September 4, 2020 Press Releases

AZ Dems Statement on Trump’s Failed Economy, Latest Unemployment Numbers

FOR IMMEDIATE RELEASE 
Friday, September 4, 2020

CONTACT: Tyler Cherry, tcherry@azdem.org

AZ Dems Statement on Trump’s Failed Economy, Latest Unemployment Numbers

PHOENIX — Today, the U.S. Bureau of Labor Statistics released the August jobs report, which revealed that millions of Americans are still out of work, the unemployment rate is more than double pre-pandemic levels, and job growth has slowed. Despite this, Donald Trump and Republicans continue to stonewall Congressional negotiations on financial relief for working families.

In response, Arizona Democratic Party spokesperson Tyler Cherry released the following statement: 

“Donald Trump’s disastrous leadership continues to cost hardworking Arizonans their lives and their livelihoods. Today’s unemployment numbers reflect a failed economy of Trump’s own making that was working best for the ultra-wealthy and well-connected even before the pandemic hit. Instead of negotiating with Congress to give working families the help they need, Trump is peddling baseless conspiracy theories on Twitter, stoking hate and division in our communities, and prioritizing tax giveaways for big corporations. Arizona families have suffered for six long months under Trump’s chaotic pandemic response, which has fueled an historic recession and created uncertainty for families navigating the new school year. Arizonans deserve a president who will get our economy back on track by getting us back to work and back to school safely — that president is Joe Biden.”

BACKGROUND ON TRUMP’S FAILED ECONOMY 

Promise: “We built the strongest and most prosperous economy in the history of the world. And we will do it again very, very quickly. It’s happening already […] Together we will restore our economy quickly.” [Trump Campaign Rally, Phoenix AZ, 6/23/20]

Reality: 1.6 million Americans filed new unemployment claims last week. For 24 consecutive weeks, more people have filed for unemployment benefits than during the single worst week of the Great Recession.

Reality: As many as 29 million Americans are receiving some form of unemployment relief – more than quadruple where we were a year ago.

Reality: Americans have filed nearly 60 million initial claims for unemployment since the pandemic began.

Reality: The unemployment rate is still higher than the peak of the Great Recession, and would be even higher if not for misclassification issues in the data.

Reality: GDP fell by an unprecedented 31.7% annualized rate last quarter — more than three times the previous record.

Reality: More than 100,000 small businesses have closed for good, with Black-owned businesses shutting down at twice the rate.

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