Archive for January 24th, 2022

Biden: “I added 6 million jobs”

January 24, 2022

By Biden’s measure, Trump added 12 million in his last 6 months!
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In last week’s press conference, Biden boasted about his economic record.

Top of the list: Biden touted “record job creation” during his presidency.

He said, “We created 6 million new jobs more jobs in one year than any time before.”

Hmm.

Let’s look at the numbers focusing on “employment”…

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> Before Covid hit 152.5 million were employed

> During the intense Covid lockdown period, employment dipped 22.4 million (14.7%) … down to 130.2 million

> Between the lockdown employment trough in May 2020 until Biden’s inauguration in January 2021 (i.e. Trump’s last 6 months in office), employment increased by 12.6 million (9.7%) to 142.7 million.

> From Biden’s inauguration until now,  employment increased by 6.2 million (4.4%) to 149 million.

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“Job Creation” or “Ending Lockdowns”?

So, does the 6.2 million employment increase represent the “creation of new jobs” or “refilling old jobs” by removing the Covid lockdowns and re-opening the economy?

To that latter point, note that employment is still 3.7 million (2.3%) lower than the pre-Covid level (152.5 million).

Hmm.

Bottom line: We’re still 3.7 million below the pre-Covid employment level … and relatively few new jobs have been created … we’re just filling the pandemic hole.

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Biden vs. Trump

And, note again that in the 6 month period from the Covid trough until Biden’s inauguration, employment increased by 12.6 million.

Using Biden’s bogus logic and semantics, that means that Trump, during that period “added” jobs at an average rate of 2 million per month … 4 times Biden’s rate of 500,000 per month.

Hmm

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Takeaway

As even CNN observes:

Biden is free, of course, to boast about how quickly the hole is being filled.

But his claims about setting records should be viewed with contextual caution.


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