>The Great Recession officially ended in June 2009, six months into former President Obama’s first term. The economy continued to shed jobs until the following March. Manufacturing was particularly hard hit, with almost 2.3 million manufacturing jobs—some 1 in 6—lost between January 2008 and March 2010.
>As is the case during recoveries, jobs bounced back, with seasonally adjusted nonfarm employment expanding almost 12% from March 2010 until January 2017, when President Obama handed over the presidency to Donald Trump.
>But during the same period, manufacturing employment grew only 7.7% with manufacturing payrolls virtually flat in the last 21 months of the Obama administration.
>We were told it was the new normal.
>At a town hall in June 2016, President Obama famously said that some manufacturing jobs “are just not going to come back.” He went on to mock then-candidate Trump by saying he’d need a “magic wand” to make good on this manufacturing job promises.
>Months later, as the shock of a President-elect Donald Trump was still being absorbed, New York Times columnist and economist Paul Krugman tweeted on November 25, 2016, “Nothing policy can do will bring back those lost jobs. The service sector is the future of work; but nobody wants to hear it.”
>Well, a funny thing happened—Trump’s policies, and just as importantly, the expectation of Trump’s policies, ignited a manufacturing resurgence.
>In the first 21 months of the Trump presidency, nonfarm employment grew by a seasonally adjusted 2.6%. In the same period, manufacturing employment grew by 3.1%, reversing the trend under Obama when overall employment grew faster than employment in the manufacturing sector.
>Comparing the last 21 months of the Obama administration with the first 21 months of Trump’s, shows that under Trump’s watch, more than 10 times the number of manufacturing jobs were added.
t. econ grad who's made a fucking killing in the market last 2 yrs
