Sparks flew between Donald Trump and Marco Rubio at the most recent Republican presidential debate — well, a bit more than sparks. It was like dueling blowtorches. After Trump said he was the candidate who brought immigration as an issue to the table, Rubio reminded Trump that he was the only candidate to be fined for hiring workers illegally. Trump retorted that he’s the only person on the stage to hire people.
Trump put the figure at how many people he’s employed in the tens of thousands. While he’s been loose with numbers in the past, this is one of those figures that Trump actually has to know to do his job.
As CNN Money reported, the amount of jobs attributable to Trump is in fact in the tens of thousands.
A CNNMoney analysis calculates at least 34,000 jobs attributable to the Donald.CNNMoney turned to PrivCo, which researches and tracks privately-held companies. According to PrivCo, the Trump Organization has 22,450 employees and brought in $9.5 billion in annual revenue last year.
But that’s not the whole picture. There are likely other jobs that might not exist without Trump. Economists call this the “multiplier effect.”
New York’s Broadway shows are a good example. Visitors who come to see shows, may stay at least a night or two at New York City hotels and spend money at restaurants and stores. So any analysis on the economic and job impact of Broadway takes into account more than just ticket sales and employment of actors, singers and stage hands.
The state of New York says that “leisure and hospitality” companies like Trump’s typically have a 1.5 multiplier effect.
Using that multiplier, the Trump Organization is responsible for about 34,000 jobs.
Trump does exaggerate a bit – and there is one statistic related to his business that his critics are right to criticize:
Trump claims his personal wealth is $10 billion, although Bloomberg calculates it at $2.9 billion.
Does this mean Trump will be the “greatest jobs president God ever created,” as he puts it? Creating jobs through economic policy is much different than doing so through entrepreneurship, but you can’t deny his record on this one.
[Note: This post was authored by The Analytical Economist]