Despite the constant refrains that he – and “only” he – is a master job creator, Trump woke up to news today from the Bureau of Labor Statistics showing that only 157,000 jobs were created in the month of July.
The figure comes in decidedly lower than the 190,000 jobs expected.
For comparison, the following are the average jobs added per month under Obama post-recession:
2016 avg: 187,000
2015 avg: 226,000
2014 avg: 250,000
2013 avg: 192,000
2012 avg: 179,000
2011 avg: 174,000
It should be noted, too, that the 2017 average under Trump was 182,000 jobs added per month, a metric that Obama beat every year of his second term. Not that 182,000 per month is awful, nor is the current 2018 average of 214,000 per month bad, but for someone who bills himself as a master job creator, Trump has been at par with or worse than his predecessor.
The job creation numbers weren’t the only disappointing figure for the president. Average hourly earnings rose 7 cents in July, marking a 2.7% increase for the year. But when you factor in a 2.9% inflation rate, average earnings have actually decreased in 2018.
While Republicans tout their corporate tax cut as evidence of a strong economy, everyday Americans are continuing to see stagnant wages.
Upon passing the tax bill, Sarah Huckabee Sanders said, “More than 70 percent of this [tax cut] will be returned to workers.” But since the GOP tax bill was passed, S&P 500 companies have given shareholders a record $1 trillion in the form of buybacks and dividends– exactly as predicted.
Thank God we didn’t spend that $1.5 trillion from the corporate tax cut on universal health care or fixing Flint’s water supply or opioid addiction treatment or universal child care or raises for teachers or fixing our crumbling infrastructure or incentivizing renewables or powering Puerto Rico. After all, that would cost too much money, and we’ve already handed it to the nation’s wealthiest corporations and CEOs while receiving nothing in return.
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