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Yet, in the 28 months since Trump took office, the private sector has created almost 5.2 million new jobs. By contrast, in Obama’s last 28 months in office, jobs in the private sector climbed only 3.2 million.
The accelerated rate of job growth under Trump is widespread, too. Manufacturing jobs climbed 470,000 since Trump took office. They went up by a meager 18,000 in Obama’s last 28 moths in office.
Goods-producing jobs shot up by 1.2 million after Trump took office, compared with a paltry 241,000 gain for Obama. Construction jobs climbed 629,000 under Trump, after a 352,000 gain under Obama.
Over those same time frames, the number of unemployed dropped by 1.7 million under Trump, compared with a measly 327,000 decline for Obama.
“One could argue,” John Mason wrote, “that this behavior points to the fact that the supply side of the economy is driving economic growth and not erratic or hit-and-miss demand side economic policies.”
Mason has hit on the reason why mainstream economists are continually dumbfounded by the strength of the economy under Trump, while they were continually too optimistic about growth under Obama.
They continue to rely on Keynesian economic models that focus on the demand side of the equation. And while Obama’s economic policies were pure Keynesian, Trump’s tax cuts and deregulation have helped unleash the supply side of the economy.
Given that bias, don’t be surprised if mainstream economists continue to be surprised by “unexpectedly” good economic news under the current president.
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