Bidenomics strikes again: Shocking number of full-time jobs lost over past 5 months
As the Biden White House continues to brag about the alleged success of its economic policies, government data shows the country is hemorrhaging full-time jobs.
According to the U.S. Bureau of Labor Statistics, the number of Americans reporting full-time employment dropped by more than 1.7 million jobs from November 2023 to the end of March 2024, the most recent month for which data is available.
That’s a decline of 1.33% over a five-month period. Excluding job losses related to the COVID-19 lockdowns in 2020, the recent drop in full-time employment is the largest five-month decline since the Great Recession in 2009, 15 years ago.
Before that, the last time the number of full-time jobs declined this much over a similar period was in 1994.
Despite these remarkable figures, the Biden administration has continued to boast about its economic policies.
For example, on April 11, the White House’s official X account claimed, "Under Bidenomics, our economy has created 15 million jobs and unemployment has remained under 4% for the longest stretch in 50 years."
The Biden administration has made similar claims for much of the president’s time in office. At best, they are wildly misleading.
Although it’s true that total employment has increased dramatically since Biden entered the White House, the vast majority of those jobs were recovered from the coronavirus-related government lockdowns. They are not "created" jobs.
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Compared to employment figures recorded in January 2020, immediately prior to the COVID-19 pandemic, the number of jobs added under Biden’s tenure is just 2.98 million, an unimpressive figure compared to many of his predecessors.
During Donald Trump’s first three years in office, the U.S. economy added 6.33 million jobs, more than double the figure recorded in the Biden era.
These numbers are made even more remarkable by the fact that, excluding the 2020 coronavirus lockdown, Biden’s government has spent more money in a three-year period than any other president in history.
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Two of the four highest federal deficits ever recorded have occurred under Biden, and a third, the $1.4 trillion deficit in 2009, happened while Biden was serving as Barack Obama’s vice president.
Biden’s economic agenda of dramatically increasing the size and power of government programs, raising taxes, and imposing increasingly more regulations on businesses has been a complete and utter failure. Not only has it been killing full-time jobs in recent months, it also is the driving factor behind America’s lingering inflation problem.
As difficult as it is for the Biden White House to understand, when a government consistently spends far more money than it receives in tax revenue and turns to money-printing policies to pay the bills, inflation increases. And when inflation gets out of control, as it has been for years now, most people get poorer.
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Based on the Consumer Price Index’s inflation estimates, an American family buying $200 worth of groceries in January 2021, when Biden took office, would have to spend $238 today to purchase the same products.
Most Americans can barely afford to pay basic living expenses.
The average cost of rent has increased dramatically.
The average sales price of a home and the cost of mortgages have skyrocketed.
The cost of purchasing a new car has increased by thousands of dollars in just a few years.
The American people are suffering under the Biden administration’s economic agenda. And based on the recent full-time jobs data outlined earlier in this article, the situation is not likely to improve while Biden’s failing policies remain in place.