The Great Recession officially ended in June 2009, six months into former President Obama’s first term. The economy continued to shed jobs until the following March. Manufacturing was particularly hard hit, with almost 2.3 million manufacturing jobs—some 1 in 6—lost between January 2008 and March 2010.
When Barack Obama was president, he had glumly resolved that the American economy was not going to come fully back for quite some time. When he listened to candidate Trump’s claims of a Trumpian economic boom, Obama mocking asked if Trump had a ‘magic wand’ to create new jobs. In Obama’s mind, he could not possibly conceive of a restored economy coming about by anything that he, Obama, was capable of doing.
Flash-forward to 2018, and the Stock Market has already set and broken nearly a dozen all-time high records. New jobs added under President Trump are TEN TIMES the amount that President Obama was able to add during the same time period. Ten times! Guess Trump knew where the ‘magic wand’ was after all. He found it in the Oval Office storage closet in a box Obama had marked ‘Capitalism, throw in trash’.
President Trump added ten times the amount of jobs is his first 21 months than Obama did during his last 21 months, after having all that time in office. That’s not just a difference, that’s a landslide of a difference.
The Trump Manufacturing Jobs Boom: 10 Times Obama’s Over 21 Months
FROM FORBES: As is the case during recoveries, jobs bounced back, with seasonally adjusted nonfarm employment expanding almost 12% from March 2010 until January 2017, when President Obama handed over the presidency to Donald Trump.
But during the same period, manufacturing employment grew only 7.7% with manufacturing payrolls virtually flat in the last 21 months of the Obama administration. We were told it was the new normal.
At a town hall in June 2016, President Obama famously said that some manufacturing jobs “are just not going to come back.” He went on to mock then-candidate Trump by saying he’d need a “magic wand” to make good on this manufacturing job promises.
Months later, as the shock of a President-elect Donald Trump was still being absorbed, New York Times columnist and economist Paul Krugman tweeted on November 25, 2016, “Nothing policy can do will bring back those lost jobs. The service sector is the future of work; but nobody wants to hear it.”
Well, a funny thing happened—Trump’s policies, and just as importantly, the expectation of Trump’s policies, ignited a manufacturing resurgence.
In the first 21 months of the Trump presidency, nonfarm employment grew by a seasonally adjusted 2.6%. In the same period, manufacturing employment grew by 3.1%, reversing the trend under Obama when overall employment grew faster than employment in the manufacturing sector.
Comparing the last 21 months of the Obama administration with the first 21 months of Trump’s, shows that under Trump’s watch, more than 10 times the number of manufacturing jobs were added.
Three things likely sparked this manufacturing jobs spike.
First, eight years of the Obama Administration’s piling on regulation upon regulation, from labor rules, to the Clean Power Plan, to the implementation of ObamaCare, placed industry into a defensive crouch. Business leaders were fearful of investing capital, not knowing how the federal rules might capriciously change, thus wiping out their expected return on investment.
That defensiveness ended in November 2016 when the expectations of additional regulatory burdens under a prospective President Clinton vanished. Not coincidentally, manufacturing employment started its sustained upswing the very month of Krugman’s tweet.
Second, the Trump Administration’s deregulatory practice exceeded expectations, with red tape being cut at a faster clip than achieved under President Ronald Reagan 36 years earlier.
Third, with the Republican Congress, President Trump delivered on a major overhaul of the tax code, including a significant cut to business taxes as well as a change to the treatment of overseas profits that incentivized the repatriation of some $300 billion in the first quarter of 2018 out of what the Federal Reserve estimates is $1 trillion in multinational profits held abroad. READ MORE
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