Today’s jobs report shows how Bidenomics is delivering for America’s hardworking families — bringing us to nearly 14 million jobs created since President Biden took office as part of his agenda to grow the economy from the bottom up and middle out, not the top down. President Biden is delivering where Donald Trump failed — Trump’s MAGAnomics agenda slashed taxes for the wealthy and big corporations as they shipped jobs overseas and raised costs on hardworking families.
Under President Biden’s leadership, Bidenomics is delivering. Just this month, Bidenomics created 150,000 good-paying jobs for hardworking Americans across the country – that makes nearly 14 million jobs added under President Biden’s leadership.
Axios: “U.S. adds 150k jobs in October as labor market cools”
Yahoo Finance: “‘This month’s report shows 150,000 jobs added last month, that brings the total since President Biden came into office to 14 million,’ US Acting Secretary of Labor Julie Su says. ‘Bidenomics is really working for American workers and also for the economy.’”
Meanwhile, Trump failed American families with his MAGAnomics agenda — which resulted in the worst jobs record in modern American history.
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”
Job growth staggered under Trump well before the pandemic.
Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”
Bloomberg: “Job growth was slightly slower in Trump’s first three years before Covid than it was during the last three years of the Obama administration, when the economy added 2.7 million jobs a year on average. Under Trump, that average was 2.2 million, until this year’s tumult more than wiped out the gains.”
Let’s not forget Trump’s tax cuts for the ultra-wealthy and big corporations helped send the deficit skyrocketing to a historic high.
Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”
Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.”
Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”
And Trump’s reckless trade policies wreaked havoc on the manufacturing industry — decimating American manufacturing and incentivizing companies to ship American jobs overseas.
Brookings: “So over the years of the Obama administration there was a gradual recovery in manufacturing jobs and hours worked. Trump managed to destroy that through his ill-advised tariff tantrums in a short two years and put manufacturing into a recession.”
Bloomberg: “Another signature Trump policy, the trade war with China, actually hurt some of the manufacturers and farmers it was supposed to help. The Tax Foundation estimates if tariffs remain, 179,800 full-time equivalent jobs could be lost.”
Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve.”
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