Broker of the Week Oanda - Read Full Review

Free Top Brokers Comparison Service

HELP ME CHOOSE START QUIZ

What the Trump Scoreboard says about the economy of the past four years

[ad_1]

MarketWatch created the Trump Scoreboard four years ago to keep track of the performance of a president who deemed he alone could fix an unequal American economy. While data from the last three months of 2020 and January are yet to be reported, the information we do have tells the story of an economy that continued to grow steadily under President Trump until a deadly pandemic upended the global economy. Here are a few takeaways.

Mass layoffs in 2020 erase all job gains

The impact of mass layoffs due to the pandemic skews the total number of jobs lost during Trump’s four years in office. Three million jobs disappeared, all of them destroyed early in the pandemic when employment fell by a record 22 million.

Until February 2020, job creation had remained relatively consistent with the previous three years. Jobs added totaled 6.8 million between February 2017 and February 2020. During the previous three years under President Obama, more than eight million jobs were added.

The median number of jobs created each month during Trump’s first three years in office gives a better indication of how the economy performed under his administration. The median gain each month totaled 197,000, a bit higher than the 186,000 monthly median during President Obama’s two terms. 

By comparison, the median monthly increase in jobs was 61,000 under George W. Bush and 252,000 under President Bill Clinton.

Wages remained steady until the pandemic

Median wages rose steadily through Trump’s first three years in office, but that also changed dramatically during the pandemic. The loss of so many lower-paying jobs inflated wage growth and even now hourly pay is up 5.2% compared with a year ago. Typically wages increase about 2% to 3% a year.

Just like with jobs, median changes in wages give a better indication of Trump’s first three years. Median wages grew 3.3%, on par with the Bush presidency. Median wage growth during Obama’s two terms in office was about 2.2%, about one percentage point lower.

The only constant — student debt

While other economic measures such as GDP, the trade deficit and homeownership were all extremely volatile in 2020, student debt continued to rise steadily even during the pandemic.

From Trump’s first quarter in office to the third quarter of 2020 (the latest data available), student debt rose by more than $254 billion and now sits at just above $1.7 trillion. 

Similarly, student debt rose by more than $300 billion during Obama’s second term to roughly $1.4 trillion.

[ad_2]

Source link

We will be happy to hear your thoughts

      Leave a reply

      Trading foreign exchange on margin carries a HIGH LEVEL OF RISK, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose.

      Advertiser Disclosure: Brokerspilot.com helps investors across the globe by spending over hours each month testing and researching online brokers.

      How do we make money? Our partners compensate us through paid advertising.

      While partners may pay to provide offers or be featured, e.g. exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site.

      Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data.

      Disclaimer: It is our organization’s primary mission to provide reviews, commentary, and analysis that are unbiased and objective.

      While Brokerspilot.com has some data verified by industry participants, it can vary from time to time.

      Operating as an online business, this site may be compensated through third-party advertisers.

      Our receipt of such compensation shall not be construed as an endorsement or recommendation by Brokerspilot.com, nor shall it bias our reviews, analysis, and opinions.

      en_USEnglish
      Best Forex Brokers Reviews
      Logo
      Reset Password
      Compare items
      • Total (0)
      Compare
      0