Posted on 04/07/2023 5:05:43 AM PDT by MtnClimber
Whatever the Bureau of Labor Statistics reports today about job growth and the unemployment rate, you can bet that President Joe Biden will use it as an opportunity to brag about his superb handling of the economy. The one thing Biden is good at is lying with statistics.
Biden will probably claim that he’s overseen a record number of new jobs – the most in history. The press will dutifully regurgitate White House talking points.
But the numbers getting bandied about these days about job growth and unemployment are wildly misleading because they ignore important bits of context. Such as:
The pace of job growth slowed considerably once Biden started “rescuing” the economy. It took just nine months under President Donald Trump for the economy to regain 57% of the 22 million jobs lost during the COVID lockdowns. It took 17 months under Biden to regain the other 43%.
The economy was adding jobs at an average of 1.3 million a month in Trump’s last nine months in office. In the first nine months of Biden’s term, job growth averaged 620,000. As a result, job growth is now behind the pace set by most recoveries since 1948, according to the Minneapolis Federal Reserve Bank. Nearly three years after the COVID recession officially ended, we are still just 2% ahead of the previous employment peak. At the same point after the 1981 recession, there were 3.5% more jobs. Three years after the 1969 recession, the job market was 5.7% bigger. The jobs picture would be far worse had it not been for Republican-run states that defied the Biden administration’s intrusive COVID policies. By mid-2022, red states were 350,000 ahead of their pre-COVID highs, while blue states were still 1.3 million jobs short of where they were before the COVID lockdowns. But what about the low unemployment rate Biden brags about?
In February 2020, just before the COVID insanity struck, unemployment had fallen to a 50-year low of 3.5%. Then it shot up to 14.7%. By February 2023, the unemployment rate was back down to 3.6%.
Surely that is good news, right?
Not so fast.
Over those same three years, the working-age population grew by 6.5 million. For unemployment to be back down to 3.5%, you’d think there’d be 6.5 million new jobs created.
But the economy created just 1.6 million net new jobs over the past three years.
So where did the other 4.9 million people go? Most of them simply dropped out of the labor force. They don’t have a job, and they aren’t looking for one.
The Jobs Report comes out at 8:30 a.m. EDT today.
Every time Biden announces that progress is being made, I suspect the opposite is true. Why can’t people like him be called “regressives” as that’s what they really are. Imagine where we would be right now if Trump had been re-elected last time(and I suspect he really was if the truth were known..and announced).
They’re going to fudge the job numbers, but there’s no hiding the fact the economy is slowing down.
FJB is full of bovine excrement.
Where did I read American manufacturing output was the lowest ever?
Let’s look at the commercial real estate market. Industry experts are projecting a 40% rollback. Problems in tenancies, businesses / employers are folding.
Not a doubt we’re in the ditch folks.
Thank you for the fundamental hope and change and the intended death of America.
Fubo
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