Home Topics in Depth Economics Donald Trump’s economic inheritance in 7 charts

  • leftcoastmountains (1936 posts)
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    Donald Trump’s economic inheritance in 7 charts

    Only recent president to take office during a stronger economy is George HW Bush

    Donald Trump will enter the White House presiding over one of the stronger US economies any president has inherited in recent history.

    On Thursday, the Department of Commerce reported that the US economy grew at a far faster pace in the third quarter of 2016 than previously thought — an annualised rate of 3.5 per cent. Since the 1980s, the only president to have taken office while the economy was growing at a faster rate was George HW Bush.

    The latest data stand in sharp contrast to the free-falling economy Barack Obama inherited in 2009, when the US was losing almost 800,000 jobs a month. On the campaign trail, Mr Trump repeatedly characterised the economy under Mr Obama as a disaster, but the economy has come a long way since then.

    An analysis of economic metrics paints a picture of an economy finding solid footing after the financial crisis. Unemployment stands at a nine-year low, the S&P 500 continues to break records, and home sales hit their highest rate since 2007.

    Here are seven charts showing how the trends Mr Trump will inherit compared with the state of the US economy at other recent presidential inaugurations:

    https://www.ft.com/content/4e5af7e4-c88d-11e6-8f29-9445cac8966f

    Mom Cat likes this
    #CalExit #Trumpdoesn'tpaytaxeswhyshouldwe

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  • Ohio Barbarian (1291 posts)
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    1. Capitalist charts, capitalist crap.

    As Jim Hightower once said, “I want to know the Doug Jones average.”

    For most Americans, this economy sucks. Most of the jobs created in Obama’s so-called recovery or part-time, as in under 40 hours per week(MY definition, the old definition) or temporary or both with no benefits. By most, I mean about 80% of them. Sorry, I can’t find the link, but the study surprised the economists who conducted it, who had worked for Bill Clinton. Inequality of wealth  has continued to increase at an exponential rate.

    The official unemployment rate is low only because so many people have given up looking for work and are no longer counted. This convenient little statistical ploy was implemented by the Reagan Administration and has continued unchecked ever since.

    MY family’s economic growth rate sure hasn’t increased, and neither has that of most Americans. I don’t give a shit about S&P or the Dow Jones. This economy has sucked, continues to suck, and will suck even worse in the years ahead as far as I can tell.

    Strong economy, my ass. The question is, Strong Economy for Whom? Sure is hell ain’t me.

    "Those who can make you believe absurdities can make you commit atrocities."--Voltaire  
    • Koko (2384 posts)
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      2. …!

    • gordyfl (307 posts)
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      4. The Big Lie

      A decade of Barack Obama telling us that the economy was growing, manufacturing jobs were back, and inflation was beaten, was comprehensively revealed to be a giant lie.

      He didn’t produce the kinds of full-time, long-term, benefits-included, living-wage jobs people used to have. Instead, Obama effectively watched the economy produce a drizzle of openings for bartenders and waitresses and hospital orderlies–jobs that couldn’t be offshored–and did nothing about it. Obama should have known that not counting discouraged job seekers as unemployed, and tweaking the commodities basket to understate inflation, was no way to fix the economy.
      Actually, he did know this. The problem is that for decades now the corporate Democrats have only cared about appearances. Reality can be prettified with a small-time jobs program with a big-time press conference. But that only works for so long. Eventually the lower classes feel the pain and rebel.
      All Trump really had to do was acknowledge their reality.

      Millions of jobs gone. Check.

      Taxes spent on needless wars and provocations. Check.

      So-called free trade agreements stealing our sovereignty. Check.

      Illegals taking American jobs. Check.

      Monopolies cutting jobs and raising prices. Check.

      Lesson Learned?
      It would be a great thing if Democrats learned a lesson from this rebuke. That they should rediscover the working class. That they should reclaim the progressive mantle of FDR and LBJ. Don’t kid yourself. They are wholly owned subsidiaries of the one percent now. They’ll just regroup and try again. After all, Hillary won the popular vote and 228 electoral votes. She got close.

      http://www.counterpunch.org/2016/11/11/blaming-everybody/

       

    • happyslug (138 posts)
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      9. You must understand the various Unemployment rates, the U1,U2,U,U4,U5 and U6.

      What is generally discussed in the news is what is referred to as the U-3 rate.

      Here is the different rates used:

      https://www.bls.gov/news.release/empsit.t15.htm

      U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
      U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
      U-3 Total unemployed, as a percent of the civilian labor force (official unemployment)

      U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged worker

      U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force

      U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.

      Notice unless you are a  “Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months.”

      Thus, unless you have looked for work in the last 12 months, you are NOT UNEMPLOYED.

       

      Here is a person saying we should adopt a new U-7 rate:

      Since 2008, our civilian population of people 16 years of age and older has grown by 12,379,000. The people participating in the labor force has grown by 965,000. So, we’ve got 11,414,000 more souls not even attached to the labor market since 2008. So, since 2008 the additional increase in the civilian population 16 y/o and older has had a participation rate of 7.8%. This is worse than terrible. This is an epic crisis proportion. And this is the missing numbers from our employment picture.

      https://suyts.wordpress.com/2013/04/07/u-7-the-real-unemployment-rate/

      Here is an interesting chart:

      https://www.bloomberg.com/view/articles/2016-08-10/what-s-really-wrong-with-the-unemployment-rate

      This increase in unemployed males has been mostly:

      Instead, these nonemployed workers tend to be those who have been left behind by the economic changes of the last generation. Their jobs have been replaced by technology or have gone overseas, and they can no longer find work that pays as well.

      http://www.nytimes.com/2008/03/05/business/05leonhardt.html?_r=0

      In simple terms, we have had left a lot of workers behind since the late 1940s and this is only expected to get worse over the next decades.

      • The Crone (2771 posts)
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        13. On Nov 7th, the night before

        Our recent election, Talking Heads at Fox News were discussing how in the 18 to 24 age range, only one out of six people had a middle class income. And not only that, males in that age range had a very good chance of being behind bars.

        Then people act shocked that Trump got the Presidency?

         

        "Let us not seek the Republican answer nor the Democratic answer but the right answer." John F. Kennedy   America is the only country that has real   lemons in its furniture polish, and artificial lemon flavoring  in its lemonade!
    • Gracchus (1038 posts)
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      10. Yes it seems like most of the people I talk to feel the same way.

      If you talk to ordinary American workers they will say that the recession never ended because for them it really didn’t.

      • Ohio Barbarian (1291 posts)
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        11. ^^This!^^

        That’s certainly true for me and mine.

        "Those who can make you believe absurdities can make you commit atrocities."--Voltaire  
  • gordyfl (307 posts)
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    3. Robert Reich – September, 2016

    Your typical wage is below what it was in the late 1970s, in terms of what it can buy.
    Two-thirds of you are living paycheck to paycheck.
    Almost 30 percent of you don’t have steady employment:

    You’re working part-time or on contract, with none of the labor protections created over the last 80 years – no unemployment insurance if you lose your job, no worker’s compensation if you’re injured, no time-and-a-half pay for working more than 40 hours a week, no minimum wage, and you have to pay your own Social Security.
    Over 37 percent of you have dropped out of the workforce altogether because you’ve become too discouraged even to look for work. That’s a near record.
    Yet the American economy is twice as large as it was in the late 1970s. As a nation, we are richer than we’ve ever been.

    None of this has happened by accident. Those with great wealth have translated it into political power.

    http://robertreich.org/post/149987415360

    I thought the job situation in America was summed up rather well in the Democratic Vice-Presidential Debates:

    PENCE: “…I mean, the truth of the matter is, the policies of this administration, which Hillary Clinton and Senator Kaine want to continue, have run this economy into a ditch. We’re in the…”

    KAINE: “Fifteen million new jobs?”

    PENCE: “… slowest economic recovery since the Great Depression.”

    KAINE: “Fifteen million new jobs?”

    QUIJANO: “Governor…”

    PENCE: “There are millions more people living in poverty today than the day that Barack Obama with Hillary Clinton at his side…”

    KAINE: “And the poverty level and the median income…”

    PENCE: “… stepped into the Oval Office.”

    KAINE: “… improved dramatically between 2014 and 2015.”

    PENCE: “You — honestly, Senator, you can roll out the numbers and the sunny side, but I got to tell you, people in Scranton know different. People in Fort Wayne, Indiana, know different. I mean, this economy is struggling.”

     

     

     

     

    • Ohio Barbarian (1291 posts)
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      5. That's it, it was Robert Reich. Thank you.

      "Those who can make you believe absurdities can make you commit atrocities."--Voltaire  
    • FanBoy (6312 posts)
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      8. none of it happened by accident indeed. eat the rich it may be all you'll have

      to eat soon

    • The Crone (2771 posts)
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      12. Meanwhile, in nations where vulture capitalism is not

      Permitted, wages have risen and the workers remain solidly middle-incomed. George Tyler’s book, “Why Things Don’t Work” points out that people in Germany have seen their wages rise 172% since 1986. And most Europeans have also seen wages rise over the 100% mark. Even in Australia, the wages have risen by 72%.

      In the USA, the wages have risen less than two percent. In thirty years!

      "Let us not seek the Republican answer nor the Democratic answer but the right answer." John F. Kennedy   America is the only country that has real   lemons in its furniture polish, and artificial lemon flavoring  in its lemonade!
  • Mom Cat (6081 posts)
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    6. Recommend for the replies. This economy sucks and no amount of lipstick can

    change that.

         NEVER FORGET      BERNIE WON!          
  • FanBoy (6312 posts)
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    7. by "growth' they mean stock market gains. but it and real estate are the

    only investment vehicles out there and both suffering inflation as a result — the crash will come again because its fake

    houses standing empty but property values don’t drop