I & I Editorial BoardFriday’s jobs report has everyone excited. Everyone, that is, who is pulling for Joe Biden to win reelection. Outside that blinkered lot, the pain of Bidenomics is still very real.
“Today’s report marks a milestone in America’s comeback,” he said. “Three years ago, I inherited an economy on the brink” – a lie we’ve repeatedly exposed – “With today’s report of 303,000 new jobs in March, we have passed the milestone of 15 million jobs created since I took office” – another lie; as we noted last week, the economy has created only 5 million net new jobs under Biden, which is less than the number of jobs created during President Donald Trump’s first three years in office.
Biden goes on: “That’s 15 million more people who have the dignity and respect that comes with a paycheck.”
But wait. Even if that 15 million number was legitimate, does it mean that 15 million people got jobs?
Turns out, it doesn’t not by a long shot.
In a series of posts on X, Heritage Foundation economist E.J. Antoni explains what these numbers really mean. The picture is far from rosy.
Antoni dug into the jobs data and discovered that all the new jobs created in March were part-time. The number of full-time jobs actually declined a little. This trend has been going on for a while, which is why the average number of hours worked each week has been trending down for three years.
Why the surge in part-time employment?
Antoni notes that many Americans who’ve been laid off ended up replacing one job with two or three part-time jobs. Others are picking up additional work to offset the ravages of Bidenflation. Neither are trends worth bragging about.
There’s another way that 15 million doesn’t add up. The Bureau of Labor Statistics produces two sets of job numbers, based on two different surveys – one of households (employment level) and the other of business establishments (non-farm payrolls). Normally, these two move in tandem.
But the rising share of part-time work “has caused an unprecedented divergence between the household and establishment surveys, since the latter double-counts individuals w/multiple jobs while the former survey shows a net loss of jobs since Aug ’23,” Antoni says.
See the chart below.
Then there’s the fact that many of the new jobs have gone to foreigners. In fact, over the past 12 months, native-born Americans lost 651,000 jobs, while foreign-born gained 1.3 million.
It goes without saying that if Biden were a Republican these statistics would all be front-page news.
Meanwhile, the inflation that Biden claims “has come down significantly” continues to ravage households.
A recent survey of renters and homeowners by Redfin showed that more than one in five say they’ve skipped meals, worked more hours, or sold belongings to cope with rising housing costs. More than a third said they have taken fewer or no vacations. Nearly 16% say they delayed or skipped medical care.
Yahoo Finance reports that “A stunning seven in 10 Americans have cut their contributions to their retirement savings accounts due to the rising cost of living.”
And just last week, California-based 99 Cents Only Stores announced plans to close all of its 371 stores in California, Arizona, Nevada, and Texas, citing inflation and theft as the reasons.
We could go on and on and on.
In the real world, Biden’s Pollyannaish statements about the economy only add insult to injury.
— Written by the I&I Editorial Board
Using these vague “policy violations,” Google is now threatening to demonetize us. It’s part of Big Tech’s effort to silence conservative voices.
What about the 10-12 million (so far) who are supposedly coming here for jobs? They should be added to the unemployment statistics, and jobs should be created for them after they are given permission to seek employment.
The fact that *anyone* ever believed that lying, senile fascist about anything other than his desire to destroy this country proves that morons really do walk among us.
Has any commentator interviewed Biden’s schoolmates from Archmere Academy in Delaware to learn if he lied to them all the time, too?
Anyone who has even followed Biden for a minute knows that he has a serious problem telling the truth.
Remember that kid on the playground in everyones school who lied all the time?
How he was reelected to the senate over and over was a true mystery, and then being elected to be president, if he was actually elected to be president, was a
Zone of Totality of disbelief.
And running again!!
Save the USA and our allies from Biden’s fabrications, delusional lies and his utterly destructive policies, please!
The CPI came in hotter than expected this morning. Several thoughts about this:
Who keeps expecting a tapering of inflation here with Fed Funds rates at the level they’ve been for many months? Is this just administration propaganda, or do reporters really think inflation will stop will just these half-hearted measures that have been taken?
Paul Volcker showed how to whip entrenched inflation years ago. Why we even had WIN pins made by politicians to show how opposed they were to inflation…(Whip Inflation Now). Didn’t do a darned thing. Tall Paul raised interest rates significantly about inflation and said damn the torpedoes, full Fed ahead. And, thankfully, inflation was controlled for decades.
No guts, no glory Fedsters…
Biden is not trusted on the economy because he has caused the prices of things that people need to go up in pursuit of goals that the people do not care about or agree with.
People may agree that global warming is a problem, but they are unwilling to pay more for energy, food and cars to solve that problem.
People may agree that global warming is a problem, but they are not going to agree to be forced to buy an EV, especially when it is not at all clear that replacing a gasoline powered care with the EV actually does anything to help with global warming.