Recent history shows that America knows how to create jobs – if the economy is competently managed. Democrats know that the real job creators are customers, and that most customers come from a healthy middle class.
- During the Clinton years – the 8 years from March 1993 to March 2001 – over 22 million jobs were created – the best 8-year period of continuous job creation in our nation’s history.
- In contrast, during the Bush years from March 2001 through March 2009, less than zero net jobs were created – the worst 8-year record for job loss in our nation’s history.
- With a return to Democratic policies under President Obama, job growth has returned to Clinton levels, unemployment was cut in half and is back at historical levels.
- Unfortunately, the lost decade with zero job growth under Republican policies opened up a jobs gap of nearly 20 Million jobs in our economy.
- The Tax Cuts and economic policies of the Trump Administration have caused the debt to skyrocket but have done nothing to accelerate job growth – which continues at the same rate of 200,000 new jobs per month that we saw during the last 6 years of the Obama Administration.
WHY HAS JOB CREATION CONSISTENTLY BEEN SO MUCH BETTER UNDER DEMOCRATS?
Republicans believe that our economy is being held back because wealthy people do not have enough money. They believe that the key to economic growth is to depress wages and lower taxes to increase business profitability, so that business and their owners will reinvest these profits to produce new jobs — the same old ideas that used to be called “Supply Side” or “Trickle-Down” economics.
While Republican policies have resulted in greater business profits and record stock prices, steering wealth to the top few percent while burying our country in debt, this has not resulted in more American jobs. The reason for this is that the wealthy have kept their capital on the sidelines, invested in economically unproductive assets like jewelry or multiple summer homes, and invested a growing fraction of their wealth offshore — often in foreign businesses that compete against American jobs. This situation will only get worse under Trump’s proposals.
Democrats Believe that our Economy is Demand-Limited. They understand that the key to economic growth is the consumer demand from healthy hard-working American families, leading to the growth of American manufacturing to meet that demand.
As a scientist and businessman, who started a manufacturing company that now provides hundreds of jobs and has kept those jobs in the Midwest, Bill Foster understands that the real “Job Creators” are Customers, and that Democratic policies have consistently created more jobs by supporting demand for products from a healthy middle class.
The debate will go on, but the historical facts support far higher job growth with reduction of federal deficits under Democratic policies.