On Friday, Investor’s Business Daily posted an editorial with the title, “Trump Delivers For Workers … After Years Of Empty Obama Promises.” The editorial cites the latest jobs report and explains how that excellent report is the result of President Trump’s economic policies. The first thing to remember here is that President Trump is a businessman–not a politician (although he has a very fast learning curve). His approach to government seems to be very similar to that of a businessman–what is the most efficient way to solve a problem? There are those in Washington who do not welcome this approach.
The editorial reminds us:
The 304,000 gain in jobs reported by the Labor Department was nearly twice the consensus estimate. And it comes after December’s expectation-busting gains.
There’s more. The jobs picture is so strong right now that it’s pulling people in who’ve been sitting on the sidelines.
In fact, for the first time in more than 20 years, the number of people who are out of the labor force — those without jobs and not looking — shrank by 647,000 over the past 12 months. So many people are returning to the labor force that the official unemployment rate is going up, even as the job market booms.
This comes, mind you, at a time when baby boomers are retiring en masse. Under Obama, in contrast, the number of labor force dropouts exploded by 14.4 million.
The latest numbers also underscore a point we’ve been making in this space for months — that all the talk of a tight labor market overlooked the vast pool of idle workers during the Obama years.
The editorial concludes:
Other evidence of this turnaround came earlier in the week, when the Labor Dept reported that private sector wages and salaries climbed 3% last year — the biggest annual increase in a decade. Under Obama, private sector wage gains averaged just 2%.
So why now, this late in the game?
The answer is simple. At least to those not blinded by partisanship or economic ideology.
For eight years, Obama kept promising “bottom-up growth,” while telling the country that tax cuts and deregulation would only benefit the rich. But his policies — Dodd-Frank, ObamaCare, higher taxes, a regulatory tsunami — produced economic stagnation. As it always does, that stagnation hurt the working class most.
Trump went in the opposite direction. His pro-growth tax cuts, deregulatory campaign and pro-energy policies fueled huge increases in economic optimism and turbocharged the economy. And now we’re seeing real job growth and strong wage gains for the first time in more than a decade.
You tell us which approach is proving more worker friendly.
Wouldn’t it be nice if Republicans and Democrats could work together to insure the continuation of this economic growth?