About all those jobs the Biden-Harris administration claims to have created…
Joe Biden’s a braggart — always has been, though his boasts have seemingly become more elastic and less truth-tethered in recent years. One of his fondest presidential boasts is about all the jobs he’s created (while tagging his predecessor for massive job losses, glossing over the impact of COVID on the labor market, both on the front and back end of the pandemic).
Every month, we get “jobs reports” that tell us how many new jobs have been “added” to the economy and what the current unemployment rate is — in theory. What we really get is a snapshot from the Bureau of Labor Statistics — an estimate of the number of U.S. people on payrolls in a given month based on household and employer surveys, not actual counts.
Biden claims 16 million jobs have been “added” during his administration. He did so again Monday night during his late-late-night keynote snub address to the DNC. Setting aside the fact that the majority of that is post-COVID rebound, even the numbers Biden can rightly claim are being revised…down.
(Bloomberg) — US job growth in the year through March was likely far less robust than initially estimated, which risks fueling concerns that the Federal Reserve is falling further behind the curve to lower interest rates.
Goldman Sachs Group Inc. and Wells Fargo & Co. economists expect the government’s preliminary benchmark revisions on Wednesday to show payrolls growth in the year through March was at least 600,000 weaker than currently estimated — about 50,000 a month.
While JPMorgan Chase & Co. forecasters see a decline of about 360,000, Goldman Sachs indicates it could be as large as a million.
In fact, they’re being revised down to the tune of 818,000.
What that means is that one of the Biden-Harris administration’s favorite bragging bubbles just burst. (Not that they’ll acknowledge it — why let something like actual facts get in the way?)
To be clear, if we compare jobs added in their respective presidencies (removing COVID from the equation and incorporating this stunning revision), former President Donald Trump can rightly claim 6.7 million jobs added. President Joe Biden (and Vice President Kamala Harris) can claim…5.6 million jobs added.
That revision is the largest downward revision in 15 years. And it doesn’t paint a pretty picture for the job market.
