At the end of March, 2018, 15 months into the Trump administration, the amount of jobs created were 2,931,000 or 188,700 per month. That was lower than the last year of the Obama Administration and lower than any of the last three years of that same administration. By the end of February of 2018, the unemployment rate 4.4% or approximately .3% lower than in 2016. That is also with the $2 trillion tax signed into law. In fact, In fact in the first three years of the Trump Administration the unemployment rate dropped from 4.7% to 3.5%, a 1.2% decline. When Trump left office the unemployment rate was 6.9%, it is now 3.6%. In June of 2009, the unemployment rate from the Bush-Derivative Great recession had ballooned to 10%. When Obama left office it was 4.7%, a decline of 5.3% or cut by more than 50%.
The growth of the GDP in 2017 was 2.33%, way below the projected 4-5% that was predicted by the Trump economic team. Wages grew at 2.5% in 2017. Also, the price of a gallon of gasoline, before the Trump Pandemic, topped out at an average of $2.90 in May of 2019.That was the highest price in five years. That was before the surge in demand and the war in the Ukraine.
As of April 1st of 2022, in the last 15 months of the Biden Administration there were 7,976,000 jobs created or a monthly average of 531,700. The unemployment rate was 3.6% or 18% lower than the Trump Miracle first 15 months.
Wages grew at 4.4%, the fast growth since 1983, and the GDP for all of 2021 grew at 5.7% or almost 2.5 times the Trump growth rate of 2.33%. The last quarter of 2021 grew at 6.9%. Both annually and in the last quarter, this was the greatest increase in the GDP in over 30 years.
According to a 2017 survey, many large corporations said that they didn’t need the money from the Trump administration’s tax cuts. They were sitting on a record $2.3 trillion in cash reserves, double the level in 2001
.Instead of using the money from tax cuts to increase production, create more jobs, or raise wages, the CEOs of Cisco, Pfizer, and Coca-Cola instead planned to use the additional cash to pay dividends to shareholders. The CEO of Amgen would use the proceeds to buy back shares of stock. As for the tax cut and jobs act of 2017, according to a study by the Booking’s Institute, May, 2020- the Trump Tax Cut did not pay for itself, nor is it likely to do so in the future.
Accordingly in January of 2021, the real unemployment was 25.5% or 15%.