NHDP Statement on the Latest Bureau of Labor Statistics Report on New Hampshire
Concord, N.H. - Following the release of the latest data on New Hampshire’s jobless rate from the Bureau of Labor Statistics, New Hampshire Democratic Party Chairman Ray Buckley issued the following statement:
"For months, President Trump and his GOP allies have refused to even consider crucial relief funding proposed by Democrats in Congress, and the result is that tens of thousands of Granite State workers are still unemployed and hundreds of local small businesses have been permanently shuttered in the Trump economy. If you’re a friend or donor of Trump’s, he’s more than willing to find tax breaks and ways to boost your stock portfolio; if you’re a Granite Stater, you’re out in the cold with an anemic recovery that only the man who will go down as the worst jobs president in American history could produce."
Background: It’s increasingly clear that President Trump’s ineffective COVID response has left the New Hampshire economy in crisis. And while Trump relentlessly touts the stock market as proof that the economy is in the midst of a rapid, “V-shaped” recovery, the stagnant recovery that Granite Staters are seeing is anything but that.
Of the 105,000 Granite Staters that lost their jobs in the depths of the pandemic, roughly one out of every four is still unemployed, and the rate of job recovery has slowed every month.
Almost 449 businesses closed between March and July in New Hampshire, with 280 closed permanently.
New Hampshire’s unemployment rate is 6% seven months into President Trump’s economic recovery plan, almost two-and-a-half times the state’s rate at this time last year.
40% of Granite Staters laid off or furloughed at the outset of the pandemic relied on employer-provided health insurance, leaving tens of thousands uninsured.
The recovery has gone so slowly because time and again, President Trump has shown he’d rather pad the pockets of his Wall Street allies than protect American jobs. While Trump has spent nearly four years delivering corporate giveaways and tax breaks to campaign donors, he’s walked away from the negotiating table when relief and a needed lifeline for Granite State workers was on the line.
Trump’s failed COVID economy in New Hampshire is a microcosm of how he’s done nationwide: despite inheriting a strong economy from President Obama and Vice President Biden, Trump has paid no attention to helping hardworking families on Main Street, and it’s those very families who are paying the price with Trump’s pandemic response.
Trump’s failure to get coronavirus under control has hurt America’s labor market recovery and cost millions of jobs compared to other industrialized countries.
5,000,000 fewer Americans are working than when Donald Trump took office.
The unemployment rate is the highest going into an election year and he is the first president to oversee a period of net job loss in his first four years since WWII.
Job growth was slower in Trump’s first three years than it was under the economy he inherited from President Obama.
The job recovery continues to slow, even as only half of the jobs lost have returned. And layoffs continue to mount as over 25 million Americans still rely on unemployment benefits.
Between Early March And Early May, Nearly 110,000 Small Businesses Were Estimated To Have Closed Permanently. “Researchers at Harvard...estimated that nearly 110,000 small businesses across the country had decided to shut down permanently between early March and early May, based on data collected in weekly surveys by Alignable, a social media network for small-business owners.”
Over 15,000 Restaurants Closed Permanently During The Coronavirus Pandemic. “According to stats from Yelp’s website, over 15,000 U.S. restaurants have permanently closed during the coronavirus pandemic.”