Irony: Trump the liberal

[EconProf]

More good economic news today: 2d quarter GNP growth rate hit 4.1%. (Obama’s growth rate for eight years averaged under 2%.) Also, unemployment rate fell from 4% to 3.8%.
Lots of good things that conservatives and liberals agree upon happen from strong economic growth. Poverty falls, government revenues at all levels rise, home values and homeowners’ equity increases, stock market enriches investors and government pension plans (NASDAQ up 52% since election), etc., etc.

[FlyerInHi]

I’m glad you acknowledge that socialism works and works in spades.

https://www.washingtonpost.com/opinions/trump-could-teach-ocasio-cortez-a-thing-or-two-about-socialism/2018/07/27/f4672a2e-9102-11e8-bcd5-9d911c784c38_story.html?utm_term=.41ca690ed669

[spdrun]

One quarter of growth doesn’t mean much — we had a few quarters of > 4% growth under Obama. No unemployment print till next week.

4.1% GDP growth was q-o-q, not y-o-y which was 2.8%. Neither is unprecedented.

[EconProf]

More good news today resulting from the strong economy:

Unemployment rate fell from 4% to 3.9%

157,000 new jobs. (This is slightly below expectations, but past months’ figures were revised upward by 96,000, so total gain is 253,000).

Big increase in workers moving from part time to full time.

Number of officially unemployed, defined as out of work and actively looking for work, declined by 284,000.

The “quit rate”, voluntary separation by employees, highest in recorded history. This indicates workers’ confidence in finding another job.

[SK in CV]

[quote=EconProf]More good news today resulting from the strong economy:

Unemployment rate fell from 4% to 3.9%

157,000 new jobs. (This is slightly below expectations, but past months’ figures were revised upward by 96,000, so total gain is 253,000).

Big increase in workers moving from part time to full time.

Number of officially unemployed, defined as out of work and actively looking for work, declined by 284,000.

The “quit rate”, voluntary separation by employees, highest in recorded history. This indicates workers’ confidence in finding another job.[/quote]

Great job continuing the trends of the prior administration. It would be nicer if new jobs could match any of the numbers from the previous 5 years, but still, overall, a pretty decent report.

[svelte]

[quote=EconProf]… and stood up to Syria and ISIS. [/quote]

Not so much.

[spdrun]

Good: we should have pulled out of Afghanistan 15 years ago rather than wasting trillions on a pointless military homicide spree.

[svelte]

[quote=EconProf]
OK, here’s the spike: The growth rate during Obama’s 8 years averaged under 2%. This despite the historical tendency for deep recessions to be followed by strong recoveries. Under Trump the annual growth rate is approximately 3% per year, a difference that has a big long run impact over time.
[/quote]

Obama’s 8 years average out to under 2% because of that disastrous first year trying to recover from the previous administration. Otherwise it would have been higher (see chart below).

Trump’s growth rate appears to be on a downward trajectory now, I’ll continue to monitor it into his 3rd and 4th year.

[img_assist|nid=26737|title=US Growth Rate 2008-2018|desc=|link=node|align=left|width=466|height=239]

[svelte]

[quote=EconProf]In terms of accomplishing liberals’ goals, Trump should be applauded. On many fronts–not all–he is succeeding… wages picking up steam…[/quote]

[img_assist|nid=26738|title=US Wage Growth 2008-2018|desc=|link=node|align=left|width=466|height=249]

[FlyerInHi]

[quote=spdrun]Good: we should have pulled out of Afghanistan 15 years ago rather than wasting trillions on a pointless military homicide spree.[/quote]

Once you break it you own it. That’s what happens to badasses. The key is to be careful and delicate when entering the china shop.

[outtamojo]

It’s like the market is forecasting a command economy run by a dictator who has filed for bankruptcy 6 times or something.

[spdrun]

FlyerInHI: Afghanistan was broken long before we went in there…

[FlyerInHi]

[quote=spdrun]FlyerInHI: Afghanistan was broken long before we went in there…[/quote]

Afghanistan was the victim of great power politics. We put the Taliban in there. Many unintended consequences to American foreign policy.

[FlyerInHi]

[quote=outtamojo]It’s like the market is forecasting a command economy run by a dictator who has filed for bankruptcy 6 times or something.[/quote]

The worst Christmas Eve ever.

[EconProf]

More good economic news from the Trump economy that liberals should be cheering.
The Labor Department just reported a jump in jobs of 312,000 for the most recent month, plus an upward revision of 58,000 for the previous month.
Importantly, the employment numbers under Trump seem to be helping the poorest of Americans.

The lowest-paid employees are getting the largest wage hikes.
419,000 people got off the sidelines and joined the labor force. So previously “out of the work force” individuals started looking for a job (thus pushing up slightly the official unemployment rate).
Wage gains in 2018 were 3.2%, largest in a decade.
Job “leavers”–voluntary quits, jumped again, indicating workers’ confidence they can readily find a new job.
There is increasing evidence that the tight job market is forcing employers to hire previously shunned applicants–the less educated, minority, ex-felon applicant with a weak resume and job history.
Trump the liberal.

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