Just like many were on pins and needles in expectation of President Trump’s first address to a joint session of Congress, folks were likewise Friday morning. Why?
Yesterday was the first jobs report for the first full month of the Trump administration. Many were ready to make their assessments and analyses, some seeing the glass as half empty and some half full.
So let’s talk about the American economy — after all, the president could barely curb his enthusiasm.
As reported by Fox News, “President Trump tweeted Wednesday morning that January and February were the “strongest consecutive months for hiring” since mid-2015, citing a LinkedIn Workforce Report.
The president was referring to the new monthly newsletter the business and employment-oriented social networking service began providing to members last month. This month’s Workforce Report is just the second ever.That report underscores how the economy is strengthening under President Trump – and how companies are hiring in growing numbers.
On Wednesday, ADP also released its ADP National Employment Report, which showed that private payrolls grew by 298,000 jobs last month, more than expected by economists, who initially projected a gain of 190,000 jobs. The agency’s January report cited 227,000 “non-farm” payroll employment increases, with the majority of those job gains occurring in retail trade, construction and financial activities.
But economists warn that while gains are a positive, monthly job reports are often “noisy” and tend to be “over-used.” They also said the presidents could have less influence on markets than people think. “The administration should be careful because if you live by temporary numbers, you’ll die by temporary numbers,” Salim Furth, research fellow in macro-economics at the Heritage Foundation, told Fox News. “Trump and Republicans shouldn’t rest on their laurels before they get things done.”
Good counsel, but we went for eight years and were deceived by an administration seeking to hide the real truth about our economic morass. And to hear those on the left speak, the final numbers released on Friday morning have little or nothing to do with President Trump. It’s all about Barack Obama…so the Trump administration and the GOP need not rest on laurels since they haven’t been offered any.
Sorry liberals, but the truth about the February jobs report is rather encouraging.
Per Fox Business, ”The labor market strengthened more than expected in February – the first full month of President Donald Trump’s term — as wages continued to tick higher, allowing the U.S. economy to clear the final hurdle ahead of next week’s Federal Reserve policy meeting, which is expected to bring the first rate rise of 2017. The U.S. economy added 235,000 net new jobs last month, far more than 190,000 Wall Street expected.
More Americans dipped their toes in the job-seeking waters, which sent the labor force participation rate slightly higher to 63 percent from January’s 62.9 percent, as the unemployment rate declined to 4.7 percent from 4.8 percent. Further, the underemployment number, which represents workers in part-time jobs who prefer full-time and others marginally-attached to the labor force, fell to 9.2 percent last month from 9.4 percent the month prior.”
The key aspect of this report to recognize is that Americans came back into the workforce, the participation rate increased and the unemployment rate decreased. That is the right ratio.
For the past eight years we saw the workforce participation rate decrease, meaning fewer Americans in the workforce, yet the unemployment rate kept dropping, and the underemployment rate kept increasing. Statistically that makes no sense whatsoever, unless you stop counting those who had dropped from the workforce at all — how callous of the progressive socialists.
Now, folks on the left can try to attribute this to Barack Obama but they are delusional. The Wall Street rally and these numbers reflect an economic optimism that hasn’t existed for quite some time. The private sector — corporations and small businesses — now believe there’s hope…not that other phony phooey stuff.
Consider the folks in West Virginia who were told their livelihood will be restored by way of the coal industry. There’s an atmosphere the folks of California, New York, and other bastions of liberal progressive orthodoxy cannot comprehend — even the hint of economic growth policies are like water to a thirsty American economy. No longer do we have the attitude of Obama who sought to bankrupt the coal industry, and publicly said so. We don’t have an environment of someone who embraced a philosophy that folks who build a business didn’t actually build it. The ensuing policies that emanated from that destructive mentality have hindered the miraculous turnaround we’re witnessing.
Now the Democrats can lock arms with the chuckleheads at Time Magazine who run front covers stating President Trump is a threat to democracy…REALLY? The left can continue to protest and support violence on our streets and shelter criminal illegal immigrants. The bottom line is, as Americans reenter the workforce and find employment, the message of the left will not resonate. Good luck with the dumb and dumber team heading the Democrat Party of Perez and Ellison, a truly un-dynamic duo.
But, here’s the pitfall about which the GOP had best be aware. This is not a time for business as usual and a lack of boldness. When I hear the Senate Majority Leader, Mitch McConnell, state that tax reform may not be done before August recess — dude, YGTBSM.
First of all, there should be no “August recess” unless the work is done. Add to that, the Congressional calendar shows the House of Representatives taking two weeks off in April for Easter recess.
I remember writing a letter back in December 2010 to incoming House Majority Leader Eric Cantor about the lack of days in session. The GOP has control of the House, Senate, and the White House. The reason why there was an August break, historically, was because August is the worst month in DC for heat and humidity — after all the place was built on a swamp, literally. But those were the days before air conditioning. Heck, the members of Congress and Senate don’t even have to walk outside, there are tunnels. And if you’re too lazy to walk, there’s a subway!
Now is the time for leadership, and that means getting proper free market healthcare reform done — along with tax reform — to be combined with budget and spending reform, to be joined with financial services reform. This MUST be done prior to August 1. If not, then y’all stay and work. Warriors on the battlefield don’t get to play recess, and they’re the ones safeguarding the institutions of our democracy, the bedrocks of our Constitutional Republic.
The free market/free enterprise system has been waiting for eight years to unleash its indomitable entrepreneurial spirit and economic prowess. This must be done and made retroactive for 2017 because that’s what is expected.
We need a one-time repatriation at an 8-10 percent rate of taxation for the $3 trillion of capital offshore, forced away due to the insidious progressive socialist central economic planning policies of the previous eight years. The revenues generated can be used for the public offerings for infrastructure repair. And let’s not forget, it was Obama who demanded a $1 trillion government “stimulus” spending package for “shovel ready jobs”…that ended up not being shovel ready according to Obama. So, ask yourself, after Obama’s Keynesian economic approach, what happened to the stimulus dollars?Why is our infrastructure still suffering?
Therein lies the difference in the initial months of Obama and Trump…government spending vs free market economic growth policies. How do you make the liberal progressive left irrelevant? Get Americans back to work. In order for that to happen, the GOP leadership cannot be an impotent gathering of business as usual politicians. They need to be emboldened, just as the Democrats were back in 2009.
There’s no way the left can attribute the February jobs numbers or the market enthusiasm to any portion of Obama economic policy. He was a failure…unless you enjoy one to two percent anemic GDP growth. One has to ask, if the Dow Jones and other economic indicators had gone in an opposite direction along with early jobs numbers, what would the liberal progressive left say? Yeah, I know, a rhetorical question, but it’s an important one as we must understand the duplicitous hypocrisy of the liberal left.
As I’ve said before, y’all suck.