Whoa: Former Obama Adviser Makes an Interesting Admission About Trump's Economy

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Posted: Sep 05, 2020 10:10 AM
Whoa: Former Obama Adviser Makes an Interesting Admission About Trump's Economy

Source: Twitter/Screenshot

When the Wuhan coronavirus struck the nation, unemployment was at record lows, particularly for Hispanics and blacks. Americans were enjoying a roaring economy. They had more money in their pockets after the Tax Cuts and Jobs Act. All of that came to a halt when the White House Coronavirus Task Force, headed by Vice President Mike Pence, asked Americans to stay home to help stop the spread of the virus. It was part of the "15 days to slow the spread" campaign. The goal was simple: to prevent the medical system from becoming overwhelmed. Since then, some states and municipalities have stayed on lockdown. The goal posts have moved. Instead of preventing the medical system from becoming overwhelmed the goal is now to prevent everyone from getting sick.

Despite the challenges – especially in areas of the country that are predominantly ran by Democrat governors and mayors – the economy is starting to rebound. Americans are going back to work. In fact, in August, the economy added almost 1.4 million jobs, a sign that things are looking up. 

Things are starting to look up and everyone is noticing, including one of President Barack Obama's former Economic Advisers, Jason Furman.

"In rough terms, three million jobs created this month, according to the household survey. All of those jobs are people returning from temporary layoffs. That's good news. That's the healing. That's the reopening. 8.4 [percent of unemployment] is certainly lower than I thought we would get the unemployment rate by the summer," Furman explained during an interview. "[It's] lower than even I thought it would be at the end of the year."

How can former Obama advisers not notice the stark difference? According to the Bureau of Labor Statistics, the unemployment rate in January 2014 – under President Obama – was 6.6 percent. In January 2020 – under President Trump – unemployment was significantly lower, at 3.6 percent. That's almost half.