Biden reports that he created 336,000 new jobs, Is Bidenomics working?

Question

If you drill down a little bit it turns out that 73,000 are government jobs and 151,000 are part time jobs. Of the 151.000 jobs 93,000 were in the hospitality industry (bartenders, waitresses etc.), all low paying jobs.

In reality the nation actually lost 22,000 full time jobs. So why is this man smiling?

Trust me. Im your president — Trust me. I'm your president

nightdrot · Accepted Answer

Define "working." The truth is that Bidenomics, like most of populist politics, is not a coherent theoretical structure. It is rather a mishmash of programs and policies thrown together for the implicit purpose of sating the cultural envy and resentments of the hour.

To be fair, even there Bidenomics is not doing well. At least if the opinion polls are to be believed. For if the purpose of populist politics is to soothe the resentments of the culture, then President Biden's very poor ratings in the polls on economic issues suggests that there is less to Bidenomics than meets the eye.

Throw in that one thing that has not been noted in most journalistic analysis has been the distorting effect the pandemic had on the validity of unemployment data. The report suggested 336,000 new jobs. Please note the word "new."

In fact, most of the jobs are not "new." Rather they are old jobs that have been reactivated with the end of the "shutdown." They are not jobs that were not there before. Rather, they are jobs that were there but were, for lack of a better term, deactivated.

In fact, so far during his tenure, Mr. Biden has created not even 100,000 "new" jobs. Which is to say that if the economy had been running at full employment all this time, there would only have been 100,000 jobs created for new entrants to the workforce.

For whatever reasons - and here I speak personally - I have not seen any discussion of the distorting effect the "deactivation" of the economy during the pandemic has had on validity of American economic data and the collection and survey methods of such data. Suffice to say, this has manifested itself in the paradox of seemingly good economic numbers juxtaposed with a public - as manifested in polling data - that is unhappy with the economy.

Finally, as noted, Mr. Biden's economic policies are really nothing but a mishmash of policies thrown together absent a larger theoretical framework. Basically it is throw some money here and throw some money there and see what happens. It is old fashioned Keynesianism absent Keynesianism's broader, if flawed, sense of how the economy works.

Indeed, some of what Mr. Biden has advocated is little different from the policies of his GOP predecessor Mr. Trump. The idea of "reindustrializing" the economy and "bringing back jobs from China." This is less economics than sloganeering.

Indeed, not even sloganeering without some merit, but its policymakers do not seem to grasp the implications of their arguments. Thus, neither Republicans nor Democrats seem to recall Adam Smith's argument that "the merchant has no country," let alone that as economize modernize, they specialize.

Thus, in the case of jobs in China, the old-style manufacturing jobs are moving to China because such jobs are lower down the production order. Which is to say that there is more money to be made in writing computer programs - which is the direction of the US economy - than in turning screws on an assembly line - which is where China, once a farming economy, has moved to.

Bottom line, no, Bidenomics is not "working." However, there is a much deeper explanation for that failure - including a misunderstanding of the nature of economic data and the laws of economics - then a simplistic more vs. less government debate.

In a nutshell, "Bidenomics" is merely a name that has been slapped on a mishmash of policies in lieu of a deeper grasp of economics. It is not working because, to borrow a phrase, there is no there, there.

goaded · Accepted Answer

Biden reports that he created 336,000 new jobs, Is Bidenomics working?

Jobs added/lost per term displayed by bars:

WH Bush: 2,633,000

Clinton 1st Term: 11,569,000

Clinton 2nd Term: 11,335,000

W Bush 1st Term: 80,000

W Bush 2nd Term: 1,291,000

Obama 1st Term: 1,196,000

Obama 2nd Term: 10,374,000

Trump: -2,670,000

Biden 1st Term So Far: 13,905,000

Source: Bureau of Labor Statistics, through Sept. 2023

(800,000 of those 13 million were in manufacturing.)

TrueConfection · Accepted Answer

I haven't looked it up, but I would bet those 100% of those 93,000 hospitality jobs are jobs that existed before the restaurants were forced to close or cut their business back by 75%.

chrissykerdock · Accepted Answer

numbers can be played with which is likely the case when it comes to joe biden

lightbulb27 · Answer

Its sometimes statistical manipulation. Numbers can be revised later.
I've not looked at the details. There are a lot of job openings in retail … so possible.
Bit look around at commercial real estate and a lot if it is empty.

Nyc has 18000 jobs for illegal immigrants. Bless their hearts these new americans!

Briscole · Answer

For those who haven't seen this, skip to 10:15 when Biden can't rely on the teleprompter. He said that "they" said he couldn't reappropriate the border wall funds. What the clown doesn't tell you, is that "they" are the Democratic congress! The Dems HATE the wall, but Joey is once again, lying. Joey wants you to believe that the Dems, who hate the wall, are forcing Joey the clown to add to the wall! LMAO You can't make this shit up. Then Joey goes into an analogy of a dog drowning in a lake, in order to get back at the press who are calling bullshit on his bullshit.  Who voted for this clown?

ProbablyClueless · Answer

I mean... I don't love the Biden Administration, but technically, employment IS employment. If you're trying to make ends meet, it really doesn't matter if you have 3-4 part time jobs, or 1 full time and 1 part time.

Bidenomics is causing a lot of issues in other ways though.

RealMarek · Answer

According to the BLS 96% of these jobs went to “people of color.” So…tell me again how there is no such thing as discrimination against white people?

DubiousIntentions · Answer

Because he likes how he is able to pull the wool over America's eyes.

Anonymous · Answer

What's ironic about this is the Fed keeps raising interest rates to combat inflation and job creation is confounding those efforts. Biden is the worst kind of politician.

FunkyMonkee · Answer

And I can walk to the moon in 5 minutes! You forgot about all the jobs people lost because of covid that they got back after the bogus scare was over. He counts those, too!

Bricealan · Answer

He is suffering Dementia or Alzheimer's. He thinks he is sitting watching television and is laughing at a Laurel and Hardy movie

rigmarole · Answer

What is that the number of Ukrainian soldiers he sent to die in the meat grinder?

AviatorTom · Answer

As my father said many times... " Figures don't lie but liars can figure."

OddBeMe · Answer

Don’t know. It’s all marketing. Usually bullshit jobs like seasonal because of Christmas coming up. Same for trumps years too by the way. He tried to market the shit out of those numbers.

Sparkie460 · Answer

All those jobs probably went to illegal immigrants.

Jerre · Answer

You are absolutely correct. Biden is smiling because he doesn’t know anything but what. He said. The biggest asshole in Politics.

msc545 · Answer

So the only jobs that counter ones that you have decided are high paying?

Anonymous · Answer

The key to that statement is  Biden  reports he created jobs, which means it's a lie. In any event, presidents don't create jobs, employers do.

DARKCLOUD1945X · Answer

Just a words on that subject, and what the senile old man says. BULLSHIT!

Fuentes · Answer

With all these homeless people I see daily I highly doubt that lol

Twalli · Answer

He didn't say all were high paying. Honestly, when you aren't making money at all, any job is good.

888theGreat · Answer

Because he is an Idiot. Not only that it is one person working 3 jobs

Anonymous · Answer

Absolutely I have never seen this much massive job creation when fed intrest rate at 5%

Tstrbrainer · Answer

How many of it includes onlyfans?

Anonymous · Answer

Looks like someone gets their news from twitter

Biden reports that he created 336,000 new jobs, Is Bidenomics working?

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