While Trump and the GOP want you and me to believe that Trumponomics has singlehandedly saved the US economy by reducing taxes and creating jobs, the reality for those of us living in the real world is quite different.
It was Mark Twain who once said, “There are three kinds of lies: lies, damned lies, and statistics.” When it comes to politicians in an election year, Mr. Twain could have been describing the Washington establishment owned and operated by the Republicans and Democrats.
No doubt you’ve heard the much-ballyhooed news that unemployment has dropped to its lowest level since 2000, coming in at 3.9%. But just as it was when Obama manipulated unemployment numbers to cover his pathetic economic policies, this recent jobs report has been manipulated to hide the truth about our very unhealthy economy.
- People move from the unemployed category into the employed category
- The number of employed grows faster than the number of unemployed
- You simply add people to the employed category without changing anyone’s status
- You simply stop counting people in the unemployed category, making them magically disappear
When we consider that the number of jobs added in April was 164,000 while the number of unemployed dropped by 239,000, we can conclude that reason #4 is how the latest unemployment rate was manipulated to make things look better than they really are. Unemployment went down because the labor-participation rate fell to 62.8 percent after being 63 percent in February and 62.9 percent in March. Three consecutive months of declines.
Quite simply, when you are no longer working or looking for work, the government no longer includes you as a part of the equation to calculate the unemployment report.
Meanwhile, Trumponomics is also creating a slower growth rate than Trump is claiming while his tax cuts and record government spending—despite the recent rescission cuts—is creating another threat to the US economy, an apocalyptic debt spiral adding trillions to the already unsustainable national debt.
Obamanomics caused a great deal of damage to the US economy, but Trumponomics isn’t doing anything to repair it; in fact, Trump's plan will likely destroy what's left of it.