President Trump’s bragging about the historically low unemployment rate fires up his rapturous followers as proof of his economic genius.
His claim will, no doubt, be chanted mindlessly during his re-election campaign.
This braggadocio demands investigation.
Trump’s economy is riding the wave of President Obama’s economic recovery from the worst recession since the Great Depression.
On Obama’s watch, unemployment dropped from 9.9 percent in 2009 to 4.7 percent in 2016.
Presently, under Trump, the rate has dropped to 3.5 percent, equaling only a decrease of 1.2 percent over four years, certainly no proof of economic genius.
Plus, counting unemployment as currently at 5.8 million – is an inaccurate, albeit “fake,” indicator of real job conditions.
To be counted by the Bureau of Labor as unemployed, one must be unemployed, available for, and seeking work only within the prior four weeks.
This count excludes another 4.8 million not in the labor force who want and need a job.
They have stopped actively looking for reasons including being discouraged by the inability to find one that covers child care, basic living costs, or lacking skills.
Adding these folks to the unemployed rate raises the unemployment rate to almost 7 percent.
Trump’s followers beware: his claims of economic genius are greatly exaggerated.
Sylvia Meyer
Port Angeles