Bjorn Bjornstein said:
PlayerRep said:
The trickle was that, pre-Covid, unemployment was the lowest in many decades, wages were up, employment for blacks and Hispanics was way up, wages for blacks and I think for Hispanics were way up and had increased at higher rate for those at the low end, and the middle class was making a comeback. None of which had occurred under Obama.
Some of you need to do some research and thinking, and produce views and ideas bigger than a talking point.
good grief, all of those trends began under Obama's administration:
https://www.bbc.com/news/world-45827430 outside the durability of the stock market, how are those numbers looking lately?
Even this fake news article supports what I said. "Trends" under Obama didn't go up very far. They also went up because they started from the bad economy that Obama inherited after the 2008 financial crisis. Of course, things went up from there. It is absolutely true that Obama's recovery abnd growth was one of the worst in modern US history, the weakest and slowest since the Great Depression..
"The Congressional Budget Office (CBO) projected gross domestic product (GDP) growth to slow to 2.2 percent in 2018 and 1.7 percent in 2019, with the jobless rate lingering between 4.5 and 4.8 percent in that time. Instead, GDP rose to 2.9 percent in 2018 before falling to 2.4 percent in 2019 as the unemployment rate reached a 50-year low of 3.5 percent last year."
https://thehill.com/policy/finance/483851-trump-seeks-to-distance-strong-economy-from-obama-policies-in-white-house
A Bloomberg article: "Trump’s Economy Is Working for Minorities"
"the economy is no doubt helping. As the president is fond of pointing out, unemployment rates among African Americans, Hispanics and Asians are all at historic lows"
Just as important, the unemployment gaps between both blacks and whites as well as Hispanics and whites have reached all-time lows. It’s not just that the job market has been good: For minorities, it has been historically good.
Over the past 12 months, wage gains for nonwhites have been not only substantially higher than those of whites, but also higher than economists’ estimates of inflation plus productivity. That implies that minority workers are getting a greater share of GDP.
https://www.bloomberg.com/opinion/articles/2019-11-06/trump-s-economy-is-historically-good-for-minorities
Unemployment, pre-covid:
"The household survey finds that the unemployment rate fell to 3.5 percent in September, marking the 19th consecutive month at or below 4 percent unemployment. The unemployment rate is the lowest it has been since May 1969—over 50 years ago. All Americans are benefiting from the labor market’s continued improvement. The lowest unemployment rates on record were matched or set in September 2019 for African Americans, Hispanics, and people with disabilities.
Additionally, the unemployment rate for people without a high school diploma fell to 4.8 percent, the lowest rate since the series began in 1992 and much lower than the 7.8 percent rate in November 2016 (figure 1). Since President Trump’s election, the unemployment rate for those without a high school degree has fallen at a faster rate than the unemployment rate for those with a bachelor’s degree or higher. The decrease has narrowed the gap between the unemployment rate for non-high school graduates and the unemployment rate for college graduates to 2.8 percentage points, matching the lowest gap ever seen in the series.
In the third quarter of 2019, 73.7 percent of workers entering employment came from out of the labor force rather than from unemployment, the highest share since the series began in 1990.
As further evidence of the labor market’s strength, data released this week from the Department of Labor show initial Unemployment Insurance claims have remained at or below 300,000 for 239 consecutive weeks. That is the longest such streak since at least 1967, despite the labor force more than doubling in size since then. Additionally, for the 17th straight month, the number of unemployed people has been lower than the number of open jobs."
"Contrary to what the media reports, middle class Americans are surging"
By nearly every measure today, we are living in a magnificent time for the American economy. There is a booming stock market fueling trillions of dollars of wealth gains, record low unemployment, 3 percent to 5 percent wage gains, and seven million unfilled jobs. So the recent headline for a CBS report seemed to strain all credulity when it declared, “Two years after Trump tax cuts, middle class Americans are falling behind.” Huh?
This might be the most dishonest news story headline of recent times. As the author of columns that ran a few weeks ago in the Wall Street Journal and on these pages which clearly documented that the median household income, meaning the middle class, has gained about $5,000 of income in just three years, I knew this headline was fatuous. The undeniable success story of the American economy is the surge in middle class incomes since President Trump took office and his tax cuts took effect, with middle class incomes increasing at least five times faster than under President Obama."
https://thehill.com/opinion/finance/476959-contrary-to-what-the-media-reports-middle-class-americans-are-surging
S&P and Nasdaq - now, not pre-covid:
The S&P 500, as of now, is up over 50% since Trump was elected.
The Nasdaq is setting record after record.