Welp, Donald Trump has tried and failed to attack President Obama and Hillary Clinton again, this time over the September Jobs Report. On Friday, the Labor Department released its monthly report and said that 156,000 jobs were added to the economy last month. When the report was released the Trump Campaign immediately put out a hilariously bad statement implying that we are in the midst of an economic disaster thanks to the “Clinton-Obama economy” (Yes, apparently a former Secretary of State who has no place in the current administration is somehow primarily responsible for the entire economy):
— Official Team Trump (@TeamTrump) October 7, 2016
The Giant Orange Blob of Ridiculousness’ “economic advisor” claims that the addition of “only” 156,000 jobs and slight rise in unemployment rate is TERRIBLE! but according to Cleveland Federal Reserve President Loretta Mester that couldn’t be further from the truth. Mester points out that it is a “solid labor market report” and while Trump is spelling doom and gloom it means the exact opposite.
“Remember 75,000 to 120,000 [jobs added] per month is about what you need to keep unemployment stable,” she said.
The failures over at the Trump Campaign also repeated the right-wing talking points about a “62.9 participation rate” and “real unemployment rate of 9.7%.” First of all, the participation rate dropping is not because “Clinton and Obama” are destroying the country. Republicans have long tried to make this talking point stick and repeatedly failed. The reason? They have no idea what it represents. The Bureau of Labor Statistics predicted this downward trend a decade ago:
Bureau of Labor Statistics, November 2006: Every year after 2000, the rate declined gradually, from 66.8 percent in 2001 to 66.0 percent in 2004 and 2005. According to the BLS projections, the overall participation rate will continue its gradual decrease each decade and reach 60.4 percent in 2050.
According to Factcheck.org, there are a number of reasons for this: more young Americans are going to college instead of entering the workforce; baby boomers are retiring every year thus removing themselves from the workforce and a decline of women in the workplace.
Trump’s “real unemployment rate” is also complete crap. That rate takes into account every person who has left the workforce for any reason. That means he is lumping retirees, college students, the disabled, etc all into the labor force and inflating the number. It is a typical tactic used by people who suffer from Obama Derangement Syndrome. Trump often says the economy is not growing fast enough, but that’s just not true. We don’tt want the economy to grow too fast because this is what causes bubbles and we have all seen what happens with those. Bubbles lead to recessions which would put us squarely back where we were during Bush’s disastrous presidency.
The campaign concludes its “analysis” saying that Obama has failed “on virtually every significant metric.” If a low-unemployment rate, millions of new jobs throughout his tenure, record stock market profits and a rebounding housing market counts as failure, then Trump is absolutely right: Obama is failing BIGLY.