Lowest Unemployment Since Eisenhower

[1blackman1]

3.4%

And you right wing nuts will still claim the Biden economy is the worst in history. Oh and that Trump tax cuts are the impetus for this staggeringly highest jobs increases.

Oh and unemployment for minorities are at or near record lows. Well if you exclude slavery I suppose because blacks were pretty near full employment then.

[Tiny]

Originally Posted by 1blackman1

3.4%

And you right wing nuts will still claim the Biden economy is the worst in history. Oh and that Trump tax cuts are the impetus for this staggeringly highest jobs increases.

Oh and unemployment for minorities are at or near record lows. Well if you exclude slavery I suppose because blacks were pretty near full employment then.

Yeah, that was the case pre-COVID too. Minority unemployment was the lowest since they started keeping records, and overall unemployment at 3.5% in January and February, 2020, was the lowest since the late 1960's.

Part of the reason might just be because the changes in corporate taxation in the Repbublicans' Tax Cuts and Jobs Act (TCJA) encouraged companies to invest and add jobs in America, instead of other countries. That's one of the reasons why wise Democrats like Joe Manchin and Kyrsten Sinema prevented their colleagues from raising taxes and undoing the the TCJA.

[1blackman1]

Poor Tiny.

[1blackman1]

Is 3.4 less than 3.5?

Asking for a mathematician?

[Tiny]

Oh wow. You just totally decimated my argument. And showed that yes, you do understand the concept of "less than."

The labor force participation rate was 63.6% in February, 2020 versus 62.6% today. Some people decided they don't want to work any more.

[1blackman1]

That’s possible.

And 3.4 is less than 3.5.

[Texas Contrarian]

Originally Posted by 1blackman1

Is 3.4 less than 3.5?

Asking for a mathematician?

It is, slightly -- but I won't be surprised if you tell us that a few more times, since perhaps that will make you more confident that we all understand.

However, do you not grasp that if the labor force participation rate drops by a full percentage point, the unemployment rate (all other factors being equal) will drop by a lot more than 10 bips?

And do you not understand what generally happens shortly after the unemployment rate drops to a level close to an all-time low, or even a cycle low?

Check this graph:

https://fred.stlouisfed.org/series/UNRATE

(Note that the shaded areas represent recessions.)

Notice anything?

Of course, this time it might really be different!

(But that's what they always say, isn't it?)

[farmstud60]

Originally Posted by 1blackman1

Is 3.4 less than 3.5?

Asking for a mathematician?

Nope, it is statistically meaningless.

[Jacuzzme]

LOL at pretending the Biden administration is doing well steering the economy. Unemployment is meaningless when half the country has to chose between buying gas or buying food.

[1blackman1]

Originally Posted by Texas Contrarian

It is, slightly -- but I won't be surprised if you tell us that a few more times, since perhaps that will make you more confident that we all understand.

However, do you not grasp that if the labor force participation rate drops by a full percentage point, the unemployment rate (all other factors being equal) will drop by a lot more than 10 bips?

And do you not understand what generally happens shortly after the unemployment rate drops to a level close to an all-time low, or even a cycle low?

Check this graph:

https://fred.stlouisfed.org/series/UNRATE

(Note that the shaded areas represent recessions.)

Notice anything?

Of course, this time it might really be different!

(But that's what they always say, isn't it?)

So you agree that 3.4 is less than 3.5. Hence, lowest unemployment rate since Eisenhower.

Good job Biden.

[Jacuzzme]

Fact of the matter is that these technical issues are meaningless. Any small gains, numbers that can be manipulated to say whatever the author wants, are destroyed by the ridiculous cost of basic necessities.

[adav8s28]

Originally Posted by Jacuzzme

Fact of the matter is that these technical issues are meaningless. Any small gains, numbers that can be manipulated to say whatever the author wants, are destroyed by the ridiculous cost of basic necessities.

The high prices are caused by two things.

1. Trumps mismanagement of the pandemic led to supply chain problems.

2. Putin invading the Ukraine. Didn't Texaszapper predict that Russia would win the war in 4 months?

3. Incomes are up for jobs that don't require a college degree. At the local Quick trip gas station in North Dallas an assistant manager can make $60,000 to start with no experience. This was not the case four yrs ago.

[Tiny]

Originally Posted by adav8s28

The high prices are caused by two things.

1. Trumps mismanagement of the pandemic led to supply chain problems.

2. Putin invading the Ukraine. Didn't Texaszapper predict that Russia would win the war in 4 months?

3. Incomes are up for jobs that don't require a college degree. At the local Quick trip gas station in North Dallas an assistant manager can make $60,000 to start with no experience. This was not the case four yrs ago.

Adav8s28, Perhaps you could expand on "1". I can see how Trump's trade policies, which were kept in place by the Biden administration, led to supply chain problems. But if anything, his push to reopen after COVID lockdowns faster than, say, China would have alleviated global supply chain problems.

You fail to note the Democrats' American Rescue Plan, which caused inflation to kick off in the USA months before it did in the rest of the world.

[Jacuzzme]

Originally Posted by adav8s28

The high prices are caused by two things.

1. Trumps mismanagement of the pandemic led to supply chain problems..

Such horseshit to justify your own hatred of the guy. The US did about as well as anywhere else, if you’re going to condemn Trump then you’ve gotta condemn every world leader. If Trump fucked anything up, which I believe he did, it was by giving in to Faucci, and other so-called experts, and shutting down the economy. The only rational response was in Sweden, who didn’t shut down at all.

BTW, why did more people die from Covid under Biden, even when he was handed several vaccines? Here’s a hint: Covid is gonna Covid, and there isn’t a damn thing we could’ve done about it. We sacrificed our economy, which could take a generation to recover, for nothing.

[1blackman1]

God job Biden, way to bring us back from high unemployment when you took over to a low we have not seen since Eisenhower, before I was born, more than 50 years ago. Even lower than the unemployment number Trump bragged was the sign of the best economy in the history of economies. Black unemployment at a record low number. Hispanic and women unemployment and labor market participation near records numbers.

Time for some recognition. so here it is. GREAT JOB BIDEN