Ruby Rose WestonJun 7, 2024
Robert Reich

Unemployment has been at or below (mostly below) 4% since the end of 2021.

4 years ago, Trump called it "joyous" &"stupendous" that unemployment was only 13.3%.

In the "booming" Reagan years, unemployment averaged 7.5%.

Pres. Biden is presiding over historically strong growth.

Jun 7, 2024 at 2:59pmWeb
Show threadLe Monolecte 😷🤬🐧 Jun 7, 2024

@rbreich

The unemployment rate alone explains nothing.
A low unemployment rate may well be accompanied by a strong withdrawal of workers from the regulated market if conditions there are too poor, to the benefit of the informal sector.
It may also conceal a declining population or a sharp increase in work incapacity.

Show threadLe Monolecte 😷🤬🐧 Jun 7, 2024

@rbreich

Sometimes it's just a sign of a change in calculation method, too.

Show threadNicklas Johnson 🏳️‍🌈Jun 7, 2024
@rbreich
Now if only we could get the news media to maybe mention that instead of constantly banging on about inflation being all of 1% above target and desperately trying to convince everyone they're destitute, despite all evidence to the contrary.
Show threadVoronJun 7, 2024
@rbreich yippee everyone is working harder for less 👏 👏 👏
Seriously though messages like this just piss people who are struggling off
Show threadOld Man in the ShoeJun 7, 2024

@rbreich

Silly to compare today to 4 years ago, a lot of us are going to see through this and realize it's a COVID year. Trump sucks enough on his own without inventing things.

Show thread🅺🅸🅼 🆂🅲🅷🆄🅻🆉:~$ ▓Jun 7, 2024
@jenzi
Trump took office when it was at 4.2% and left office at 6.9%. So you dont have to compare one year alone.
@rbreich
Show threadOld Man in the ShoeJun 7, 2024

@kimschulz @rbreich

He quoted 13% because he used mid-2020.

Show thread🅺🅸🅼 🆂🅲🅷🆄🅻🆉:~$ ▓Jun 7, 2024
@jenzi
It was actually higher at some point but the final number cannot directly be pinned to the pandemic causing it. Most other western countries got back to pre-pandemic numbers father than that.
@rbreich
Show threadCypherdeliaJun 7, 2024
@rbreich How about we shift the conversation to underemployment and stagnated wages?
Show threadKhürt WilliamsJun 7, 2024
@rbreich none of those people have done anything to affect the economy.
Show threadCoyotyJun 7, 2024
@khurtwilliams @rbreich If Biden can't take credit or blame, then neither can Trump.
Show threadKhürt WilliamsJun 7, 2024
@coyoty @rbreich yep. That’s my position. No president can take credit. Presidents don’t pass laws.
Show threadColin KnowlesJun 7, 2024

@rbreich *Another* viral toot comparing the current unemployment rate to the anomalous rate at the peak of pandemic lockdowns?

Trump’s unemployment rate was otherwise comparable to Biden’s. Surely an informed electorate is better than one filled with a different set of lies and half-truths than the opposition.

What happens when someone tries this argument against their Trumper uncle, and they go to Google to find out the truth?

Show threadarceuthobiumJun 7, 2024
@colink @rbreich it’s not Reich’s fault that facts don’t change people’s minds. Economies always grow faster under Democrats and deficits always grow faster under Rethuglicans, but pointing this out has never changed anyone’s mind.
Show threadSlipJun 7, 2024
@rbreich the us media is a disgrace, parroting demagogues while ignoring facts
Show threadMister Moo 🐮Jun 7, 2024
@rbreich Trump rebranded 13.3% unemployment as a positive - and nearly won. He just charged through the controversy, insisted things were great, and it almost worked. What I need to understand is why Joe refuses to discuss an amazing economy in the same kind of glowing terms - ones that are *deserved*. Why do they get to call 13.3% unemployment "stupendous" and we have to call an economy at 4% "very good but with a long way to go"?
Show threadantipaterJun 7, 2024
@rbreich Prester John oversaw unemployment of over 0.5%, but loonie liberals still deny his existence.
Show threadSammyGalenJun 7, 2024
@rbreich The first thing #RonaldReagan did when he became president was to change the way unemployment was calculated by including all members of the military as employed, something that had never been done before. His unemployment numbers were actually higher compared to prior presidents.