The president sure loves repeating his empty brags on job creation. He crowed in a press release Friday about the latest jobs data that “our plans and policies have produced the strongest job creation economy in modern times.”
Fact check: Joe Biden hasn’t created a single job. Total non-farm payrolls are still down by 1.2 million from February 2020. Oh, and the workforce actually shed 353,000 people from March to April of this year.
So zero jobs have been created, just pre-pandemic ones restored. Meanwhile, the workforce is shrinking, with millions of once-employed Americans no longer trying to work.
Biden trots out this “job creation” lie again and again, usually with each new release of jobs numbers. His refusal to face the truth on the economy leaves him feeding the stagflation that makes any “good” news on jobs and pay totally meaningless.
Remember, inflation is up overall 8.5% this past year, a historic high. On key goods like fuel and food, it’s even worse: 48% on gasoline, 13.7% on meat and eggs, etc. That dwarfs wage gains, costing the typical family an estimated $5,000 a year.
Producer price inflation is soaring too, at 11.2%, ensuring more consumer pain down the road. And the US economy’s surprise major contraction in the first quarter of 2022 suggests a major storm is brewing.
The administration needs to address this by — at least! — ending its war on US energy production and committing to no big-ticket deficit spending or stimulus, like its disastrous student loan forgiveness idea.
Until Biden does that, average Americans are going to keep getting hurt.
They know this, despite Biden’s vapor on job creation and his dodges about inflation being “transitory” or caused by corporate greed and “Putin’s price hike.”
Some 66% disapprove of his handling of the economy, per a new CNN poll (with 59% disapproving of his job overall). Economists know it as well, with more and more now predicting a recession.
The only one who still seems clueless: the president himself. Which makes a course correction as unlikely as it is deeply necessary.