Americans, especially low-skilled and minority workers, are better off now than they were under the Obama administration.
July 11, 2019
President Trump’s Economic Agenda Driving Roaring Economy
The Trump Economy is roaring. Growth in the past two years has surpassed that of growth in any time during the previous eight years. Workers are in a better position to succeed as the jobless rate has fallen and wages are rising.
Lower-skilled workers are seeing the fastest wage growth in the past ten years, and unemployment among less-educated Americans is at a near-record low. The previous Democratic administration was mired with sluggish growth.
Minority workers have seen the biggest benefit from the past two years of growth.
Wall Street Journal: “Start with Mr. Booker’s claim that minorities are being left behind. Really? The jobless rate for blacks is 6.2%, which is only 2.9 percentage-points higher than for whites versus a 4.6 percentage-point difference before the start of the 2008 recession. Unemployment has fallen twice as much among blacks as whites since December 2016.
“Nearly one million more blacks and two million more Hispanics are employed than when Barack Obama left office, and minorities account for more than half of all new jobs created during the Trump Presidency. Unemployment among black women has hovered near 5% for the last six months, the lowest since 1972, and a mere 3.5% of high school graduates are unemployed.”
With more people back at work, wages have risen at a quicker rate than during the Obama Presidency.
Wall Street Journal: “Average hourly earnings for production-level manufacturing workers have grown at an annual rate of 2.8% during the Trump Presidency compared to 1.9% during Barack Obama’s second term. Production-level manufacturing wages have accelerated even faster in Pennsylvania, Michigan and Indiana.”
Areas in the Heartland of the country have risen more quickly under Trump than Obama. “Per capita incomes have grown at significantly faster rates under President Trump than they did under Barack Obama in Pennsylvania, Ohio, Nevada, Wisconsin and even Iowa despite retaliatory tariffs on American exports.”
While President Obama’s economy saw unequal growth among coastal states compared to states in the Heartland, President Trump’s economy has boosted middle America.
The Trump economy in two years has surpassed the growth levels of the Obama economy. Americans, especially low-skilled and minority workers, are better off now than they were under a Democratic administration.