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Biden's economy keeps underperforming low expectations

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When President Joe Biden took office, he had a very easy job in front of him: let the economy recover.

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Dealt a sharp blow by the coronavirus, the job market was already on its way back when Biden was sworn into office.

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Biden also enjoyed other advantages. By December, the exiting Trump administration had successfully left him with two approved vaccines against COVID-19 and (despite his insinuations to the contrary) plans to administer them already being executed.

The economy was rapidly recovering as businesses reopened and people went back to work.

It seemed only a matter of time before the economy would recover to its red-hot pre-pandemic state. All Biden had to do was coast and watch it happen.

Instead, he blew it.

For yet another month, U.S. employment growth under Biden has badly underperformed expectations. The September jobs numbers released on Friday — 194,000 net additional jobs, well short of the expected 500,000 — point to an economy stuck in the mud.

September was supposed to mark a turning point. It was the month when expanded unemployment benefits ran out in the last holdout states and workers were supposed to return to work. Instead, the flow of workers back into the labor force actually slowed down.

Although the national unemployment rate was admirably low at 4.8%, that is still quite a bit higher than pre-pandemic levels. As the summary from the Bureau of Labor Statistics explains, there are nearly 1 million unemployed who do not count toward the unemployment rate because although they want jobs, they are not actively seeking jobs.

“In total, the job creation in the first eight months of my administration is nearly 5 million jobs,” Biden said, defending his performance.

What he didn’t mention is that the economy lost twice that many net jobs due to COVID-19.

The continued sluggish recovery comes amid an inflation problem that Biden caused and wants to make even worse with a wholly inappropriate and unnecessary $5 trillion expenditure.

To be sure, some people may have left the labor force for positive reasons. For example, surely many parents are deciding they don’t need a second income after all. And many are probably homeschooling their children, having discovered that public schools are unreliable about staying open and indoctrinate their children with ignorant ideologies.

But in general, and in most cases, a shrinking labor force indicates an economy that is being mismanaged by an incompetent president with rightfully sinking numbers and a major truth-telling problem.

 

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Tags: Editorials, Department of Labor, employment, Economy

Original Author: Washington Examiner

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