September Jobs Report - Economy Remains Strong and Dynamic, 43m Dem Jobs

Friday, September 2nd, 2022  - The September BLS jobs report is out and it was another very encouraging jobs report - 315,000 new jobs.  Despite the many headwinds the US economy remains remarkable strong and dynamic as we transition now from a COVID recovery to a Biden expansion.  

The NDN monthly jobs tracker clocks in at:

33.8m jobs - 16 years of Clinton, Obama

9.7m jobs - 19 months of Biden

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

Biden's 9.7m jobs is 5 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 and other 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. 

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.

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 will be sometime later in September. You can learn more about these arguments, sign up to see this next With Dems, or watch/listen to a recording of our July presentation here

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