One of the few hopes Donald Trump has to win this election is a 2008-style sudden collapse of the economy. Sadly for the Orange Buffoon, the much-derided Obama recovery continues to build to a crescendo.
The Department of Labor's report shows that September was another solid month, adding 156,000 new jobs. This makes September the 75th consecutive month of job growth, an unprecedented record in American history.
On top of this, unemployment went up from 4.9% to 5%, reflecting a long-awaited increase in people looking for jobs (I know, higher unemployment being good is counter-intuitive but there you have it). This means that people who had given up looking for work have renewed their efforts.
And it's been a good year overall for job growth:
The nation has added 178,000 new jobs in the typical month this year, roughly double the pace necessary to keep up with population growth.
With a prolonged period of reliable hiring, the labor market has helped push the U.S. economy through an otherwise lackluster stretch. Layoffs are at a four-decade low, wages are rising, and consumers are steadily pumping their newly earned money back into the economy.
Even worse (for Trump), the labor participation rate increased to 62.9%. A little context here: When Obama took office in the middle of the financial crisis, Republicans were Very Concerned about the unemployment rate. When Obama lowered it, they instead became Very Concerned about the "real" unemployment rate, using a metric no one has used in decades. When the "real" unemployment rate plummeted as well, Republicans suddenly became Very Concerned about the labor participation rate that was rapidly decreasing as Baby Boomers retired. Republicans left that last part off for some reason.
It all sounds very technical and boring but the bottom line is that the Obama Recovery is doing exactly what it's supposed to do: Be stable, if not fast. Sure, creating an economic bubble to create jobs looks good on paper and both Democratic and Republican presidents have resorted to this tactic for good PR, but bubbles pop and Obama decided not to do that. Instead, he gave us an economy that barely stuttered when China's economy went into a tailspin, the price of oil plummeted and large parts of the European Zone kept dipping in and out of recessions.
Unsurprisingly, the Trump campaign's official statement on the report is one long lie; neglecting a few crucial points about the report such as while a chunk of the new jobs were service industry jobs, "the most notable gains came in the professional and business services sector — a category that includes accountants, engineers and architects, and where the average hourly wage is $30.93. Those positions accounted for more than one-third of America’s job growth."
But we're supposed to believe this jobs report is terrible because Trump exists in an alternate reality. Believe him. He's got the best plans to make America great again. They're tremendous plans.
Trump promises fantastic job growth, magical wage increases and a giant wall all without a single idea how to make it happen. He complains that four years of Hillary would be four more years of Obama's economy. But looking at the actual economy and not Trump's made-up one? I can only respond "YES, PLEASE! 4 MORE YEARS!"