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Most economists and analysts saw the December jobs report as a disappointment – but not Joe Biden.

Instead, soon after the announcement, he rushed to the cameras and performed a victory lap on the economy.

Biden boasted that no president in recent times has had a better first year in office when it comes to kitchen table issues plaguing Americans’ portfolios. This may have come as a surprise to most Americans given that Scott Rasmussen’s latest polls show Biden’s approval rating for running the undersea economy is below 30%.

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The president has also declared “the economy on the supply side” and Trump’s strategy of deregulation and lowering tax rates is a failure on his strategy of bombarding the economy with spending funded by public debt.

Not so fast.

Biden is right about one thing; The job market is strong today with unemployment now below 4% and millions of jobs available as the post-COVID business recovery accelerated in December. But Biden needs to be careful when pointing football on the three-yard line, as job growth has slowed quickly under his watch and may even turn negative again at the end of this month due to the rapid spread of the ‘omicron and the closing of many businesses and schools.

Remember, this is the man who boldly and repeatedly promised during his presidential campaign that he “will beat the virus”. It’s not just a failure of Team Biden’s health policy. He lectured while Donald Trump was in the Oval Office that no real economic recovery was possible until the virus was eradicated. “The virus is in charge,” Democrats said. Now, with the new contagion affecting more Americans than ever before and new rounds of lockdowns and mandates, the economy is collapsing again. Polls show that a majority of Americans also disapprove of Biden’s handling of this virus.

Biden bragged about creating 6.4 million new jobs this year. But we have lost over 20 million jobs during the pandemic.

Biden bragged about creating 6.4 million new jobs this year. But we have lost over 20 million jobs during the pandemic. And since the pandemic peaked in the summer of 2021, employers have added $ 12.6 million in Trump’s last seven months in office.

In other words: Trump added almost twice as many jobs in just over half the time. So much for the failures of Trump’s supply-side tax reduction strategy.

Biden also credited his US bailout and the $ 1.9 trillion it poured into the economy from March. But the economy was adding an average of 1.3 million jobs per month before beating Biden’s wasteful spending program against half a million jobs per month since his first debt bill saturated the economy. Perhaps this is one of the reasons why so many Americans yearn for the days of Trump’s tax, trade and regulatory policies Make America Great Again.

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Biden also failed to refer to two sinister forces that voters realize could soon rain the Biden Parade. First, the mysterious disappearance of American workers. Yes, labor force participation has increased for the year, but that doesn’t mask that it’s at an unsettling, near record high level, and well below the level under Trump before COVID hit in. February 2020.

Other than at the height of the first wave of the pandemic, the percentage of working-age Americans who are employed has not been this low since February 1977 – 45 years ago. We should and have at least 4-5 million more Americans working today if it weren’t for Biden’s expansion of welfare programs like food stamps, rent assistance. and monthly cash payments per child. Casey Mulligan, an economist at the University of Chicago, has shown that this assortment of benefits can net many Americans as much money as if they returned to work. So why work?

Finally, there is the unblocking of the other virus that hurts Americans: inflation. While the president bragged about wage hikes for bartenders, kitchen helpers and waitresses, he ignored an inconvenient truth: For six consecutive months, prices have been rising faster than wages. Wages rose on average by around 4.6% last year, but price inflation rose by more than 6%.

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Sorry, Lunch Bucket Joe. This means that most working poor and moderate incomes are actually suffering from a LOWER purchasing power of their paychecks. It’s as clear as the price of gasoline posted on the big signs at local gas stations. It’s what I’ve called the Biden inflation tax, and it’s a direct result of all the debt-related spending pouring like an uncapped fire hose into the economy.

If this is how Biden’s White House defines economic success, we shudder to think of what failure looks like.

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Erwin Antoni is an economist at the Texas Public Policy Foundation.


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