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How Good is the Trump Economy?

Author : Steven De Nazareth

Updated : June 11th, 2019

To spell it out in his own words, President Trump tweeted, “In many ways, this is the greatest economy in the HISTORY of America.” This poses a question of whether the economy is doing exceptionally well post the Obama administration. This is based on the big difference between the level of economic performance and the direction of change in the economy based on the pace of development.

How Good is the Trump Economy

How much economic activity is needed to provide a level playing field for further expansion? Or could this lead to a drastic recession? Similarly, this should be determined based on the pace of growth.

This can be reviewed on the per-person gross domestic product which is adjusted for inflation which is at its highest ever. Also, there are several workers that tend to become more productive based on the improving technological standards, raising capital and the amount of national machinery.

Numbers Behind the Facts

Numbers

The GDP is set to rise and occasionally dip during a recession. Based on this, it accounts for 60 percent of modern GDP statistics since 1947 as the President claims that its the best it’s ever been. At 3.8 percent, the unemployment level is at its lowest level in 18 years which is at its lowest its been since 1969. But the lowest on record was in 1953 when unemployment was at 2.5 percent.

While looking at these stats, you would realize that 79.2 percent were back at work in May which to some extent is lower than the 80.3 percent high in early 2007 and the highest being 81.9 percent in 2000.

Obama added an average of 195,000 jobs per month while in the first 17 months of the Trump administration, there has been an average of 190,000 jobs. While there are several problems that plague the US economy, the credit for this can be simply seen in the number as there are several opportunities in the offering.

While certain sectors have seen a dramatic rise that has contributed to the growth of the economy on the whole. This includes 223,000 jobs added last month in retail and other sectors which include healthcare. Also, unemployment for college graduates is under 2 percent and only 3.9 percent for those that have only a high school diploma.

Similarly, African-Americans jobless rate has tumbled from 6.6 percent to a record-low of 5.9 percent. This is also the first time that ever that the number of job openings exceeds the number of unemployed Americans.

Moreover, people unemployed for more than 27 weeks has fallen by as much as 476,000 over the past year. To simply explain this phenomenon, you should know that what’s “powering the economy is the economy.”

While in 2000, the last time unemployment was this low was when the participation rate was 67 percent. Also, GDP grew at a robust 4.1 percent while the federal budget saw a definitive surplus. Similarly, the US economy grew at 2.3 percent in 2017 and the budget deficit will hit the $1 trillion mark by next year.

This accounts for rising inequality as wage growth is slower and more people look to work as independent contractors and this gives employers “more leverage to drive down pay cut benefits.”

While jobs seemingly move from one place to another, certain groups would have a higher tax and this revenue would be spent on the remaining groups. The worst possible scenario is if unnecessary regulations are imposed with licensing regulations.

When you look back at the Trump Economy, you would point out the incredibly sensitive policies that have put America back on a strong growth projectile. Whether it’s the 1950s to the Great Recession, the longest a person was unemployed was 21 weeks.

But, this increased in 2011 as the average unemployed length doubled to more than 40 weeks. This would cause most of America’s workforce to stop looking out for work. When it comes down to the math, this is 1 million jobs and an additional 1 million Americans before recession too. So if you take a closer look unemployment averages in certain places grew to 4.2 percent. 

WorkForce Participation Rate Vs Unemployment Rate

While ObamaCare created a class of employers called the 49ers, in which companies decided to stay out of the healthcare reforms. These are companies with fewer than 50 employees that provide health care coverage. Also, another class was the 29ers which worked on limited hours and this reduced further before they were considered full-time employees.

Then the ObamaCare announced the projects of hours worked would represent “a decline in the number of full-time-equivalent workers of about 2.0 million in 2017, rising to about 2.5 million in 2024.” However, there has been a lot of change in terms of the incumbent government’s policy updates that have improved the job cycle drastically.

With this, the economic boom caused by these policies have helped manufacturing jobs but as Obama had remarked once, these jobs would never come back. However, Tony Veland, Director of Business Development for AIM, a local not-for-profit expressed, “The new policies would help train and place people in tech jobs.”

He added, “While low unemployment rates are good news for job seekers, employers are struggling to fill open positions.” This is however not a bad thing as this primarily means that there are new spots open for the current workforce and several opportunities for the individual workforce.

Still Looking For a Job? – FileUnemployment.org

Still Looking for a Job

Are you still unemployed? Then you should consider brushing up your interview skills before you head out for a job interview. Here’s a look at places to find your dream job!

Well, if you still have questions that are still unanswered then you should send your queries to the Community Forums where several experts in the field are sure to help you on your way.

For further information on which state to apply for, you can choose between these 14 states with the lowest unemployment rates.

 

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  1. I applied for unemployment on 8-1 and was approved. I received my letter of eligibility and debit card about a week ago. I did not file my intitial bi weekly claim because I missed the deadline by 1 day (didn’t realize they would be closed on Saturday). When I logged on it said I would have to reopen a claim because mine had been closed. I filled out the online form to deactivate the claim. My question is this: will I have another waiting week? And will unemployment have to contact my employer all over again to verify my wages and go through the entire process all over again or will they just reopen the claim with a new date window to file?

  2. Lost my job in 10/2018 due to plant closure, collected vacation and severance pay. Opened a claim in 1/2019. Got an on the job training job through career link in 5/2019 worked one week and became very sick and was off for two weeks VA could not find anything wrong but gave me medication for the symptoms and an excuse to return to work, prior to returning got a call from my recruiter at career link telling me the position was filled so i did not return. Reopened my claim, a few weeks later got a letter informing me the employer had appealed and said i did not return, had a hearing and the employer did not show but i lost and got a 2500.00 over payment. Got a temp job through an agency but have only worked 4 days in two weeks. Reopened my claim and was told i need to earn 2604.00 from current employer before it can be opened, did i do something wrong? Still applying for work but am days away from losing everything, need income to pay bills. PLEASE HELP

    1. Rodney,

      Your eligibility to claim UI benefits depends on multiple factors including monetary eligibility. If you’ve been officially told about the shortage of earnings, there’s nothing much one can do. If you’re still confident of winning the appeal, please make a strong case.

      1. I live in KY but my base wages were from earnings in GA when I lived there. I’ve exhausted my benefits in KY. Am I able to now file through GA since my earnings through 10/18 came from there?

        1. Dee,

          As much as I am aware, Unemployment Insurance is a one time cycle. Please call the Unemployment Office in GA for more.

  3. The hours at work have been cut due to lack of business for every department.
    So all full-time positions are now part-time.
    How do I file for partial unemployment?
    The only options I see (in Texas) are for full unemployment.

    1. Eric,

      You should be able to claim partial UI benefits. Please consider applying online until full hours are restored.

    1. William,

      If everything goes well, it should not take more than 7-10 business days (waiting week). Please call the Claims Center for more.

  4. I was employed by a VA company for 5 years, my contract ended yesterday (07/31/19), however, I worked remotely for those 5 years and live in FL, which state do I apply to for my unemployment benefits?

    1. Oscar,

      Please check with your employer if they remitted UI taxes into the system. Contract workers are generally not eligible.

        1. Oscar,

          In that case, please go ahead and apply if your employer remitted UI taxes into the system.

    2. You apply in Virginia…however, I worked seasonally and they used a ‘quarter’ that was empty, so even though my employer paid in, I only got a 1/3 of what I should have received. Figured that out later :/ They will also question WHY you aren’t able and available to work IN Virginia. They froze my account for about a month.

  5. I worked 37 years with the same company in Texas. On July 2nd of 2018, I was let go due to workforce reduction. I signed up for benefits several months later and now have drawn my 26 weeks of benefit. Is there any program currently open in Texas or federally that will extend additional money while job seeking?

    1. Lonnie,

      The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

  6. I have been an employee of my company for 34 yrs. My position is being eliminated but I have been offered another position for less money. It is a much more physical job that I am not sure I can perform well. I am 75. If I try to fulfill the position and cannot do it, will I still be able to get benefits if I quit? They want me to try it for a couple of weeks to see if I am strong enough and if I can afford the cut in pay.

    1. Lynda,

      I suggest you call the Unemployment Office to find out about eligibility before making a decision on continuation.

      1. I recently lost my job..i was late for work and they took me off the schedule..never told me i was fired..didnt ask for uniforms back. Another cook was andd has been late for work and he didnt get taken off the schedule.can i still get unemployment?

        1. Kandie,

          Please note UI benefits are only offered to claimants who lose employment due to no fault of their own. You can call the Unemployment Office for clarification.

  7. Are there any training benefits or programs that will pay for an advanced degree, such as a PhD which is needed to become more employable?

    1. There are multiple training programs administered by the Labor Department in each state. For more info, please call visit the official website of the Unemployment Office.

  8. I’m about to exhaust my Unemployment benefits. I was laid off from my first job and
    found employment then I lost my job and became unemployed again. I applied for benefits and have have almost exhausted my benefits but have not found employment. Can I file for an extension?

    1. Deanna,

      The E.U.C(Emergency Unemployment Compensation) remains expired. There is no extension available. Please inquire further with the labor authorities in your state by calling them.

  9. After reading your article it’s still not clear to me about requirements surrounding moving to another state and completing/continuing to collect. I have 8 weeks eligibility left, I am moving from MA to FL. The end of your article says: “Since it’s all virtual (online), you may still consider the option of continuing your claims from the base state even if you move to a different one until completion. As a responsible claimant, it’s your duty to inform the base state about your movement to ensure there are no hassles in the near future.”

    So it sounds like even once I am in new state I am eligible to continue to collect from my base state. I can just continue to do my required weekly job search and reporting to and filing in my base state (I do it via phone call-in). No need to complicate things by doing some crazy state transfer of benefits. Benefits also done via direct bank deposit and no need to change anything. Do I even need to tell my base state I am now living in a new state? Why? Thank you.

    1. Paul,

      For the ease of understanding, each state has its specific rules and laws with regard to administering Unemployment Benefits. It might be an obligation for a claimant to inform about the movement. For clarification, please call the Unemployment Office and speak to a representative.

  10. I was recently fired from my work 25-June-2019/due to me not meeting their “standards/ expectations” i submitted my UE claim on 28-June and have not received any pay as of today, 19-July. The status is currently “adjudication in progress,” my question is, should i be worried this will be denied? I read the FAQ on the UE webpage and it said only a couple applications require the adjudication process. How long does this process usually take to get the final answer of whether I’m denied or approved? The website stated it susuallt takes ~25 days for the adjudication process, does this mean once that’s done then i still have to wait another 2-6 weeks for final processing after? THANK YOU SOO MUCH to whomever is able to provide me with some answers/ input.

    Sincerely,
    Talia
    ** this is my first time ever being fired or having to file for unemployment so i really have nooooo idea what is standard or normal or whatever. I feel like an idiot with my simple questions but it would bring me so much relief having them answered, truly

    1. Talia,

      I can understand your reason for the anxiety. Adjudication is a fact-finding process where both the claimant and the employer will get an opportunity to present their case. During this process, make sure to produce supporting documents that amplify your stance. For all you know, the adjudication can be a lengthy process.

      Best Wishes!

  11. I was permanently severanced from my job due to a Co. Reorg & received my last severance pay last week. I called UE & was told that I should now do my application online since I will no longer be getting funds & still without a job & that this coming Sunday regardless of knowing if I will or will not get benefits yet that I should still file a weekly claim in case of UE back pay.
    So my question is, do I still have to report 4 jobs applied to within this week, even if I do not know if I will be approved/denied for benefits until possibly next week anyway?

    1. Lynda,

      You should continue to report the job applications as long as you’ve been asked to do so. There will be a “Waiting Period” and the first payment will take about 7-10 days after which they’ll flow much quicker. Please call the Claims Center for clarification.

  12. I tried to transfer from one state to another. When I left Montana I was told there would be no problem transferring. When I arrived in North Carolina I had trouble reaching the area manager by phone. When he finally called me back he said to meet him for lunch to discuss when and where I would be working. He did not show up for lunch. Then he never returned any of my calls. I went PA to visit a friend a few weeks later and tried there. I met with the hiring manager and was told there should not be a problem doing the transfer since I was still in the system. I called the store a few times and they said it was still pending. Then I was terminated without even a phone call. Am I eligible for unemployment and if so do I file in Montana or North Carolina. I still have a Montana drivers license but I am living in NC.

    1. Stacey,

      As long as you were unemployed involuntarily, you should be able to claim UI benefits. Please consider applying.

  13. I have worked for 32+ years and recently have become unable to work due to health reasons, so I have had to resign from my job. I have contacted SS and will be able to apply for disability but it will take awhile to process. Can I apply for unemployment benefits? I live in WV.

    1. Sandra,

      UI benefits are only extended to claimants who lose their employment due to involuntary reasons. Please reach out to the Unemployment Office for more.

  14. I had to quit my job at Walmart in Fairmont West Virginia and moved back to my home state ky, I’ve got a son with drug problems and 3 older sisters that are not doing so well in health cause of their age. I didn’t understand about the transfer part they had at Walmart that I could put a date when I could start back because of my car problems I thought when I left I had to go in like in s few days, I’ve applied here at Walmart in Winchester ky 40391 two times already plus dollar store, speedway, truck stop, bp, a few other places it’s been going on 7 months without a job I live with my son and its getting harder on him paying rent and utilities and food, not to mention our personal hygiene stuff I really need help I have no income coming in to help him and his wife out I get foodstamps and Medicaid I was praying I could qualify for unemployment PLEASE HELP!!!

    1. Vicky,

      I can understand your situation. Unfortunately, UI benefits are only extended to claimants who lose employment due to involuntary reasons. Please call the Unemployment Office for further clarification.

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