New Numbers: Largest 1,000 Companies Eliminate 2 Times The Jobs Created Since GOP Tax Cut
President Donald Trump has stated time and time again that he would be "the greatest jobs president God has ever created. "
That's a direct quote. He's made the statement many times over. If you need a refresher, here's a video clip of then president-elect Trump making the claim.
Since Trump and Republicans passed his tax cut legislation last year, Trump has gone on to say that the low unemployment rate and job creation was greatly affected because of this. He cited a few key examples of companies saying they would hire more because of the tax cuts and it looked favorable for him for a few news cycles with his Republican base.
But, according to new numbers, and just one year after the tax cut, it looks like that was all a lie. Here's the real data:
Since the tax cuts were passed, the 1,000 largest public companies have actually reduced employment, on balance. They have announced the elimination of nearly 140,000 jobs — which is almost double the 73,000 jobs they say they have created in that time.
You can't spin this as a positive no matter how you look at it.
Now, jobs is only one data factor in determining the overall strength of an economy, but that is what Trump is relying on for re-election. He needs jobs. And, he didn't say he 'would be the best economic president God ever created.' He said 'jobs.'
The New York Times did an analysis and found that the $1.5 trillion that Trump signed, did, in fact, give the economy a little jolt, but it only did so temporarily.
In comparison with past numbers, it also still hasn't spurred more business investment, which Trump said would happen, too.
What it did do, though, is make people spend more. That will help in the short term, but its long-term effects is still unknown.
In the meantime, don't let anyone tell you that Trump is the jobs president. The numbers just aren't there yet to support that claim.