THIS DOESN’T GET MUCH PLAY IN THE FAKE NEWS PRESS; WHY IS HARDLY A MYSTERY:
Trump’s economic advantage within the Democratic base.
The unemployment rate stayed at historically low levels of just 3.7 percent. Simultaneously, labor force participation continued to rise, reaching 63.2 percent, while average hourly earnings have increased by 3.2 percent over the last year.
For the large majority of Americans, these are the real economic variables, the DJIA or GDP being relevant only in so far as they affect these basic household ones. The reason is simple: For a prolonged period, having a job has been a dicey question for too many.
It is through that prism, and particularly in comparison with this recent past, that the current economy looks so good for Trump.
Comparing August 2016, President Obama’s eighth year in office, Trump’s economy looks strong. Just three years ago, unemployment was 4.9 percent, the number of unemployed were 7.8 million — almost 2 million more than today.
Fewer Americans working then: 151.6 million versus 157.9 million today. To cap it, in August 2016, hourly wages had increased just 2.4 percent over the previous year, compared to 3.2 percent today.
As formidable as Trump could be running against the economic history of his predecessor, he could be even more so running against the economic theory of his challenger.