President Joe Biden has presided over an economy that has returned all jobs lost during the coronavirus pandemic. The headline readings have been excellent throughout his first term in the White House. But who knew that the number of employment gains would exceed the entire global population? This is how magical and effective Bidenomics is today. If you do not believe it, you will need to listen to Press Secretary Karine Jean-Pierre lay out all the details so you can better understand the magic.
Joe Biden’s Epic Job Creation
Fox Business Network correspondent Edward Lawrence asked the press secretary what she thought about the broad array of abysmal metrics since Biden took office, from soaring inflation to falling student test scores. “In the last 20 months, where’s the progress?” he asked. KJP, as the cool kids in the Swamp call her, told the reporter that the administration has created “nearly ten-thousand million jobs,” which is “the fastest job growth in history. So, you’re asking me, ‘where’s the success?'”
If you were unlucky enough to endure years of Common Core mathematics or have been infected with Bidenism, 10,000 million is 10 billion. The US population is about 360 million, while the number of humans living on Earth is approximately 7.75 billion. Therefore, Biden helped create more jobs than there are people. This is either record-setting prosperity or a sign of a horrific economy if 100 million Americans need to work dozens of jobs to keep up with the cost of living!
For anyone keeping count, Joe Biden has seen 9.341 jobs come back since February 2021.
Working Two Jobs to Survive
Surveys show that half the country is living paycheck to paycheck. Inflation continues to eat away at wage gains. The price of milk, meat, and margarine has soared. Shelter and energy costs are extremely high for the typical person or family to bear. Many Americans are taking on debt to afford necessities. Suffice it to say, the cost-of-living crisis is forcing millions of people to work multiple jobs to survive.
According to the Bureau of Labor Statistics (BLS), 7.572 million Americans held multiple jobs in August, up from 6.783 million at the same time a year ago. However, when seasonally adjusted data are updated, the total number of multiple jobholders surged to 7.747 million. This has become a crucial figure for understanding why there is such a disconnect between the red-hot monthly jobs report and the various other employment reports showing a much softer labor market.
Meanwhile, more Americans have returned to the labor force, likely because of rampant price inflation. The labor force participation rate rose to 62.4% last month, up from 62.1% in July. While this is still below pre-pandemic levels, the uptick potentially signals that individuals need to go back to the office to keep up with their living costs.
Making Sense of the Jobs Report
Every month, investors, economists, and public policymakers concentrate on the headline figures inside the Establishment Survey portion of the jobs report. But there is another component that everyone typically ignores: the Household Survey, which samples households instead of businesses. The August employment snapshot offered a stark contrast between the two data sets.
In the non-farm payrolls (NFP) report, the Establishment Survey will count multiple jobholders for each position. So, if you have two jobs, this will count for two jobs for the overall report. However, the Household Survey will only factor in every jobholder. So, if you possess two positions, it will only count as one job in this part of the NFP.
What did this metric reveal? The Joe Biden economy lost jobs in two of the last four months.
Meanwhile, this part of the BLS numbers exposed other trends in the job market. First, 1.9 million people reported they could not work because their employer closed or lost business during the COVID-19 pandemic. Second, the number of people not in the labor force but wanting a job stood at 5.5 million. Third, the number of Americans employed part-time but would prefer full-time employment held steady at 4.1 million.
President Joe Biden’s job creation record has fallen short of the ten-thousand billion that Jean-Pierre espoused. As Liberty Nation noted, all jobs lost throughout the COVID-19 public health crisis have finally been returned, so the term “created” can now be utilized again moving forward. However, now that the Federal Reserve is continuing to raise interest rates and recession fears are amplifying amid waning consumer demand, Biden will preside over both a slowing economy and labor market.
