Claim: President Joe Biden claimed in Thursday’s State of the Union address that he has created a “record” 15 million new jobs.
Verdict: Misleading. There are only 5 million more jobs than there were before the coronavirus pandemic economy.
biden claimed:
Turn setbacks into comebacks.
That’s America!
I inherited an economy that was on the brink. Our economy is now the envy of the world.
15 million new jobs in just three years – that’s a record.
The unemployment rate is the lowest in 50 years.
At the peak of the employment rate in February 2020, before the coronavirus pandemic, was Over 152 million jobs. There are currently 157.7 million jobs under the Biden administration. Given historic unemployment rates during the coronavirus pandemic, it would appear that there have been only about 5.7 million new jobs since the peak of employment under the Trump administration.
Breitbart News economics editor John Carney wrote in the Breitbart News Digest:
Please take Unemployment rate. This has fallen to 3.7%, a low rate by historical standards. But it fell even lower under President Trump before the pandemic hit, dropping below 4% in the summer of 2018 for the first time in decades. And it wasn’t a temporary slump. In February 2020, on the eve of the pandemic shutdown, the unemployment rate was still 3.5%.
Biden is also likely to tout his administration’s policies. job creation record. Since January 2021, when Biden took office, the economy has significantly added 14.8 million jobs and grew by about 10% in January of this year. This puts him on track to match or exceed some of the best job gains in recent decades, including the booms during Bill Clinton’s first term and Ronald Reagan’s second term. ing.
However, the record is Pandemic causes historic job losses. Compared to February 2020, the number of jobs increased by only 3.5%. This lends credence to the argument that many of the jobs Biden is credited with are the result of pandemic-induced whiplash closures and recovery, rather than the result of his policies. be.
“Biden ran on a promise to restore and strengthen pre-pandemic prosperity. His popularity has waned; His second term prospects As that promise has been undermined by inflation, that promise has faded. Convincing the American people otherwise, even in the State of the Union, is a difficult task,” Carney added.
Sean Moran is a policy reporter at Breitbart News. Follow him on Twitter @SeanMoran3.
