No Trump Bump, Jobs At Risk
July 6, 2017
Since Trump’s election there has not been an economic boom, rather just steady growth that began before he took office. On top of fading economic forecasts, the Senate health bill Trump endorsed could slash hundreds of thousands of jobs and stunt growth in the healthcare industry.
The truth: There is no Trump Bump, and jobs are at risk.
Vox: Hundreds of thousands of workers could lose their jobs if Senate health bill passes
“The Congressional Budget Office estimates 22 million fewer Americans would have insurance under that plan. But health coverage isn’t the only thing at stake. The Senate bill could slash hundreds of thousands of jobs and stunt growth in an industry that has boosted post-recession job creation.”
New York Times: Hopes of ‘Trump Bump’ for U.S. Economy Shrink as Growth Forecasts Fade
“Wall Street forecasters have been busy lowering their growth estimates for the second quarter, which ended last Friday, much as they were forced to do over the first three months of the year. Economic expansion for the full year now appears unlikely to be much greater than 2 percent — about the average for the current recovery, which celebrates its eighth year this month.
“While hardly terrible, it is not the burst of growth — a ‘Trump bump’ — that many expected to result from an upturn in consumer and business sentiment after President Trump’s election.”
New York Times: Confidence Boomed After the Election. The Economy Hasn’t.
“After Donald J. Trump won the presidential election, Americans' optimism about the economic future soared. But midway through the year, that optimism has not translated into concrete economic gains… For all of business executives’ apparent enthusiasm, the nation is adding jobs more slowly in 2017 than it did in 2016, and investment spending by businesses is growing modestly; new orders for capital goods are up only 0.7 percent so far in 2017.”