Since the economic downturn in the early 2000s, many economists had begun saying that high unemployment was going to be the “new normal.” Then came Donald Trump to show them how wrong they could be.
Trump’s incredible job stats are discussed in a great Bloomberg piece by Michael R. Strain, today, that really shows how the “experts” totally missed the mark in analyzing and predicting the job market and the economy.
“Pessimists thought that prime-age employment would never recover from the Great Recession. This year, it did,” Strain said at the start of his article.
Strain notes that if you end u in any arguments about Donald Trump during your Thanksgiving meal this year, you should also take a moment to remind everyone that we should be thankful for Trump because America is finally back to work thanks to his policies.
“This year, the rate of employment for people between the ages of 25 and 54 — those who are mostly too old to be in school and too young to be retired — has finally recovered from the Great Recession,” Strain wrote.
At the peak in employment in April 2000, nearly 82 people out of every 100 in this age range had jobs. In January 2008, one month after the recession began, 80% of prime-age adults were employed. The rate cratered as employers shed workers, bottoming out at 74.8% in December 2009, six months after the recession officially ended. Prime-age employment showed no signs of recovery for several years thereafter, and only began a sustained upward climb in 2014.
Three months ago, in August, the rate finally hit 80% again. In September, it climbed to 80.1%, officially exceeding the post-crisis peak for the first time, over a decade after the downturn began. Last month, the climb continued, to 80.3%.
This is big news.
But Strain did not stick just with the good news. He went on to point out that the “experts” have been wrong for 20 years on what we should expect out of the economy and jobs going forward.
The so-called “experts” variously insisted that video games were keeping men out of the workplace, that no one had enough skills for today’s job market, and that the job market would never, ever recover because low unemployment was the new normal.
All of that was wrong. Today we have some of the lowest unemployment in U.S. history.
Strain has some great points in his November 26 piece but suffice to say, Donald Trump proved the “experts” wrong. Again.
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