Jobless claims haven’t been this low since 1969. President Trump is taking the credit, and he isn’t all wrong. Bills he has signed and regulatory actions he has taken have helped unleash businesses to hire more, pay more, and in the end make life better for workers.

Where Trump errs is in taking direct credit. Trump’s interventions in the economy, his tariffs to protect favored manufacturers, and the subsidies he has advocated for some industries or employers have boosted fortunes in the short term for a few jobs. But they haven’t on the aggregate improved the jobs picture. That’s because government intervention generally can only reshuffle resources and jobs, while only economic growth can enrich and empower the working man.