In the Tweet of the day, President Biden claims to have created close to 500,000 jobs per month for the last two years. A person correcting the president made a mess of it.
As Bill McBride points out, the reader added context is incorrect. The reader context link points to BLS employment data. That is the wrong data series. When discussing jobs, the correct series is nonfarm payrolls, not employment.
Nonfarm Payrolls and Employment Levels
In the last two years payrolls rose by 11,009,000. That’s an average of 458,708 per month.
The rise in fulltime employment is much less, about 334,000.
But does every president get to pick his best two years?
President Biden takes credit for jobs created in the Covid rebound while blaming Trump for a Pandemic that Trump had nothing to do with. Certainly more jobs were lost due to blue state policies than red state policies.
CPI Year-Over-Year
If you get to make claims on jobs then do the same about inflation.
Hello President Biden, year-over-year CPI inflation was 1.4 percent in January of 2021. In March of 2021, you signed the biggest and most unwarranted fiscal stimulus in history. You also handed out free money to students and continued rent evection moratoriums.
Inflation then soared the most since 1982.
Of course, the Fed had a hand in this. The Fed had a hand in job creation as well.
How many jobs permanently went away due to poor policy decisions by presidents? By Democratic governors? How much inflation credit goes to the Fed and how much to Trump and Biden?
How much of the unaffordability of homes is due to Biden policies and how much is due to inept decisions by the Fed?
Certainly, the Inflation Reduction Act did nothing to reduce inflation. Free subsidies and tax credits in the IRA are guaranteed to raise inflation.
Taking credit for everything good and none of the bad is more than a bit disingenuous, but that’s where we are, and don’t expect that to change.
Disingenuous claims? lol….Just use the word LIE, LIAR please. I didn;t get grounded or my butt whooped for disingenuous claims to my parents regarding anything. The oatmeal brain nasty old man is a habitual, unapologetic, psychopathic liar.
Haha biden claiming actually creating jobs ( when its really just bounce back from covid) is just about as funny as trump claiming cheap gas prices during covid.
I didn’t vote for the guy. He’s a lying asshole.
Disingenuous Claims by President Biden . Biden is a stooge , imbecile he has
repeatedly lied dozens of times that his son died in the Iraq war but he died nearly
a decade later of cancer here in the states . He is a puppet think weekend at Bernies.
He is the perfect guy for the DC political establishment. He takes his marching orders from the establishment . They laugh in DC look we can get anyone elected . Maybe next he will be in a full blown wheelchair unable to speak and just nods his head when ask any questions . What a joke .
I am tempted to set up myself in business as a Mish Talk Commentator Coach. Some could use work.
Your comic posts are your best comments others not so much.
My first client!
LOL
Why would anyone believe anything Biden or his administration says?
Anyone ever seen a politician that didn’t aggrandize their record? Selecting bogus electors to overturn an election is still the front runner for outrageousness.
Lincoln
The job creation graph was very well debunked in Twitter’s Community Notes yesterday. Anyone with a brain would know that that figure was skewed because of Covid but since the graph is directed to those with half a brain it will go over well in certain circles.
Folks don’t seem to understand that the Inflation Reduction Act is not about consumer prices. The Act is about indirectly reducing or eliminating the inflation of consumer purchasing power.
Good one
Mish,
Give the old man a break. His tweet said “this is only the beginning”. Not sure what that means, maybe a million jobs a month from here on out? That tweet and its author won’t age well when his term expires in January of 2025.
I’m sure he will be taking credit for slaying inflation too, even though prices are up +/- 15% since he took office. Would be nice if our salaries kept pace.
Presidents don’t create jobs.
FDR did and put the US into debt that has never been repaid.
Those types of policies have continued to create exponentially increasing debt.
Correct. They destroy them.
The best way to figure and see employment is to follow state tax receipts and how emp shows up there.
“Creating” jobs is going to be an irrelevant metric given the demographic issues moving forward. Every industry is losing workers at a faster and faster rate to illnesses, retirements and old age.
https://www.shrm.org/resourcesandtools/hr-topics/talent-acquisition/pages/industries-raise-alarm-over-aging-workforces.aspx
Here is my prediction, within a few years politicians are going to be trying out do each other claiming to be more pro-immigration than others.
It’s a global race to see who can drain the world of the best people first.
https://www.euronews.com/2023/06/23/german-lawmakers-approve-a-plan-to-attract-skilled-workers-to-plug-the-countrys-labor-gap
I would say this is less disingenuous than Trump’s constant claims of having the greatest economy in the history of mankind.
So it’s sundried bull$hit instead of fresh.
I think Liz Cheney had the “Duh!” of the day when she said
We have to stop electing idiots
When I lived in NYC my congresswoman was reelected every year with a larger percentage than Kim Jong Un. Really, she would get 98 percent of the vote. And she never attended sessions of congress, could not speak at much more than a third grade level, and I seriously doubt she was literate.
And no, it was not AOC , who looks like a Rhodes Scholar next to her.
In a democracy, that stems from having an electorate composed largely of hysterical idiots. Until that problem is addressed, democracy simply is not viable.
Democracy is viable because the hysterical idiots on both sides tend to cancel each other out in the long-term. The alternative is having one man or woman or whatever stating their “wisdom” and everyone has to follow or else. Democracy is messy but I prefer it.
Hereditary titles like Congressperson are generally passed down from generation to generation, regardless of the mental faculties of the recipient.
Dynasties in politics, or anywhere else for that matter, are deadly. The first one or two i good but the ones that follow are so mediocre and exist only because of the family name. Hint, wink.
Was she Democrat or Republican?
Looks like we haven’t even reached the pre-covid trend line. 100% of the job growth is rebound from COVID. And we’re even short of that.
But, it doesn’t matter. The media will never correct a lie that favors their party of choice. And almost all of them wouldn’t understand the truth anyway. It requires a 10th grade level of math understanding.
100% correct.
There’s lies, damn lies and statistics. Politicians of both parties use all 3 to make themselves look good.
Lets not forget bigotry and scaremongering.
I still see people wearing masks, outdoors even. Scaremongery is still working.
Those guys marching around in tan pants and blur shirts are concealing their identity, not trying to prevent Covid.
I agree 100% too. The fact that the mainstream media doesn’t cover this and is obvious when you open your eyes scares me. This is what they do in China. The USA should be different.
That God for Mish’s independent views and reporting.
Right on Kid.
The American Government stopped paying attention to the real economic numbers on 21 January 2021. A very fast transition replacing one illusion with a different illusion.