Joe Biden continually lies by claiming that he inherited a disastrous economy from President Trump, when in reality, he inherited a rapidly growing economy, especially in red states that were reopening from the government lockdowns faster than blue states.
He also repeats the lie that job growth under him is much faster than Trump.
Here is what job growth was in the six months prior to the November 2020 election from the Bureau of Labor Statistics:
May 2020: up 2.5 million
June 2020: up 4.8 Million
July 2020: up 1.4 Million
August 2020: up 1.4 Million
September 2020: up 661,000
October 2020: up 638,000
So up a total of 11.4 million in 6 months, or an average of 1.9 million per month. Think how much faster growth could have been if Democrat governors in blue states like New York, California, and Illinois hadn’t intentionally kept so many things closed. This jobs recovery during Trump dwarfed the jobs recovery of Biden.
I don’t recall the media giving Trump credit for the phenomenal recovery. Nope, they were too busy campaigning for Biden and hiding the “Laptop from Hell” story. Facts would have interfered with the message.
Zero Hedge published an excellent analysis of the January jobs report by Tyler Durden:
Inside The Most Ridiculous Jobs Report In Recent History
On the surface, it was an [sic] blockbuster jobs report, certainly one which nobody expected. Starting at the top, the BLS reported that in January the US unexpectedly added 353K "jobs" - the most since January 2023 (when the print was 482K compared to 131K) , double the consensus forecast of 185K and more than the highest Wall Street estimate (300K from Natixis). In fact, this was a 4-sigma beat to estimate, unheard of in the past year.
The headline data was stellar across the board, starting with the unemployment rate which once again failed to rise - denying expectations from ‘Sahm’s Rule’ that a recession may have already started - all the way to average hourly earnings, which unexpectedly spiked from 4.1% (pre-revision) to 4.5%, the highest since last September, and a slap in the face to the Fed’s disinflation narrative…
... or it would be if one didn’t think of checking how the average rose: well, it turns out that, since average hourly earnings is a fraction, it did not rise due to a jump in actual wages but - since it is earnings over a period of time - ‘rose’ because the BLS decided to sharply slash the number of estimated hours that everyone was working, from 34.3 to just 34.1, which may not sound like a lot until one realizes that the last time the workweek was this low was when the economy was shut down during covid. Excluding the covid lockdowns, one would have to go back to 2010 to find a workweek that was this anemic.
Durden noted that due to “revisions” at the BLS, declines “miraculously transformed” into gains; additionally:
[W]hile in January the BLS claims 353K payrolls were added, the Household survey found that the number of actually employed workers dropped again, this time by 31K (from 161.183K to 161.152K).
...
Consider this: the BLS reports that in January 2024, the US had 133.1 million full-time jobs and 27.9 million part-time jobs. Well, that’s great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 870K since February 2023 (from 27.020 million to 27.890 million).
...
[W]hat we find is that in January, the number of native-born worker tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 1.9 million plunge in native-born workers in just the past 2 months!
The media and Biden were extremely proud of the January jobs report that showed a much bigger gain than forecasted: 353,000 new jobs. This number came about after a huge seasonal adjustment of 2.635 million—seasonal adjustments can certainly be subjective.
The media and the Biden administration say they just don’t understand why the American public isn’t enamored by Biden’s great economic success, since the statistics are so good! Yet, there are a few clues in the January jobs report that show why we the people aren’t cheering as wildly as the Democrat campaign workers staffing the news desks:
People look at their personal situation, not economic statistics compiled by bureaucrats, and they are struggling to pay their inflated bills—saving to buy a house has become a pipe dream instead of the American dream.
The last paragraph in the article says it all:
[T]he Biden admin will do everything in his power to insure there is no official recession before November... and is why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get more and more ridiculous.
The only thing that matters to the media and other Democrats care about is winning and power.
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