Some people claim they’ll vote Republican this election because the economy isn’t great right now: high gas and food prices, higher interest rates, uncertainty about the future.
But looking at presidents historically, Democratic presidents outperform Republicans by fairly large margins on job creation; income growth; and economic growth.
According to Gigafact, under Bill Clinton, the U.S. economy added 18.7 million jobs, a 15.7 percent gain. Under Obama, 8.9 million jobs, a six percent gain. Under George W. Bush, the U.S. added 5.7 million jobs, a 4.2 percent gain, and in the first three years of Donald Trump’s term, we added 6.6 million jobs, a 4.4 percent gain.
We shed almost three million jobs through January, 2021 due to the pandemic, making Trump the only president to lose jobs during his single, four-year term. Under Joe Biden, 10 million jobs have been added since his presidency began, according to NDN.org.
Newsweek research says Democratic presidents grow the economy historically much better than Republicans in every economic indicator. Since 1933, nonfarm jobs increased by 2.8 percentage points under Democratic presidents compared to one percent under GOP presidents. Similarly, income and economic growth grew at 4.6 percent annually under Democrats compared to 2.4 percent under Republicans.
We may cling to what gives us comfort, but the numbers don’t lie.
Too many Republicans in office today are focused on the wrong things in this economy. They embrace extremist and divisive issues instead of trying to pragmatically improve the lives of working families.
Democratic Party spending didn’t cause higher inflation. Prices have risen worldwide because of uncertainty about the future of democracy with Putin’s war in Ukraine, which has caused oil, gas and grain shortages to ripple around the world.
The stock market will likely continue to roller coaster through gains and losses over the next few years as we transition into a new, made-in America manufacturing mode and a green, sustainable energy environment.
Recently I’ve seen Republicans attempt to take credit for legislation Democrats passed with little or no Republican Party support. Two examples are the Biden administration’s passing the Bipartisan Infrastructure Deal which will grant us (finally!) a new Brent Spence Bridge, better roads, and clean, safer water systems. The Inflation Reduction Act— which not one Republican voted for—provides for a 15 percent corporate tax rate, lower drug prices; clean, innovative energy; and jobs of the future.
We can readily admit the Ohio GOP has been historically a poor fiscal steward. The DeWine administration acknowledged its unemployment compensation fund owed the federal government $2.1 billion in 2021 and 2022 because of state underfunding, fraud and technology failures.
When the American Rescue Plan Act distributed $5.36 billion to Ohio to shore up its cities and communities, $1.5 billion of that deficit disappeared overnight. Poof!
The Ohio GOP should be saying, “Thank you, President Biden, for helping us cover up our bad fiscal management.”
Ohio Republicans today are too extreme to fix the economy. They still insist on cutting taxes for rich corporations, though the only trickle-down effects that result from that strategy are stock buybacks and more yachts for the one-tenth of the one percent. Republicans focus more on holding onto power than passing legislation that will provide Ohioans good jobs, excellent public schools, affordable healthcare and clean air and water.
And that’s what Ohioans need right now; vote Democrat to get them.
Kathy Wyenandt is the chairperson of the Butler County Democratic Party. For more information, visit https://www.butlercountydems.org
Sources:
job creation. Gigafact. Austin Tannenbaum. “Have more jobs been created under Democratic presidents than Republican presidents over the past 30 years?” Feb. 26, 2021.
10 million jobs have been added. NDN.org. Rosenberg, Simon. “October Jobs Report – Economy Remains Strong and Dynamic, 10m Biden Jobs.” Oct. 7, 2022. October Jobs Report – Economy Remains Strong and Dynamic, 10m Biden Jobs | NDN
Newsweek. Fearnow, Benjamin. Newsweek. “U.S. Jobs, Income, GDP Growth ‘Startlingly’ Higher Under Democratic Presidents: Analysis.” Feb. 2, 2021.
Bipartisan Infrastructure Deal.. The White House. Nov. 6, 2021. Fact Sheet: The Bipartisan Infrastructure Deal – The White House
Inflation Reduction Act. The National Law Review. Aug. 24, 2022.Breaking Down the Inflation Reduction Act (natlawreview.com)
owed the federal government $2.1 billion. Columbus Dispatch. Bischoff, Laura. “Ohio’s unemployment compensation system: 85 years of boom-and-bust cycle for the fund.” Sept. 23, 2021. Timeline: Ohio’s unemployment compensation fund over 85 years (dispatch.com)