The New York Times misreported major aspects of President Donald Trump’s economic agenda in its reported article that reads more as an editorial—“Trump’s Push to Bring Back Jobs to U.S. Shows Limited Results.”
“From tax cuts to relaxed regulations to tariffs, each of President Trump’s economic initiatives is based on a promise: to set off a wave of investment and bring back jobs that the president says the United States has lost to foreign countries,” the Times starts out, while then narrowing in on a few, cherry-picked anecdotes that ignore positive macroeconomic conditions achieved under President Trump’s tenure.
In a story about job creation, the Times makes no mention of record-low unemployment achieved during the Trump administration, including among women, black Americans and Latinos.
The Times mentions deregulatory efforts in passing in its lead paragraph, but then doesn’t actually report anything about deregulation and its positive effect on the economy. The Times fails, for example, to mention the White House’s Council of EconomicAdvisers (CEA) estimating an approximate $3,100 benefit per household resulting from regulatory reform. This estimated benefit amounts to a huge pay raise for each family.
The Times’ Jim Tankersley also makes no mention about wage growth, especially for those on the lower end of the economic scale. According to the Bureau of Labor Statistics, median weekly earnings for all workers in the second quarter 2019 increased by 3.7 percent over the year.
And Heritage Foundation analyst Adam Michel wrote for the Foundation For Economic Education–facts that the Times ignores–about how in April, “the unemployment rate for Americans with a high school degree fell to the lowest rates since before the Great Recession.
Unemployment for workers with disabilities fell from eight percent to 6.3 percent over the last 12 months, the lowest level since the measure began in 2008 …. Following the 2017 tax cuts, the growth rate for average hourly earnings began to tick up, and over the past year, average hourly earnings rose by 3.2 percent. That’s a raise of roughly $1,400 in a year’s take-home pay. Before 2018, wage growth hadn’t reached three percent since 2009. The recent wage gains have been largest for those who need it most.
For the last six months, wage growth for production and non-supervisory workers outpaced the average for the entire economy. In the past year, wage growth was 6.6 percent for the 10th percentile of workers with the lowest incomes, according to the Annual Report of the Council of Economic Advisers. That’s double the 3.3 percent growth rate for workers at the top of the income distribution.”