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Friday, July 8th, 2022  - The July BLS jobs report is out, and it shows almost 400,000 jobs created in June, another incredibly strong month.  The very strong recovery continues, despite Russia's aggression and the global inflation it has caused.  NDN's monthly jobs tracker now comes in at: 

33.8m jobs - 16 years of Clinton, Obama

9m jobs - 17 months of Biden

1.9m jobs - 16 years of Bush, Bush and Trump

Biden's 9m jobs is 4 and a half times as many jobs as were created in the 16 years of the last 3 Republican Presidencies, combined.  It is also millions more than were created in the entirety of any of their three individual Presidencies.  Many millions more. Since 1989 and the end of the Cold War, the US has seen 44 million new jobs created.  Remarkably 43 million of those 45 million were created under Democratic Presidents, 96%. 

We put some of this data into a new thread too. 





What this data tells us is that since this new age of globalization began in 1989, a modern and forward looking Democratic Party has repeatedly seen strong economic growth on its watch.  Republican Presidents, on the other hand, have overseen three consecutive recessions - the last two, severe. The contrast in performance here is very stark, it is not a stretch to state that the GOP’s economic track record over the past 30 years has been among the worst in the history of the United States.  

GDP growth tells a similar story:



And look at the jobs created per month over these Presidencies - Rs at just 10k per month over 16 years.  Biden is running at more than 50 times that so far.  Yes more than 50x, and twice as many jobs per day - 18k - as Rs averaged PER MONTH over 16 years. 



Another sign of the extraordinary vitality of the economy, new business formation, continues at very elevated levels.  



Biden is the third consecutive Democratic President to lead the economy out of a GOP President’s recession, and the third in a row to bring down large annual deficits inherited from their Republican predecessor.  Trump’s annual deficit was the largest in peacetime America in the modern era. 



The bottom line is that Democratic policies have repeatedly been able to make globalization work for the American people in this new and challenging age.  GOP policies have repeatedly failed to deliver, as a national party Republicans have repeatedly failed to do their part.  For those looking for reasons why America has not made more progress in this era, reactionary Republican policies appear to be a very good place to start.   

Importantly, there is a growing recognition of both the very strong economic performance of the economy under Biden, and under the Democrats more broadly.  On 2021 being one of the best economic years in recent decades see these analyses by Rob Shapiro, Matthew Winkler, Paul Krugman and David Rothkopf.  For the the bigger asymmetry in performance between the two parties see these smart pieces by David Leonhardt and Mike Tomasky.  NDN has also published a piece which shows 2021 was also a record year for new business formation - certainly one of the best bits of data in a year full of very positive economic news - and a new compendium of our recent work around the Biden Boom can be found here. 

The Washington Post has published a very good editorial talking about the significance of all these jobs being created, writing "The jobs recovery has been unusually strong.....More than 6.5 million jobs have come back in the past year, one of the greatest employment rebounds in U.S. history. Women and minorities have made especially large gains. For all the concerns about the "She-cession" early in the pandemic, women have come surging back into the workforce in recent months, especially as schools and day cares have reopened. Women’s labor force participation, especially for ages 25 to 54, has now recovered as much as men’s. And the share of African Americans working is almost back at a two-decade high."

It is our firm belief here at NDN that the current radicalization of the GOP is intimately linked to its repeated failure to handle the challenges of the post-Cold War era.  The rigid ideological approach of the modern GOP has left it unable to govern in a time of rapid change; and those repeated failures have left many Republicans angry, reactionary and willing to do the unthinkable to stay in or regain power.  The modern GOP has no answers for many of the most important challenges America faces today, and rather than modernizing, adapting, as all institutions must in a time of change, the GOP has decided to fight the future by rigging the system to remain in power while the country and its people drift from their narrow grasp. 

It is why Democrats must fight so hard to prevent Republicans from once again cheating their way into power, and establishing a sustained period of minority rule.  It is not just a betrayal of the great American experiment, but it will guarantee, as the data here strongly argues, a period of extended decline as much needed progress on the big challenges we face will be further delayed. 

This argument – about the success Democrats have achieved through modernization, and the failures of the GOP for their refusal to do so – is at the very core of our presentation, With Democrats Things Get Better.  Our next live presentation is Friday, July 15th. You can learn more about these arguments, sign up to see this next With Dems, or watch/listen to a recording of our June presentation here. 

If you liked this analysis, you will love With Dems.  Join us, and invite friends. All are welcome!

Best, S

 

 

 

 

 

 

 

 

 

                                                               

                                                                                                                                                                   
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