one of the longest growth streaks in American history, there’s evidence it will continue through 2018 thanks to the recently passed Tax Cuts and Jobs Act. That law will lower tax rates for almost everyone, double the standard deduction and provide families with children an additional $2,000 per child tax credit. What that means is a much bigger tax refund for the vast majority of working America.
Leftists insist that working-class families should thank President Obama – not Trump – for the improving economy. And while the economy was slowly improving under Obama, it did not take off until Trump was inaugurated. And that’s no coincidence.
What do you think about this? Have you started seeing more money in your paycheck yet?? Are you glad Trump is President?