This week Donny is jacked up on America, and he’s telling us all about it. The economy is doing well, the stock market is thriving and you better believe Trump is going to take credit for it.
“This week, the Dow Jones Industrial Average reached an all-time high. Never, ever, has it been so high. In May, the unemployment rate hit a 16-year low. And last quarter, real GDP growth increased to 2.6 percent. Prosperity is coming back to our shores because we’re putting American workers and families first.”
I think it’s hilarious that now it can be used as a metric for his own success, all of the sudden the unemployment rate is relevant again. Perhaps you’re not familiar with the history of Donald and the unemployment rate. I’ll help jog your memory.
Sep. 7, 2012
“Unemployment rate only dropped because more people are out of labor force & have stopped looking for work. Not a real recovery, phony numbers”
Oct. 19, 2012
“7.8% unemployment number is a complete fraud as evidenced by the jobless claims number released yesterday. Real unemployment is at least 15%”
Aug. 11, 2013
“We can rev up this economy like it should be, not with false numbers like 7.4 percent unemployment. But with real numbers.”
May 31, 2014
“Unemployment is a totally phony number.”
June 16, 2015
“Our real unemployment is anywhere from 18 to 20 percent. Don’t believe the 5.6. Don’t believe it.”
Aug. 11, 2015
“Then you hear there’s a 5.4 percent unemployment. It’s really — if you add it up, it’s probably 40 percent if you think about it.”
Aug. 30, 2015
“They show those phony statistics where we are 5.4 percent unemployment. The real number, I saw a number that could be 42 percent, believe it or not.”
Sept. 28, 2015
“I hear 5.3 percent unemployment, that is the biggest joke there is in this country. That number is so false.”
Sept. 29, 2015
“The number is not reflective. I have seen numbers of 24 percent. I saw a number of 42 percent unemployment. … That number is so false.”
Oct. 9, 2015
“They say 5.3 percent employment. The number is probably 32 percent.”
Oct. 11, 2015
“Nobody has jobs. … It is not a real economy. It is a phony set of numbers. They cooked the books.”
Jan. 17, 2016
“Look again, you hear these phony jobs numbers? People that gave up looking for jobs? They are considered employed.”
Feb. 9, 2016
“Don’t believe those phony numbers when you hear 4.9 and 5 percent unemployment. As high as 35 — as in fact, I heard recently, 42 percent.”
March 12, 2016
“The numbers are phony. These are all phony numbers. Numbers given to politicians to look good. These are phony numbers.”
May 24, 2016
“You hear a 5 percent unemployment rate. It’s such a phony number. That number was put in for presidents and for politicians so that they look good to the people.”
July 7, 2016
“The phony 5 percent numbers that we hear about with the unemployment.”
Aug. 8, 2016
“The 5 percent figure is one of the biggest hoaxes in modern politics.”
Nov. 4, 2016
“The terrible jobs report that just came out … you can see phony numbers, 5 percent.”
Dec. 8, 2016
“The unemployment number, as you know, is totally fiction.”
Anyway, let’s move on.
My administration is working tirelessly on behalf of the American people. We have removed regulations, and targeted unfair trade practices that are hurting Americans all over the world. We’re ending the war on coal, and unleashing American energy.
So, this part is true. On February 24th Trump put an executive order in place that directed federal agencies to evaluate existing regulations to eliminate those that could be hurting the economy.
Then he plays hype-man a bit, he goes into the tax plan that we’ve heard about, growing the factories being used in Ohio, Michigan, Pennsylvania, “and other states.” He then spends a bit of time on an immigration bill that has apparently just been announced: this bill (as according to Trump) will “create a merit-based green card system that ends the abuse of our welfare system, stops chain migration and protects our workers and economy.” This bill will state that individuals cannot receive welfare from the United States until they have been a citizen for at least 5 years.
I guess it’s not shocking that the weekly address that has a lot to do with business economics makes some decent sense. Regulations have indeed been getting removed from the market, the stock market is doing well and the unemployment rate, however they go about calculating it, is doing better than it has been. Do we know for a fact that the executive order is the sole reason for the rise in economic health? We do not. And judging by his track record I wouldn’t be quick to assume that it was the case, however, I don’t think it’s hurting either.
Where I become concerned is the idea of his obsession with what is “fair.” There has been word that Trump is set to begin instituting steel tariffs very soon. That’s dangerous, and it’s the best way to destroy that industry. I’m worried that the health of the economy will give the president the kind of blind confidence needed to push for such things without spending adequate time to analyze the potential risk such tariffs present. The steel isn’t alone, either, while information is hard to come by on exactly what it is the president intends to include, most reports on the matter list the anticipation of other goods being a part of the plan.