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Biden job growth not what it seems

And that’s according to the Washington Post, which is actually providing some scrutiny to President Biden’s claims about robust job growth in 2021.

Biden is bragging about numbers that don’t nearly bring the United States back to where it was before it was hit by the worst pandemic in a century. And with the new Bidenflation, workers’ salaries are falling behind.

According to the piece:

The 6.4 million jobs gained this year, while a record in absolute terms, represents only a 4.5 percent increase in the workforce. That’s smaller than the 5.0 percent growth seen in 1978, when a much smaller labor force added 4.3 million jobs. In fact, relative to the size of the workforce, it’s only the 11th best calendar year since record-keeping began in 1939 . . .

The economy lost 22.4 million jobs at the height of the coronavirus lockdowns. When you account for the 12.3 million jobs regained in 2020 as businesses reopened, plus the 6.4 million added in 2021, the economy is still missing 3.6 million jobs (the numbers may not match perfectly due to rounding). And that would just bring it back to pre-recession levels.

To catch up with population growth, the economy needs 5 million more jobs . . .

Like the jobs numbers, the wage gains of 2021 also tend to wilt under scrutiny. A record $1.46-an-hour raise brought pay for the average rank-and-file worker to $26.61.

That 5.8 percent increase is still the biggest annual raise workers have seen in 40 years, since the last big (7.2 percent) bump in 1981 . . . Prices grew 6.8 percent in the year ending in November, the most recent data out. To put it another way, workers’ earnings have actually lost ground as supply-chain issues, the pandemic and swollen savings accounts drive up the cost of living at a pace not seen in decades.

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