The Deplorables’ ‘Yuuge’ Jobs Win

Deplorables Boom: The much-stronger-than-expected jobs report showed once again why presidential promises matter. Under current policies, the so-called deplorables are having their day when it comes to jobs and wages. Wasn’t that what Donald Trump promised in 2016?


Yes, October’s jobs numbers were real humdingers. Not only did companies hire 250,000 workers, but unemployment remained at 3.7%, a 50-year low, for the second month running. Some 711,000 people rejoined the workforce during the month. The total number of Americans employed, now at 156.562 million, also set another record. And no major industry cut jobs last month. None.

Today, as we noted recently, there are some 7.1 million job openings, but just over 6 million unemployed. There are in fact more jobs now than there are job-seeking workers to fill them. That’s something that’s never happened before.

Deplorables Have Their Day

All great news. But what about those that Trump promised in 2016 to “make America great again”? Those in the middle of the country, minorities, factory workers, average people? They’re doing perhaps best of all.

Let’s look at the numbers. Since Trump gained office, 4.4 million new jobs have been created. A big slice of that came from manufacturing. We were assured by any number of experts in recent years that manufacturing was “dead.” But in October some 32,000 new manufacturing jobs were created, for a total of 446,000 since Trump took office.

Boom Times For Factories

If you’re a factory worker, these are the best times in years. Indeed, since Trump entered office, 19,000 new factory jobs have been added every month. In the previous four years, the average was 8,000 a month.

Those who earn a weekly paycheck have discovered something unusual. Their pay is actually rising. Weekly earnings during October grew 3.4% from a year earlier, while average hourly earnings increased 3.1%, the fastest since 2009. If you were a production or nonsupervisory worker, your earnings rose even faster, by 3.2%

Teen unemployment has been a chronic problem. But it now stands at just 11.9%. That’s the lowest since December of 1969, the year Woodstock took place.

Minority Workers: Record Jobs

OK, but what about minority workers? In October, the unemployment rate for Hispanic-Americans stood at just 4.4%. Go ahead and look back at the records. It’s never been that low before.

African-American unemployment, meanwhile, stood at 6.2% for the month — only a few tenths of a percentage point above the all-time low of 5.9% set last May.

Asian-American joblessness remained at an ultralow 3.2%, also near its record low.

Yes, these are great times for all those forgotten Americans that Hillary Clinton once dubbed “deplorables.” Indeed, the economic surge since Trump took office could justifiably be called the Deplorables Boom.

How can we keep this Deplorables Boom going? Simple. Make the tax cuts permanent. Keep deregulating the economy. And encourage the Fed not to hit the brakes on interest rates and send the economy into a fatal skid. So easy even Washington can do it.


Credit Supply-Side Trumponomics For Revived Wage, Productivity Growth

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Originally posted 2019-09-19 23:24:13.


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