At his news conference Friday night, President Trump rightfully hailed the July jobs report released earlier in the day by the Bureau of Labor Statistics …
At his news conference Friday night, President Trump rightfully hailed the July jobs report released earlier in the day by the Bureau of Labor Statistics showing that the strong economic recovery from coronavirus shutdowns is continuing. And to keep the recovery going, the president announced that, if his administration can’t reach an agreement with congressional Democrats, he will sign executive orders deferring the payroll tax and continuing enhanced unemployment benefits (at an unspecified amount) until the end of the year, deferring payments on student loans, and extending a national moratorium on evictions. Thanks in large part to the president’s determination to put Americans back to work, hiring in July was stronger than the 1.5 million jobs economists expected, with the economy adding more than 1.8 million jobs. That means more than 9 million Americans have returned to work since the coronavirus lockdowns bottomed things out in April. The unemployment rate dropped significantly again as well last month, falling to 10.2 percent — almost a full percentage point lower than June. Double-digit unemployment will soon be a thing of the past and the Trump economy will resume the strong performance it registered before the coronavirus arrived in the U. S. and nations around the world from China. In total, the U. S. economy has regained about 9.3 million jobs over the past three months — the fastest rate of job creation in American history. That enormous record-breaking accomplishment far surpasses the much-touted economic recovery coming out of the Great Recession under the administration of President Barack Obama and Vice President Joe Biden. The Great Recession ended in June of 2009. The following month, there were about 130.5 million jobs in the U. S. It took until September of 2014 — five years and two months — for the Obama-Biden economy to add 9 million jobs (there were 139.5 million jobs in September of 2014). You read that correctly. It took 62 months for the Obama-Biden economic recovery to produce roughly the same number of jobs the Trump economic recovery added in just three months.
