Post by El CastorPost by islanderPost by El CastorPost by islanderPost by El Castor"US economy receives its best ranking in nearly 20 years, CNN poll
finds
By Grace Sparks, CNN 1 day ago
As 2019 comes to a close, the US economy earns its highest ratings in
almost two decades, potentially boosting President Donald Trump in
matchups against the Democrats vying to face him in next year's
election, according to a new CNN poll conducted by SSRS.
https://www.msn.com/en-us/news/politics/us-economy-receives-its-best-ranking-in-nearly-20-years-cnn-poll-finds/ar-BBYbQD9
Hmmm. That would be comparing the economy to that at the end of the
Clinton administration which was also setting records for a good
economy. What happened since then? Gosh, there was the GW Bush
administration including the worst recession since the Great Depression.
Fortunately the Obama administration was able to recover from that
disaster and set us on the path to a healthy economy.
Which was exceeded by Donald Trump.
"Black and Hispanic unemployment is at a record low"
"There have never been more Black and Hispanic Americans in the
workforce, Friday’s Labor Department job report showed.
The jobless rate for Hispanics hit a record low of 3.9% in September,
while African Americans maintained its lowest rate ever, 5.5%."
https://www.cnbc.com/2019/10/04/black-and-hispanic-unemployment-is-at-a-record-low.html
"Americans' Positive Views on the Economy Could Earn Trump a Boost in
2020, New Poll Suggests
By Blake Dodge On 12/20/19 at 4:56 PM EST"
https://www.newsweek.com/best-economy-scores-since-2001-could-earn-trump-boost-2020-new-poll-cnn-1478567
And where is the optimism about the Labor Force Participation Rate?
Still stuck around 63%.
The work force is aging, and retiring. There have been numerous
reports over the course of the Trump administration of more job
openings than unemployed. Face it, Trumps policies have been good for
the economy, and prosperity in general, which is the central reason I
am a conservative.
"The U.S. has 1 million more job openings than unemployed workers
March 15, 2019"
https://www.cbsnews.com/news/the-u-s-has-1-million-more-job-openings-than-unemployed-workers/
"There are now more job openings than workers to fill them
June 5, 2018"
"For the first time in at least 20 years, there are now more job
openings than there are people looking for work.
The ratio of unemployed workers to job openings dropped below one in
April for the first time since the Labor Department started collecting
data in 2000, the agency reported Tuesday."
https://money.cnn.com/2018/06/05/news/economy/job-openings-unemployed-workers/index.html
There are a number of problems with your citations on unemployment.
First of all, it is an average number which does not reflect the skewed
distributions upon which it is based. (The U-3 unemployment rate is
essentially unemployed/labor force.) The biggest problem with this is
that it counts temporary, part-time, along with full time jobs in
determining the labor force part of that equation. But, as I'm sure you
realize, it does not count disabled or discouraged workers who have
dropped out of the labor force. This results in what is described as an
overly optimistic figure that does not accurately represent unemployment.
There are actually six definitions of unemployment and the most
comprehensive published by the BLS is U-6 which takes these factors into
effect. You can find a good discussion of this at:
https://www.investopedia.com/terms/u/unemploymentrate.asp
If we are looking for actual health of the households of working
families, you should look at median household income. This basically is
a measure of how income results in benefit to the household and factors
out the variables of temporary, part-time and other factors for people
who are loosely attached to the workforce. Here, the numbers are not so
rosy.
With the Trump weakening of the ACA and tougher Medicaid requirements, a
picture of stagnant household income is revealed even tho poverty
declined. The change from 2017 to 2018 was only up 0.9% even with
adjustment for inflation. That is not statistically significant
especially when compared with 5.2% in 2015, 3.2% in 2016 and 1.8% in
2017. This is even more striking if we look at the household income in
the primarily Republican south - 0.3%! The bottom line is that
households are not seeing the same gains that were measured during the
last years of the Obama administration.
https://www.usatoday.com/story/money/2019/09/10/median-household-income-stagnant-last-year-poverty-fell/2271025001/
But, there is more: Our population is increasing at a rate of about
200,000 per month. But, job growth averaged 180,000 for most of 2019
compared with an average monthly gain of 223,000 in 2018 according to
BLS report for Nov 2019. It appears that the bloom is off the Trump
economic rose.