“Yes, there are always multiple intersecting factors responsible for any number of economic indicators across the globe,” Lee told USA TODAY. The chart is a product of CAP using data from the Federal Reserve Bank of St. Louis, according to Lee.
Total nonfarm employees were 145,627,000 in January 2017 and 141,735,000 in September 2020, according to Federal Reserve Economic Data, or FRED, as seen in this chart showing the number of people employed per decade from 1940 onward. The pandemic's arrival is clear on the FRED chart of nonfarm payroll, with 152,463,000 Americans employed in February compared to 130,303,000 in April.
The economic toll of the COVID-19 pandemic wasn't referenced in the CAP chart, but Lee argued such job losses would have been impossible to calculate. People who reported not looking for work within the last four weeks because of the pandemic accounted for 4.5% of this number, according to a Bureau of Labor Statistics household survey.
CAP's assertion that Trump is the worst jobs president in history appears to be true based on available data. Approximately 4 million fewer people were employed from January 2017 to September 2020, according to the most recent publicly available data.
President Donald Trump backtracked Sunday and signed a $2.3 trillion package that combines Covid-19 relief with government funding. His last-minute decision, coming after he caused days of legislative chaos by lacerating a bill his own aides had negotiated, will restore enhanced unemployment assistance that expired Sunday and avert a shutdown that would have begun Tuesday.
The Covid-19 aid package includes additional assistance for small businesses and $600 in direct payments to Americans who earned less than $75,000 in the previous tax year. The amount represented a compromise between Democrats, who wanted larger checks, and Republicans, many of whom opposed additional direct payments.
Trump said in his statement Sunday evening that the House would vote Monday to increase the amount to $2,000 for individuals and that the Senate would likewise “start the process.” In his own statement, Senate Majority Leader Mitch McConnell, R-Ky., made no mention of the promises Trump ascribed to the chamber, including any possible vote on increasing the payment amount.
Instead, McConnell thanked Trump and praised him for his “leadership” in preventing the government shutdown that would have been triggered by his continued refusal to sign the bill. A day before unemployment benefits for millions of Americans were set to expire, President Donald Trump had a different insult in mind: his former-model wife has yet to appear on the cover of a fashion magazine as first lady.
He complained on Twitter from Palm Beach, concerned for Melania's social station on Christmas as Americans hunkered at home, enduring a holiday diminished by pandemic, darkened by the prospect of an imminent government shutdown and shaken by an eerie explosion in Nashville that authorities said was intentional. A day later, as those jobless benefits for gig workers and self-employed Americans were lapsing, Trump was issuing a string of angry messages about his own perceived injustices: the election he falsely claims was stolen from him and the growing roster of people he's upset won't help him reverse it.
The fashion cover gripe came as the President was returning from his golf club in Florida to his oceanfront estate, where somewhere was waiting the massive coronavirus relief package that had been specially flown from Washington for his consideration. Four days earlier, Trump appeared in a video few of his aides seemed to know he was taping to decry the bill, insisting it did not pay Americans enough and was loaded with unnecessary spending.
He did not say whether he would sign the bill, which in addition to renewing certain unemployment programs would extend a moratorium on evictions, revive federal loans for small businesses and provide direct $600 payments to Americans under a certain income level. But it was nevertheless the amount they were promised could arrive next week when officials, including Trump's own Treasury secretary, were lauding the bill they negotiated.
Trump, however, had another date in mind -- and the functioning of other government resources -- on Saturday as he woke up on Boxing Day in a fury over the election results. His anger extended to all three branches of government: he lashed out at the Supreme Court, which has refused to hear his case; Senate Majority Leader Mitch McConnell, who has acknowledged President-elect Joe Biden's win; and his own law enforcement agencies, who have provided little backing to his lies.
“The 'Justice' Department and the FBI have done nothing about the 2020 Presidential Election Voter Fraud, the biggest SCAM in our nation's history, despite overwhelming evidence. January 6 is when Congress will meet to officially ratify the Election College that Biden won; Trump hopes an insurgent effort by Conservative House members and perhaps his vice president will overturn the inevitable.
“It is the day after Christmas, and millions of families don't know if they'll be able to make ends meet because of President DonaldTrump's refusal to sign an economic relief bill approved by Congress with an overwhelming and bipartisan majority,” Biden said. In just a few days, government funding will expire, putting vital services and paychecks for military personnel at risk.
Asked at his club this week about his stance -- which seemed to have nothing to do with the position his administration's negotiators took in the crafting of the package -- Trump has told associates he believes the measure is loaded with “pork,” according to people familiar with the conversations. After paying virtually no attention to the talks surrounding the COVID-19 relief package, focused instead of his futile efforts to overthrow the election results, Trump now appears oblivious to how his demands can be manifested into reality.
Instead, Trump is demonstrating renewed willingness to directly oppose his party's leadership, furious they have acknowledged Biden's victory. Much as he began his political career engaged in bitter feuds with Republican officials, Trump is leaving on sour terms with Majority Leader Mitch McConnell, for whom he now finds little use.
“After spending some time with President @realDonaldTrump today, I am convinced he is more determined than ever to increase stimulus payments to $2000 per person and challenge Section 230 big tech liability protection,” he tweeted. But as lawmakers left Washington this week, there did not appear to be sufficient support for the $2,000 payments, leaving no clear path forward.
On past Christmases, the President has emerged from his Palm Beach vacation to help his wife track Santa Claus through NORAD, an outing that in 2018 led to memorable questioning of a 7-year-old whether she still believed in the big guy. Trump asked, a flash of humor that, this year, he has found little of as he waged a futile effort to overturn an election he lost.
He's also made public his annual address to American service members stationed overseas during holidays past, and usually attends evening mass on Christmas Eve at Bethesda by the Sea, the stone church near Mar-A-Lago where he was married in 2005 (an event that incidentally landed Melania Trump on the cover of Vogue). This year Trump spent the entire festive stretch sequestered at his club or on the golf course, never inviting the press -- and by extension the public -- to see what exactly he was doing.
And he said nothing about the blast in Nashville, which injured three people and seemed to grow more mysterious after authorities revealed the RV was broadcasting a message before it exploded that a “potential bomb would detonate within 15 minutes.” Trump has long been sensitive to headlines that say he's on vacation, aware that for much of the previous administration he complained on Twitter about the expense and optics of a commander-in-chief recreating.
Every day he has been in Palm Beach, the White House has added a highly strange note on his daily schedule alerting readers: “During the Holiday season, President Trump will continue to work tirelessly for the American People. Demographics, for the most part, and to some extent loose monetary policy and fiscal stimulus.
Let’s look at this chart, which shows historical data on unemployment over the past 11 years ending 2019. The narrative presented around this graph covers both the entire Obama presidency and the first three years of the Trump administration.
America was facing a massive crisis because of widespread failures in the financial system and a collapse in home prices. Recently, economist Paul Krugman argued that, in the distant past, most recessions were induced by the Fed to prevent the economy from overheating and to reduce inflation.
The Fed would increase interest rates via various mechanisms in its arsenal to slow economic growth and even put the economy in a recession. Once inflation was bought under control the Fed would loosen the purse strings to stimulate the economy.
Rarely did Americans lose confidence because the Fed was in control, the financial system was functioning, few banks were failing and housing prices while stagnant or even declining, were not collapsing. If you look at the chart, 2017-2019 is an extension of the same downward trend (momentum) in the unemployment rate that began in 2010.
Mural Anti teaches finance at the Mum College of Business, University of South Florida (USF), Tampa. Amid a flurry of tweets criticizing everything from the Supreme Court to the Department of Justice, President Donald Trump again aired his displeasure of the COVID-19 relief package, pushing for a $1,400 increase over what Republican and Democratic leaders had negotiated and leaving the status of the bill uncertain as unemployment benefits for a million were set to expire.
President-elect Joe Biden sharply criticized Trump ’s refusal to sign the bipartisan stimulus bill, calling it an “abdication of responsibility” with “devastating consequences,” in a statement on Saturday. “It is the day after Christmas, and millions of families don’t know if they’ll be able to make ends meet because of President Donald Trump ’s refusal to sign an economic relief bill approved by Congress with an overwhelming and bipartisan majority,” Biden said.
As Trump's criticisms have thrown the future of the relief bill in doubt, temporary unemployment benefits approved in response to the pandemic expired at midnight Saturday, threatening a lapse in aid. “In just a few days, government funding will expire, putting vital services and paychecks for military personnel at risk.
In less than a week, a moratorium on evictions expires, putting millions at risk of being forced from their homes over the holidays.” Andrew Settler, an unemployment insurance expert and senior fellow at the Century Foundation think tank, said the number may be closer to 14 million because joblessness has spiked since Thanksgiving.
After leaving weekly messages with the unemployment agency, McCarthy reached out to the South Fulton mayor’s office, then to his state legislative representative to ask for help. The bill awaiting Trump ’s signature would also activate a weekly $300 federal supplement to unemployment payments.
Trump first denounced the $900 billion relief package on Tuesday, calling it a “disgrace” in a video posted on Twitter. GOP's leaders were also assured by the White House that the president would support the bipartisan legislation, including the $600 direct payments Republicans agreed to.
Trump ’s refusal to sign this bill further delays the first COVID-19 relief in months of Congress repeatedly failed to come together on another stimulus package even as many of the measures and aid began to expire. In addition to wanting to increase the direct payments, Trump called on Congress to “get rid of the wasteful and unnecessary items from this legislation, and to send me a suitable bill,” in his Tuesday video.
Democrats will call House lawmakers back to Washington for a vote Monday on Trump ’s $2,000 proposal, though it would probably die in the Republican-controlled Senate.