John Kelly has demonstrated that he holds racist sentiments. I don’t know why the media continues to portray him in a positive light and a moderating influence in the White House.
Back in the fifties and sixties the term rat race had a kind of humorous and hip ring to it. I had no idea it would become the literal description of what constitutes our present day economy. It's not a maze with a piece of cheese as a reward, folks. It's a pyramid with a sign at the top reading: Finish line straight down.
I think even the most anti Trump people are going to admit that Trump is making the economy move again.
2
To is just show that Trump is better than Obama and clinton. He promised jobs and he is giving jobs unlike traditional politicians like Obama who promised a lot of things but nothing came true. Trump is the best president ever only lying liberals will argue that. Bernie knowingly betrayed his voters for Hillary even when he know the truth that the primary is fixed!
The data should reflect how many of these so-called jobs are part-time with no benefits and minimum wage....data can and often is skewed,
''“They’ll move at the blink of an eye and really not care,” Mr. Staszewski said.'
gee, no loyalty? just like capitalists?
How good was October’s employment data? What does it say about September’s? Why did the American Job Shortage Number, or AJSN, drop to 16.2 million? See http://worksnewage.blogspot.com/2017/11/octobers-mixed-jobs-report-ameri....
We are at full employment we have a serious imbalance in our labor force ,it is. Aging and shrinking and with over 6 million vacant positions which cannot be filled because those unemployed do not have the skill set or are in the wrong location.
The article cites construction as being short of skilled applicants , you can add to that health care , education etc.
We are paying for a lack of training and education in the technology and needs of the future, like infrastructure to compete globally
Yet Trump wants to take us back decades, coal mining being his answer.
The economy is facing a period of higher inflation , higher interest rates and finally a recession.
Add to that a growing. National debt which will eventually invite a savage attack on Medicare and Medicaid , plus Social Security which are going to grow with our ageing population.
1
How many of your positions are Part-time and not offering benefits? How many pay close to minimum wage?
When you elect a successful business man to the office of President, one who has five decades of experience overcoming obstacles, this is what happens.
2
He also has 6 bankruptcies in his past. With the way he is "managing" things, it looks like number 7 is one the way and we will all suffer for it. I would really like you to provide details on your definition of "successful".
Yes indeed, this multiple bankrupt certainly knows what he's doing
Successful? Let's see some income tax records.
What have Republicans done in the year since the election to foster the economy?
Well, you can't negotiate for higher wages when you are afraid of losing your health benefits. With powerless unions and gig jobs with no benefits, those that have benefits stay quiet and passive. And, even if you are in a position where you can take the risk to negotiate a higher salary or look for a higher salary job, you once again risk your health insurance. Will you be able to still cover your family? Will the health insurance cover pre existing conditions? Will there be a gap in coverage if you must change jobs? Employers now have what they have always wanted, a frightened and passive work force that has been brought about by our dependence on employer based health coverage.
7
These numbers come with some many caveats they are nearly meaningless. Why do we keep doing this?
9
if we stop doing it, the professionals who do it will lose their jobs..OMG!
The U.S. and the global economy are not recovering from the Great Recession quick enough to produce enough jobs for all, and until everyone begins to realize a greater amount of new wealth, this will be the status quo. Think of it this way. Had an investor in 1800 been given the equivalent of all the money spent in this country up to today, that would make it possible for anything that exists to have existed any sooner. Money represents wealth created, it is not the wealth itself.
2
Do you have a 410(k) or any other form of retirement savings? Chances are you do and you are up significantly.
3
Having exactly nothing to do with the article.
Nowhere near good enough, much better than Obama era, but until we greatly increase the participation rate and actually improve the measurement systems to be accurate I won't be satisfied. And I bet the president would agree.
1
Much better than the Obama era??? Did you actually look at the chart???
5
This October 261K figure is not "normal" as a trend since 105K were comprised of getting back to work, due to massive job losses associated with the hurricanes.
Let's see what shakes out in early December...though keep in mind, our savings rate is now "down" to 3.5% approx. lots of credit card offers abound! Compared to our "high" 6.5% savings rate in 2012 (unsustainable for a 70% spend for our GDP fundamentals) ...stuff is brewing.
Also, U-6 rate should also be highlighted, not topically discussed, millions out there who are part time/underemployed, at 8% for last month...but we all know its probably more like 12-14%....the green collar economy is the way to go...
3
Working for UBER & other ride sharing jobs are really NOT a job. You can't pay mortgage doing those kind of job, until and unless you get help from spouse or other family members.
12
Trump deregulation is a major factor in the jobs growth numbers. If experience of 1920s, 60s, 80s and even somewhat the 90s, tax cuts lead to historic booms. By Fall 2018 expect complaints from Fed Reserve about booming wages and "labor shortage." You will soon see 300K numbers and more a regular fact of life.
2
I keep hearing about this deregulation, but what are some examples with corresponding growth that a particular sector or industry?
2
that simply has not happened historically. that is simply gop piffle.
1
What will be more telling is if wages start to rise.
this will separate Trump from Obama. Obama was a globalist , willing to sign pacts such as TPP which stripped American workers of wage power. The middle class lost tremendously under Obama and would have continued to do so under Clinton.
Trump's nationalist agenda will be deemed a failure if wages don't rise.
3
nationalist and globalist are part of the same capitalist economics which create a reality in which eight (8) multi billionaires have more money than half the global population of 3,600,000,000 (3.6 billion)...keep watching dow jones, gdp flow charts and market growth of speculative non-existent business worth to keep minds off that fact, and notice dreadfulness increasing even if you aren't watching ( you may hear the screams before it hits you personally)
Actual numbers, you know, facts, disagree with your assertion. But I guess truth differing from their beliefs has never bothered Trump supporters.
How long does this trend have to go on before economists finally admit that the reason unemployment is so low is that employers are willing to hire people only IF they can pay them low wages?
Their economic theories keep predicting a rise in wages that never comes, then they sit around scratching their heads. Maybe in a post-industrialization, post-globalization economy your theories don't hold true anymore? How long before they admit this.
Related: put everyone on guaranteed minimum income. In the process decrease income inequality and quell the sense of hopelessness fueling the opiod crisis.
10
Oh come now – everyone knows that it was the promise of upcoming tax cuts that spurred the job growth in October. Yeah-Right!
2
how about construction workers to rebuild all that was destroyed
Trump should say prayers of thanks every day for his good fortune in inheriting this economy from President Obama. The economy that Mr. Obama carefully crafted and revived from the devastation of the Bush years.
Thank you Mr. Obama.
11
Obama has no business experience and the economy was of little interest to him.
Trump is getting us out of the mess Bush started and Obama could never grasp.
1
765,000 less people employed! There's your most important statistic. Less people working. A LOT less. Not such a rosy picture after all. And, no, they didn't all retire. A lot of them just stopped being eligible for unemployment benefits, and no longer count.
And wages are down? Not just hurricanes. Sounds like a great economy for the 1%. And that is who the Fed is raising rates for. The rest of us borrow at rates between 12 and 300% regardless of what the Fed. does.
7
These are important numbers. They seem to support the premise that automation is continuing to cut the need for human labor. We are producing more with nearly a million less people. This increase in productivity is undercut by many of those unemployed shifting into lower productivity, lower pay service jobs. This shift also suppresses wage growth unless you are in a very narrow niche of high-demand technical workers.
1
Yesterday there was an ad on the radio for a trained machinist. The starting pay was less than $13/hour. It doesn't matter how many jobs get added to the economy if those jobs simply continue the two-level economy. Because that's what it is. There are two economies in this country. The robber barons and the rest of us. Some of the rest of us do okay, because of where we live, and financial coping skills. Okay is not thriving, though, and yet the robber barons, through a new tax code, want to make all the rest of us even more responsible for their profits all the while they accept less responsibility for the Common Good.
13
Can't we just be happy that jobs are being created without worrying about which president gets credit for it?
3
Not the Democratic way....Unless, of course, a Democrat was President then these numbers would be celebrated.
3
"Stronger global growth has led to higher demand for American good and services." - NYT
One has to wonder how much stronger it would be:
If we didn't alienate almost every country.
If we didn't cause havoc around the world with childish tweets.
If we were the reliable big brother that promotes good will and stability.
If we weren't on a course of isolationism.
Just wondering.
5
it isn't stupid tweets that the world hates us for...it's the stupid mass murders we commit in the name of whatever it is we think we have that's so much better than what others have...who else is bright enough, moral enough, sensible enough to spend more than 60 billion on pets and more than 600 billion on war while more than half a million people are reduced to living on the street? nobody! god bless americar!!
Thank you, President Obama.
You didn't cut taxes and jobs were added every single month of your presidency, despite the opposition party's obstructionism against the American people.
Your hard work continues to pay off, and we patriots appreciate it.
Too bad your budget just ended last month.
13
Major share of credit should go to Federal Reserve. It is the
monetary policy(loose one) that spurred the demand and
gabe an uplift to the economy. Obama and the congress did
nothing on fiscal policy. However, it is a tradition to
give credit or heap the balme on president.
2
A little paralysis by analysis but nevertheless mainly true.
Here is the bottom line imo.
This is basically, the slow, boring growth without a recession that came out of the O'bama's eight yrs.
It is too early to tell what will happen under Trump. Time will tell.
However, history has shown us that demagogues do not serve countries well from the first one in classical Greece, Alcides who killed Socrates to the latest one in Venezuela Chavez who destroyed Venezuela's economy.
5
Thank you President Obama for taking this country to where it is now from the disaster and abyss left by GWB and the GOP. This other guy's claim is that he hitch a ride on this and want's to take all the credit. Same guy that lies from morning to night.
12
I don't trust ANYTHING Paul Ryan says. No sir, we are not at full employment, there are many, including your voters, who remain unemployable and need retraining. They are not in the job market currently. This is a problem.
His words seem hollow and calculating, like they are trying to justify a huge tax cut.
6
Trump has proven that Obama was ruining the lives of lower and middle income Americans with his destroy business policies.
2
that is rediculous
85 months of jobs growth... Trump has proved nothing aside from Obama/Yellen strong foundation has insulated Trump and the GOP who are still against a realistic living wage.
If Trump's stupid enough to undo Obama's policies and the economy tanks, then Trump's out in 2020. But if he doesn't, and the economy remains solid, then he will win in 2020.
...Tough choice. Bad economy/No Trump, or decent economy/2nd Trump term. Whichever one it is, we lose!
1
"With Friday’s revision to September’s figures, the economy has now added jobs for 85 consecutive months, a record."
Please note that of those 85 consecutive months, 76 were during Barack Obama's administration. Nine under Trump's.
7
There is no shortage of workers until wages begin to rise. Period. So stop the importation of non-citizens to keep wages down - in this regard, the Left is aligned with corporate America in their desire to keep immigration levels high. Don't they see that?
4
In Dr. Piketty's book, "Capital in the Twenty-first Century," he argues that if the overall economy grows at 3%, and capital consistently claims a growth rate above 3%, say an ROI of 6%, then labor will get squeezed as its growth rate must be less than 3%; and wages will stagnate. The higher returns to capital can be partially attributed to Artificially Intelligent (AI) directed-machines becoming integrated more productively into the workplace. Such IT directed-machines can form output isoquants with fewer and less skilled workers overall, who are directed by fewer, yet more sophisticated supervisory workers, who are able to synchronize labor and machines more efficiently. Also, with more mobile physical, financial, and educational capital, the potential supply of workers able to compete with US workers globally has increased. This increased supply of international workers and AI directed-machines, in tandem, have created many substitutes for US labor. And, with this increased supply of substitutes and their lower prices, that act with the usual positive cross-price elasticity of substitutes; these effects on US labor act to drive its price, or wages, down, too. Perhaps my take on labor markets helps to explain stagnant wages in the US. With the declining market power of labor, as per above, union membership as a percentage of the labor force has fallen to the levels matching those during the run-up to the Great Depression; in the 1930's.
11/03/2017 F 12:31p Greenville NC
2
I m Shorting this Stock Market Mr.Trump will get USA credit downgrade too junk status before 2020 November.
2
Remember Keynes. A market can stay irrational longer than you can stay solvent.
Be careful shorting this market.
Low unemployment numbers are good, but this doesn't help the GOP's economic plan. Corporations and "rich" people are supposed to get MUCH more money from tax cuts, which are supposed to create jobs, but there's not a lot of room for growth with low unemployment (and certainly not enough additional income tax revenue to offset tax cuts). Maybe Phase 2 pf the GOP's plan will be cutting Social Security payments, increasing patient's contribution for Medicare services, and raising the retirement age to force baby boomers back into the work force.
Wages are supposed to go up by $4000-$9000/year when the GOP passes corporate tax cuts... but don't hold breath - I've only heard this from the Trump administration, NOT from anyone who signs paychecks.
2
Even assuming these numbers are true (as a econ major, I have my doubts as I understand and studied how easily statistics can be manipulated), they sure aren't telling the full story about what is actually going on outside of certain "hot" areas and markets. If the unemployment were ACTUALLY at 4.1%, my 58 year old highly skilled and experienced legal secretary who lose her job more than two years ago from a major law firm in my home town (one of eight women all over the age of 40 who were "reorganized" out of long-time positions) should have no trouble whatsoever obtaining full-time employment for a wage close to what she was making when she last worked full time, along with being offered partially employer funded health insurance, paid time off, and a 401(k) plan with employer match. But she can't find a position anywhere that provides anything close to what she had before, DESPITE continually searching since she was "let go" at the end of April 2015.
5
Exactly and some retired people with good skills would be offered part time jobs or consulting opportunities. The economy is just fair, not good. And the stock market is not a good indicator of the Us economy either.
1
You’re an economics major and you’re casting doubt on the numbers from the department of labor? Seriously? You do know that all of their information is public, right? You can request the raw data from them and do the analysis yourself if you’re so inclined.
You’re also taking your anecdotal experience to cast doubt on aggregate stats? And you claim to be familiar with statistics and an economics major?
Might help things if the tax cut distribution were reversed between corporate and individual cuts. Both productivity and participation would be enhanced by substituting a tax credit that we can afford for this cobbled-together myth to support an unnecessary, and perhaps counterproductive, corporate cut.
Low unemployment and high profits and still no increase in wages. This is a real problem long-term. The tax base will continue to erode as boomer retire and the next generation have no disposable income. The GOP tax plan will just make the problem arrive faster.
7
Wages won't increase until and unless the supply of labor in quantity or quality is insufficient to meet the needs of business. Not happening in general, but in some areas it has. Perhaps some who need jobs need to move.
2
It is absolutely happening.
2
Democrats, prepare to lose in 2018.
4
That will not happen
1
Nice to see we're back to Obama-era numbers.
5
Whoopee! Let's pump out more carbon so we create more natural disasters and "grow the economy." Never mind that people lose their lives, their homes, everything.
3
Will Mr. Trump take credit for the storms if they result in an increased employment?
4
No but you make a good point, they will increase the economy, and produce jobs.
I'm so confused. Isn't Trump supposed to be bad, the worst president ever, someone who needs to be impeached ASAP?
So why is the economy doing so well? Shouldn't it be failing miserably?
4
The economy has nothing to do with his lack of ability to be a real leader in all areas. No diplomatic skills, foul mouth, lack of morals and ethics. He has never transitioned into being a public servant. He remains opposed to the checks and balances of a 3 pronged gov
3
Trump is the worst President ever by consensus. During his tenure, the economy has continued its pattern of slow growth since the end of the Great Recession. On the whole, looking at key indicators, there isn't much difference between 2016 and 2017. Every election, voters say that the economy is the top issue. But I think there is reason to believe that the economy performs as it performs whoever is in the White House. In 2020, my top issue will be sanity.
10
The US economy makes us lucky duckies. The only gap is in wages. Since the corporate coffers are bursting with cash and wages have NOT been raised, any tax cut that uses that rationale for 'growth' is a big fat lie or delusional thinking.
Since a couple can avoid taxes on estate of $11million, the argument that eliminating the estate tax (a pure fair redistribution from the rich to the public good & our shared sustainable democracy) spares family - small farm- business is nonsense.
Billionaires will be able to pass on huge wealth to undeserving offsprings...so the argument that hard work deserves reward and 'entitlements breed dependency seems totally hypocritical. Inherited millions breeds dependency, arrogance and low standards: see the Trump dynasty !
9
I just don't understand how this tax package will benefit the middle class. We are almost at full employment, wages are rising, so how are we to benefit?
6
Why is there always a huge discrepancy between the low unemployment rate and actual reality?
I can walk around nearly every commercial district in Austin and see quite a number of help wanted signs.
But the question is: how could anyone with a college degree, student debt, rent to pay, and possibly children to support be able to live on what these jobs pay? These jobs are subsistence jobs: they provide a bare minimum wage, but won't keep a roof over your head. They're the jobs teenagers who needed pocket money had forty years ago. So what if there are hundreds of these jobs? They are worth less than zero to adults.
Where are the jobs that pay a realistic living wage and provide full benefits? Because those are the jobs that the country needs. But those are the jobs that are scarcer than hen's teeth.
Let the teens have those low-wage jobs again. This economy must create jobs that pay living wages and provide benefits for all adults who have educations and adult responsibilities.
15
I couldn't agree more with all the 20 something's still living at home and the cost of living going up on average 15% a year. Locally, the economy is horrible with the younger male suicide rate at a record high!
2
"Mr. Ryan said Friday’s report suggested that there simply aren’t many workers left to attract. ... “With jobless claims at 45-year lows, there’s really not a lot left on the sidelines,” Mr. Ryan said. “We’re at full employment.”"
In other words, none of these jobs were in the coal industry...
13
So instead of blaming The last administration for his so called inherited mess, Trump should be grateful for Obama's economic policies for the ongoing recovery. Premature rate increases and this proposed tax cut "elephant" may well slow it in the future however.
12
Slow it? It may well sabotage it. Along with the ridiculous tax cuts, which will ultimately become social program and federal investment cuts, the Republicans are deregulating Wall Street like crazy. That means hot markets, bubbles and, ultimately, a crash. But the next time around, the government won't have the resources to bail out the slime class.
4
Re-hiring jobs lost to Hurricanes is not creating new jobs. Offering minimum wage is not growing the economy. Most of the "new jobs" are low age fast food jobs, not careers for most. Being truthful shows the same time period in the last few quarters of Obama's was 1.8 vs 1.4 in this administration.Trump tries to take credit for the boom created by Obama as his own..More "now you see it..now you don't" policies.
14
The low unemployment rate, the corporate profits at all time highs, the sheer amount of money corporations have in off-shore accounts make liars of Trump and the Republicans who want their current tax plan to become law.
If anything, corporate tax rates should be increased and pass through income be taxed as ordinary income. Less national debt will Make American Great Again. If Trump had the money from U.S. sources, he might not be Putin's puppet now.
22
John San Francisco - Really? During the Obama years the national debt doubled, by $10,000 billion, now you're advising Trump to lower the national debt? Otherwise he's a Putin stooge? Whose stooge is Obama then?
1
It's all about the economy. Thanks, President Trump.
4
Wait until the stock market crash that's coming (already in the works, in case you haven't been following what the filthy rich are doing) that makes what happened in 2008-2009 look like a walk in the park.
Thanks Obama for the economy you left us. Thanks for appointing Janet Yellin to head the Fed. If only you hadn't been obstructed by Republicans, these numbers would be so much more robust. And, no thanks Democrats for not campaigning on this economy in 2016. Wake up and start taking credit!
27
Good thing that trump hasn't passed a single bill that would affect the economy.
Ain't it.
9
And why do we need at tax cut to "stimulate" the economy? Seems to me that it is coming along by itself
23
Rwality Check over all job market actually shrinking last 17 years. As baby bommers retire those skilled jobs gone unfilled. Skill jobs at top of the manufactoring base like tool an die makers an model makers continue to go unfilled. Skills once passed down from the talented model makers lost to off shoring of these jobs. Seems to be obsessed with numbers of low paying non skill pat time wage earners who contibute little to taxs . Over all job market real story should read incredible shrinking work force of jobs pay living wage. Washington should be more concern with how it spends defecit on imports because no one twisting arm to buy those imports.
8
So then, a continuation of the general trend line that's been in place since 2011 (as can be plainly seen on the chart).
Glad to see it, but let's not overstate the case for the current administration here, commenters (or are we still to assume these are the "real numbers" while all those preceding are "fake")?
2
Completely meaningless. We were already at full employment after Pres. Obama saved the country from the big mess Dubya left us in. *Now* the main metric for progress would be rising wages and reduced income and wealth inequality. But we're still not seeing any of this - and certainly won't if the Republicans' latest tax giveaway to the rich ever passes.
24
I doubt we're at "full" employment since the economy is gradually going thru a restructuring...and with all the mantra on "efficiencies, scale" yet trying to maintain decent margins, keep in mind that our U.S. productivity rate has been slow since '04...NO uptick...so there's less (per) hour labor productivity which then correlates to slow wage growth...there's more like benefit cost increases, though full employment is not happening...even for certain stratas of the white collar...
Let's be happy with some more good news!
Not only that, consumer confidence is higher.
Fewer people are on food stamps.
Stock market is doing well.
Consumer confidence is higher.
Buy American promotes US businesses
Regulations are being cut.
The housing market is doing well (like you said, only 3% have houses over $500,000.)
Unemployment rate has dropped significantly.
He signed legislation promoting women in entrepreneurship
Our military doesn't have to go through as much red tape to make decisions.
His administration is working on sending education back to the states.
It's easier for vets to choose their own doctors and be covered.
There's a plan to lower taxes.
Smaller government.
Good news....
I just wish petty insults would stop on twitter on all sides. EVERYONE should hold themselves to a higher standard there.
3
-- CHIP program providing health insurance to low income children ended, no talks on the table to renew
-- Republicans intend to increase national debt by at least $1.5 trillion over 10 years
-- Republicans intend to gut Medicaid (pays for the majority of elderly seniors' nursing home care after spend-down provisions are met) and then attack Medicare and Social Security
-- Republicans have already succeeded in damaging the availability and cost of health insurance available under ACA
-- Use of SNAP benefits down because many states have passed mandatory drug testing to qualify for benefits as well as cutting the rate of benefits
-- Health care costs still out of control at allegedly "not for profit" hospitals although they employ fewer people for lower wages and benefits than paid before the Great Recession was officially declared in late 2007, while health insurance costs continue to increase beyond the ability of many single people and families to afford coverage, even on the Federal exchanges
-- There is NO "legislation" regarding women's entrepreneurship. You may be referring to some useless "executive order" which ordered somebody somewhere do to some kind of study for review at some future time - you know, typical Trump nonsense. Mr. Fake *president doesn't understand the difference between a LAW and an Executive Order
-- United States has become the laughing stock and butt of jokes around the world
This is just a partial list of Trump/GOP "accomplishments."
1
I think it's hilarious that out of that whole list, only three things have anything to do with jobs numbers, and every single one of those is an exaggeration, a distortion, or a flat-out lie.
1
This new tax bill will not help with rebuilding red states affected by hurricanes and floods next year.
4
Thank you President Obama for pulling us out of the Great Recession under the GOP. We miss the security you gave us.
20
How interesting that the unemployment numbers do not count the island of Puerto Rico. As the phrase goes “out of sight, out of mind”. Yet another example of how Puerto Ricans have been treated as second class citizens by the U.S. The Times’ should write an article incorporating those numbers. I feel pretty confident in saying that it would switch that gain to a loss.
10
So...............why do Republicans continue to claim the hyper rich and big multinational corporations need sweeping budget busting tax cuts again? Job creation? The Obama boom continues.
As long as they continue to do essentially nothing until we can restore the presidency to a legitimately elected official and congress to Democratic leadership it is best for them to continue doing nothing.
They could use all the free time to conduct a complete and exhaustive investigation into foreign interference into our elections, and maybe write legislation mandating secure and uniform voting machines for the country to restore faith in our election process.
But no. Republicans do not care about good policy and want cheating in elections. It is their only hope at being in power. The PEOPLE do not want the snake oil and rotten pumpkin puree they are peddling
6
Thank you, President Trump, on the continuing great economic news. And on driving the snowflakes into a frenzy.
4
oh mookie. we know you know that this is still Obamas policies that are keeping the economy going.
one month into the new government year is not the cause. not one piece of legislation forwarded by your guy and made into to law.
like they say in the big leagues, swing and a miss.
2
This means it's time to cut ANY unemployment benefits for people that are out of job for more than 6 months. We have to stop using the term "discouraged" and replace it with "lazy
2
Glad you're happy in your $10 an hour job with no benefits. Cheers, dude!
1
If we go back to monthly job figures over the last two years, the October number looks good, but doesn't stand out particularly. Very similar to October 2015 and September 2016. Without the influence of the hurricane recoveries, what would they look like?
4
Raises have barely matched inflation after 84 months of job growth, record breaking worker efficiencies matched by corporate profits and big stock market gains. The Federal Reserve considers this unemployment number to be full employment. Things seem to be going great for CEO s, corporate executives and the economy in general, something that Democrats knew all along and Republicans now have to admit now that they are in charge of the economy, so why are cutting taxes on corporations by 40%? They have already proven over the last 9 years that any savings they accrue goes right into their pockets not ours.
17
Overall growth, in numbers of jobs and wages, is certainly good news and a trend in the right direction but how is the distribution of these gains working? I never like to hear the word "average" when it comes to wages because it covers up great extremes, from wages nobody can live on to middling wages without health benefits or pensions to CEOs making $10 million with all kinds of perks. Also, in the life of one real worker, a 2.5% raise in hourly wages can be easily offset by a 15% rise in health insurance premiums, not to mention prescription drugs, rents, utilities, gas, milk and bread. Our government does not and should not control the prices of all these necessities or the wages paid to all workers, but it can help in a few ways to distribute the wealth generated by their labor more fairly and beneficially to the society. Raising the minimum wage is one way. A single-payer health insurance program financed by taxes based on income is another way. And using the taxes paid by high-income individuals and highly profitable corporations to directly create public service and public construction jobs is another way. That $1.5 trillion tax cut would go a long way toward a national infrastructure and green energy effort that would pay living wages for millions and lift many more out of poverty.
13
There is a lot of slight-of-hand in alla these tax proposals. The GOP has always yammered-on about the 48 million who don't pay taxes--and that would include me, a retired, low pension person whose SS was robbed by the Windfall Proftis Tax. My yearly income is too low to pay taxes, so if there are 48 million of us, we don't benefit one iota, AND the cost of living (if you can call it that) goes up and up like the proverbial 5th Dimension balloon.
It's holiday time, so everyone --including the Post Office dept is taking on xmas help. If we added 261K jobs HOW MANY were lost during the same period?
Tax breaks haven't don't anything for the economy before so let's not kid ourselves that they will have an effect this time. The rich get richer, the poor get poorer is still the mottlo the of the modern (and old) world. I see homeless people on the street and there is no hope for many of them to get a tax break that willl have any significant effect on their lives.
I want to see an actual count of the number of SS accounts that actually PAY TAX. Then we will know what the unemployment figures are.
I'm still waiting for somebody (anyone!) to explain to me how the cost of one pound of 75% lean ground beef could increase from $1.99 a pound to $4.79 a pound in less than 10 years if inflation has averaged 2% or less a year during that time???
2
“With jobless claims at 45-year lows, there’s really not a lot left on the sidelines,” Mr. Ryan said. “We’re at full employment.”
I'm glad Mr. Ryan feels that way. As someone who is unemployed because of Donald Trump's actions I'd like to hear Mr. Ryan explain why I can't find a job. I'm in a STEM field. I'm experienced. I have a lot to offer any employer who wants to hire me. Oh, that's right. I'm over the age of 54 and even though our current president is 70, being over 54 means I'm not tech savvy, I'm too expensive, and I'm a baby boomer who expects too much. There are plenty of Americans like me who want to work. Employers don't want to hire us, train us, or pay us. This is not a new problem. Employers prefer to let jobs go begging, even as temp jobs, rather than hiring someone who isn't perfect.
In other words, we're not at full employment. And if we are, those of us who can't find jobs no matter how hard we try, ought to be able to continue to receive unemployment compensation.
43
“As someone who is unemployed because of Donald Trump's actions..”
How, exactly? I’m sympathetic to your current position, so give your comment some credibility by explaining why Trump is to blame.
2
The businesses continually lobby Congress to allow more people with skills like yours in from foreign countries to work for essentially slave wages under the H-B1 visa program. But hey, isn't that how we continue to MAGA?
1
what actions by your president made you unemployed?
I was unemployed and under employed in Westchester for 14 years from 2000- 2014. I am in IT support and was 40 -54 years old during that Time. I kept at it and finally got a full time regular job. Trump was not POTUS during that time. So to blame corporate ageism on your POTUS is a tad bit disingenuous.
1
There were several months of above 259k jobs under the prior administration, so 269k is not unusual p.
Also please list the changes in taxes, corporate deductions, etc from Jan 2017 that attribute to this current number.
More likely it's the continuation of the trends in the economy over the last years. As for higher rates of growth moving forward, measure them after policies and a budget are actually passed.
22
The economy is growing at a positive rate not seen during Obama's 8 long years. Two straight quarters of 3% plus growth. When the cut in the corporate tax rate from an onerous 35% to a reasonable 20% takes effect, expect the growth rate to accelerate. Businesses will expand, jobs will be added, and the unemployment level will fall. That's what we want, right? Unless, of course you are a partisan Democrat who hopes America will reject growth and prosperity in favor of more of the tax and spend policies of failure.
10
You are dreaming. A 35% tax rate is not onerous compared to what other countries demand. And jobs have never been added as a result of a tax cut for corporations. The money has gone to the shareholders, the CEOs, or somewhere else like offshore.
4
We had two straight quarters of 3% growth or better in 2014 (Qs 2 and 3) and in 2013 (Qs 3 and 4).
Most corporations don't pay 35% anyway. Given that they already have plenty of cash on hand, tgem having more money would be unlikely to make a difference.
14
The 35% corporate tax rate paid here in the U.S. is the highest corporate tax rate in the developed world. That's a fact. That's why corporations like the one I worked for in Stamford, CT have been relocating their headquarters to tax friendlier countries like mine did when they moved to Ireland.
More evidence that we don't need tax cuts.
26
Let's hear what all those jobs pay.
36
After the 8 YEAR malaise, Thanks Be we have a president in the white house who focuses on this nation and traditional values....
Thank you, President Trump
10
And which party caused that 8 year malaise LakeLife? Which president presided over the meltdown in 2008? George W. Bush who was a Republican president who left office and left Obama an economy that was falling apart. So you and Trump can thank Obama for the current success.
13
With 3 wives, unscrupulous business practices and campaign advisors under indictment, and multiple manufacturing businesses abroad, I would hardly call Trump a leader of traditional values.
9
What "malaise"?
Jobs were added every single month of Obama's tenure, and unemployment was quite low - unlike his predecessor.
As for "traditional values," you can't be serious that it is a causal here, or that Trump has them.
Honestly, I just can't believe what I read in these forums sometimes.
3
Wow, just think how busy we'll all be after the real Apocalypse.
2
Let's move forward, please.
2
With JeffB comment, totally agree, and to add, starting with NYT's lame coverage to not include in this specific article, U-6 UNDER employment stat and that with recent 3rd qtr GDP..a full composite/graph of labor participation rate (e.g. 765K dropping out of labor force??).... and let's not forget the spike in business inventories from 3rd qtr...typical "ramp up" before 4th qtr...TAKE out this spike of approx. 0.7%..and our growth equates to 2.3%...and when consumers/co's don't at this point tend to buy this inventory gamble via increasing business inventories, our U.S. 1st qtr historically, from '12 onward, sinks to a meager 0.2%, approximate.
Lastly, look at discretionary spend, PCE, savings rate lower at 3.1% from '12 peak of 6.5% which IS unsustainable in our GDP goals, therefore, leads one to ask WHO are these people cutting back and saving and who is spending to lower this critical barometer of our consumer "health"....see correlations with this... specific to lower/mass market/upper mass market sectors, research out there on more credit card debt, etc....seems a viable indicator of our economic outlook due to over reliance on 70% consumer spend in GDP...agree (again) with JeffB...something seems to have to give..the automation/AI/machine learning factors will be a intractable, growing force to fundamentally restructure our economic landscape. .
3
There are other factors to consider here, and the unemployment rate metric isn't as accurate an indicator of true levels of employment as it used to be. But one thing is certain: if Barack Obama were President and the unemployment rate was 4.1%, the Internet would be exploding with the news that Obama was the economic savior of the country. I hope that Times readers will be mindful of this, and not employ the double standard that continues to be used when criticizing the current government.
7
That is an exaggeration, Charlie, and it cuts both ways. The last five years of Obama's tenure saw the unemployment rate drop by more than 5 whole points, and media on the right was crowing about it being a "low wage recovery" throughout (among other vocal attempts to minimize/diminish the progress).
Are there any actual examples of the anyone holding Obama up as a savior when the rate dropped by .1%? It happened many times over, so the data set should be large.
14
No chance Charlie. The Resistance is interested in one thing and one thing only: Donald Trump's Head on a Stick. Anything the even remotely suggests a positive result that can be attributed to the WH is a problem for them. But who cares. They've been relegated to sitting at the back of the auditorium and throwing darts at the screen. They're loud, spiteful, and...thankfully...irrelevant.
Hi Charlie-
I agree with you comment.
Even the NY Times headline uses vocabulary to make sure we do not give any credit to the current President. And, if you continue to read the article it is mostly pessimistic in my opinion. I would find it very interesting to see what the headline editor would have put if President Obama was still president, or even Hilary Clinton and the angle of the article would have been...
Come on NY Times. Sometimes it's hard to have you as my favorite resource for news.
Good day to you Charlie.
We really should account for workers that no longer are eligible for unemployment benefits. They are listed as disenfranchised or no longer seeking employment but in many, if not most cases, they simply cannot find employment. Without counting this segment of the population, we are not getting an accurate picture. The major problem is asking an administration, regardless of political party, to start counting them again as the unemployment numbers would skyrocket.
38
There is a Labor Dept count that includes those numbers but it isn't publicized for exactly the reason you pointed out. Additionally, there is the question of whether active duty military personnel should continue to be part of the equation.
10
We're supposed to go away. If we die or commit suicide out of desperation it's fine. But we aren't supposed to be visible because that would mean someone might have to do something for us. And, as the GOP so eloquently puts it, all we are is failures and moochers no matter how hard we've worked in the past.
7
How about we leave them to take care of themselves and stop providing free welfare? Maybe this will encourage them to find a job.
Do we always need disasters to create jobs? Why not spend the $1.5 trillion tax cut to corporations on infrastructure jobs that will actually make a more permanent and needed impact on making the middle class great again.
43
While there is some value to your point, what us the reality? What percentage of the unemployed are able or willing to do those hypothetical infrastructure jobs? Can a lad off back office insurance company worker be counted as able to pour concrete rebuilding I-80 across the Midwest?
4
Large scale infrastructure projects need people to underwrite their insurance too, not only physically build them.
4
You want to work in a ditch or for Apple? You pick.
The 4.5 unemployment rate is misleading and assumes that individuals coming off unemployment benefits are now working which is far from the truth. These numbers do not account for all those people out of work, still looking for jobs and have no unemployment benefits.
Also, it would be interesting if the article alluded to what type of jobs and industries were added to the economy and where these jobs are located.
41
The unemployment rate that is usually quoted (BLS U3) does absolutely count "people out of work, still looking for jobs", regardless of whether they are receiving/eligible for unemployment benefits. The key factors are if they don't have a job, are available and looking for work (see https://www.bls.gov/cps/cps_htgm.htm#concepts).
There are other measures (namely U4, U5 and U6) that speak to those marginally attached to the workforce or those who have only part-time work and want full-time, but the idea that the standard unemployment measure (U3) is directly connected to unemployment benefits is mistaken.
A change in the receipt of unemployment benefits does not affect whether a person is counted as unemployed. Everyone without a job and actively looking for work is counted in determining the unemployment rate, regardless of whether or not they receive benefits.
You are incorrect in your statements about the unemployment rate being misleading. The unemployment rate is based on a survey not on the number of people receiving unemployment benefits. https://www.bls.gov/cps/cps_htgm.htm#why
You can also find information on what types of jobs and where the jobs are located from the Bureau of Labor Statistics (www.bls.gov)
Please, someone ask Donald Trump who is going to fill all of those jobs he says his tax cuts are going to create? Why not spend some ( a lot of) money on job training?
11
Very little hope for job retraining. Just like drugs, many victims of their education and personal choices do not want to kick the habit with the hard work of really learning a challenging job through really hared retraining. Best to work on stopping the bleeding (triage) with more training in the middle and younger workers.
3
Reality check spending is the question an how the government spends is the solution. Take into account what the government has spent tax money on last twenty years would be good start in changing governments ability to waste. Unfortently no one in government that is accountable or has accesse to real numbers But if one ask right question it could stop the spending on imports government concumes record amount ,killing jobs in usa that pay living wage.
Drug habit is all about supply in usa ,Untill law enforcement makes it priority to stop supply young people doomed. Solution would to make reward system where neigbors could turn in drug dealers nation wide . Funded by federal government an controlled by highest level law enforcement fbi. Cant see anything more important then stop poisoning of our children in streets.
You guys need to stop impeding Trump's progress.
Resistance is childish.
Contribute, guide and cooperate is more appropriate
22
Well whadya know we got us some fake numbers - oh wait that is only if Obama was in office. My bad....
8
"You guys need to stop impeding Trump's progress.
Resistance is childish.
Contribute, guide and cooperate is more appropriate."
If only you and other Republicans had the same attitude when Obama was President...
6
These numbers are misleading now, they were misleading under the transition, and they were misleading under Obama. The Labor Dept won't collect and disseminate data that indicates a clear picture of our multi-job, no-health-insurance, no-pension, market-blown-IRA, old-and-out-at-40-is-the-new-65, still-Walmart-greeting-at-80-is-the-new-65, low-paid, part-time, H1B'd, illegal-under-the-table, Starbucks, Uber, gig-restricted employment environment until mandated to by law. Choices are: don't worry, be happy, or be afraid, be very afraid.
6
On the surface, these numbers sound great however I believe we are fooling ourselves in looking at the same tired metrics we've used for decades to explain our new world economy. While jobs might seem plentiful and unemployment low, jobs that pay a living wage and that offer even minimal benefits are not. Health care, housing, food costs are all higher with wages at stagnate 1980 levels. We need a new set of metrics that help us understand the true main street economy from a middle class worker perspective and not through the lens of Wall Street. It would paint a very different picture.
102
This data has been used for generations and still applies. Nobody should aspire to a minimum-wage job. Sadly, many seem uninterested in bettering themselves via college or job training. I have no idea how people raise children when working full-time at Speedway or Wendy's, but not my problem. I worked my way through college and grad school and was no richer than any of these people, trust me!
4
If the media were honest, they'd be talking about just that Jeff.
4
Totally agree!