The U.S. economy lost a large number of manufacturing jobs in August, despite the Biden administration's attempts to jump-start manufacturing with hundreds of billions of dollars in subsidies.
US manufacturing jobs Fell According to data from the Bureau of Labor Statistics (BLS), manufacturing employment increased by 24,000 in August, down 14,000 from a year ago. Overall, manufacturing employment increased by 14,000 from a year ago. Grown Up Since President Joe Biden signed the Inflation Control Act (IRA) and Semiconductor and Science Act into law in August 2022, semiconductor growth has been just 0.3%, despite the bill providing more than $400 billion in subsidies to the semiconductor industry. (Related article: 'The runway is running out': Experts say huge government spending is fuelling economic growth)
The August decline comes on top of recent revisions to the BLS employment report. Showed The federal government overestimated manufacturing employment by 115,000 from April 2023 to March 2024.
“Despite hundreds of billions of dollars in anti-inflation subsidies to manufacturing and a staggering U.S. budget deficit, total employment has grown by less than 1 percent,” Aaron Hedlund, research director at the America First Institute, told the Daily Caller News Foundation. “There's no manufacturing boom.”
Over half of the job growth in the past 12 months has come from the government and the government-controlled health sector, which is entirely taxpayer funded and completely unsustainable. pic.twitter.com/io6ezAWa7g
— Dr. EJ Antoni (@RealEJAntoni) September 6, 2024
The U.S. national debt was about $35.34 trillion as of Aug. 4, up from $27.75 trillion when Biden took office in January 2021. According to The more than $7.5 trillion increase to the U.S. Treasury equates to more than $57,000 for every 131,434,000 households surveyed by the Census Bureau. Estimated value I was in the US in 2023.
Average weekly wages in manufacturing rose to about $1,370 in August from about $1,361. According to Inflation-adjusted weekly wages remain below levels when Biden first took office, and manufacturing payrolls grew 17.7% between January 2021 and August 2024, while inflation over that period was about 20%, according to BLS data. According to Federal Reserve Bank of St. Louis and BLS.
In July 2023, the White House issued a press release. release The U.S. claims to be in the midst of a “manufacturing boom,” driven in large part by federal efforts through the Bipartisan Infrastructure Act, the CHIPS and SCIENCE Act, and the IRA to boost domestic green technology and semiconductor production. Of the roughly $228 billion in manufacturing projects worth more than $100 million that the Biden administration has subsidized through the IRA and the CHIPS and SCIENCE Act, $84 billion has been paused or delayed, the research organization said. investigation From the Financial Times, published in August.
“Basically all of the Biden-Harris Administration's claims about job creation are lies,” Peter Earl, a senior economist at the American Institute for Economic Research, told DCNF. “Most of the job gains they are responsible for are actually just a slow recovery of jobs destroyed by pandemic countermeasures, particularly the lockdowns. A significant number of the remaining jobs created over the past three and a half years were not the product of economic growth or commercial expansion, but rather the product of their massive debt and deficit policies.”
The White House did not immediately respond to a request for comment from the DCNF.
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