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In 2019, Black unemployment fell to 5.9 percent, a historic low. That same year, the poverty rate for all Americans plummeted to 10.5 percent, the lowest since 1959.
Since 1981, federal budget deficits have increased under Republican presidents Ronald Reagan, both Bushes, and Trump, while deficits have declined under Democratic presidents Clinton and Obama. The economy ran surpluses during Clinton's last four fiscal years, the first surpluses since 1969.
The poverty rate was also the second highest under Obama. To his credit, though, he has the fourth-lowest unemployment rate — a stark contrast from Bush. Inflation was also low during his years ...
The total unemployment claims filed since the beginning of the pandemic have moved up to 51 million, and the situation is still not optimistic since the complete reopening keeps being postponed. [77] A record 4.3 million people (2.9% of the workforce) quit their jobs in August which is the highest quit rate since the report began in late 2000. [78]
Unemployment and inflation levels began to rise in the early 1970s, reviving fears of an economic recession. In the past, the country's economic policy had been defined by the Employment Act of 1946, which encouraged the federal government to pursue "maximum employment, production, and purchasing power" by cooperation with private enterprise.
Black unemployment, however, remained much higher than the overall unemployment rate of 4.4%, which in June inched up from a 16-year low. And, it was greater than the white unemployment rate ...
Additionally as of September 2012, the long-term unemployment is the highest it had been since World War II, [84] and the unemployment rate peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%).
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