Now, this is truly a first for a Republican President in modern times.
One of the co-founders of the Black Entertainment Network, Robert Johnson took time on the Kudlow Show on Friday to praise President Trump for the current economic boom the U.S. is facing, while at the same time stressing that the GOP tax cuts are the main reason why the unemployment of Black America is at an all-time low.
More on Johnson’s comments via The Daily Wire:
“You’ve never seen African-American unemployment this low and the spread between African-Americans and whites narrowing,” Johnson said during a CNBC interview on Friday. In December, unemployment for blacks reached the lowest percentage (6.8%) in its recorded history.
“Business is very good,” Johnson said when asked about the economy by “Squawk Box” co-host Jor Kernen.
“I believe that if you take into account the Trump tax cut, you take into account the drop in unemployment and particularly unemployment for African-Americans, it’s the lowest it’s ever been in history. And you take into account the fact that interest rates are fairly stable, they will probably drift up, but so far,” he said.
“And I think the business community is committed to reinvest capital that they get from some of the tax advantages and that as a result of that, I think the economy is going to grow.”
“We’re about the 21st largest car dealership group in the country. People are still buying cars as interest rates are favorable,” the entrepreneur said of the business. “Hotels seem to be coming back, business travelers are going back on airplanes and traveling and staying in hotels. That works for us. And there’s still capital out there to raise in the private equity field,” he added.
Johnson explained that all of these policies, in total, have led to black unemployment dropping about 4-5 percentage points. “That’s a pretty good testament to the fact that there are a lot of jobs out there looking for people who are traditionally underemployed,” he said.
As noted by The Hill, “Johnson attended Harvard Business School with the president’s new senior economic adviser Larry Kudlow, a former CNBC contributor who was tapped by the president to replace Gary Cohn last month.”
“I’m glad he’s in D.C., I’m going to call and tell him, ‘Welcome to D.C.,’” he said of Kudlow.”
The 71-year-old Johnson became the first ever African American billionaire when he sold his BET network to Viacom. He currently owns the asset management firm based out of Maryland, RLJ Companies. Some of his companies also include car dealerships, which he stresses are selling a lot because of the current low-interest rates while at the same time adding that the hotel and travel area is also roaring back with a vengeance since people are traveling more because of the positive economic outlook.
More on the African American unemployment rate via Breitbart:
“In the month of December, the unemployment rate for black Americans dropped to just 6.8 percent, which is the lowest ever recorded. Prior to this month, the previous record was 7.4 percent in 2000.
The government has been tracking unemployment by race for 45 years, since 1972.
The Hispanic unemployment rate remains at a near record low of just 4.9 percent, up just a bit from the record of 4.7 percent in November of last year.
White unemployment sits at 3.7 percent, while only 2.5 percent of Asians are unemployed.
The overall unemployment rate is just 4.1 percent.
The number of jobs created in December was 148,000, which is lower than expected. Jobs are the lagging indicator in any economy, so with all the other numbers moving up, hopefully job creation will soon follow.
Average hourly earnings rose 0.3% from the previous month, and are up 2.5% when compared to last year.
With unemployment so low, job growth should mean wage gains. More jobs than people looking for them puts employees in the driver’s seat. Also good news for workers is the Trump administration’s crackdown on illegal immigration. This can only mean better wages and more job opportunities, especially for unskilled, entry, and blue-collar workers — those who have been left behind more than any other group.”
Glad to see somebody finally admit it. I am sure Johnson will be called an “uncle tom” and a “traitor” by the African American community but it’s not easy to ignore the fact that the numbers don’t lie. Black America is doing better than ever before and business is coming back with a vengeance. And the fact that more and more businesses who went abroad decades ago are now heading back to set up shop in the U.S. is also a major plus.
No matter how much the American Left tries to convince people otherwise, President Trump is doing a pretty damn good job. He is reducing regulations by the minute and untying the hands of the mighty American economy which has been tied since the 60’s when businesses started setting up factories in Asia instead of staying in America.
All and all not bad, not bad at all Mr. President.