{"id":1580590,"date":"2022-07-30T12:10:37","date_gmt":"2022-07-30T16:10:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1580590"},"modified":"2022-07-30T12:10:40","modified_gmt":"2022-07-30T16:10:40","slug":"its-an-absurd-argument-economists-take-apart-one-of-bidens-favorite-talking-points","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/its-an-absurd-argument-economists-take-apart-one-of-bidens-favorite-talking-points\/","title":{"rendered":"\u2018It\u2019s An Absurd Argument\u2019: Economists Take Apart One Of Biden\u2019s Favorite Talking Points"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fits-an-absurd-argument-economists-take-apart-one-of-bidens-favorite-talking-points%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1580590&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2022\/07\/President-Joe-Biden-speaks-about-the-economy-Screenshot-Twitter-Greg-Price-e1659037509838.jpg\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p>The Biden administration\u2019s oft-touted talking point that employment has boomed under the administration is misleading and instead simply a natural recovery from pandemic losses, economists told the Daily Caller News Foundation.<\/p>\n<p>Facing <a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/recession-us-economy-second-quarter-gdp-growth\/\">consecutive quarters<\/a> of negative gross domestic product (GDP) growth, <a href=\"https:\/\/dailycaller.com\/2022\/07\/13\/joe-biden-inflation-cpi-spending\/\">sky-high inflation,<\/a> and <a href=\"https:\/\/dailycaller.com\/2022\/07\/26\/consumer-confidence-drops-conference-board-survey\/\">plummeting consumer sentiment<\/a>, the Biden administration has <a href=\"https:\/\/dailycaller.com\/2022\/07\/08\/opinion-biden-administration-cant-spin-jobs-numbers-to-deny-recession-ortiz\/\">routinely cited<\/a> a low unemployment rate and strong on-paper jobs creation as positive results of President Joe Biden\u2019s economic stewardship. But the notion that these figures represent booming job creation is misleading since the economy has merely rebounded by adding back jobs that were lost during the pandemic and has still yet to reach pre-pandemic levels, economists told the DCNF.<\/p>\n<p>\u201cPresident Biden has nothing to brag about, when it comes to job creation. We are still hundreds of thousands of jobs short of where we were pre-pandemic,\u201d Alfredo Ortiz, president of the Job Creators Network, told the DCNF. \u201cThe Labor Force Participation Rate remains disastrously low, lower than it was pre-pandemic, and much lower than it was a decade ago. This is why the unemployment rate of 3.6% is misleading \u2013 it excludes those who can and should be working but have dropped out of the labor force.\u201d<\/p>\n<p>The Labor Force Participation Rate for June <a href=\"https:\/\/fred.stlouisfed.org\/series\/CIVPART\" target=\"_blank\" rel=\"noopener noreferrer\">stood<\/a> at 62.2%, down over 1% from 63.4% in February 2020, according to data from the Bureau of Labor Statistics.<\/p>\n<p>\u201cOur job market remains historically strong, with unemployment at 3.6% and more than 1 million jobs created in the second quarter alone,\u201d Biden\u00a0<a href=\"https:\/\/dailycaller.com\/2022\/07\/28\/joe-biden-united-states-right-path-transition-fears-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/dailycaller.com\/2022\/07\/28\/joe-biden-united-states-right-path-transition-fears-recession\/&#038;source=gmail&#038;ust=1659211898785000&#038;usg=AOvVaw2QI9ANk8Fm9V6trwnP311Z\">said<\/a>\u00a0following Thursday\u2019s lackluster GDP report.\u00a0<strong><a href=\"https:\/\/dailycaller.com\/2022\/07\/15\/business-owners-already-seeing-recession\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-saferedirecturl=\"https:\/\/www.google.com\/url?q=https:\/\/dailycaller.com\/2022\/07\/15\/business-owners-already-seeing-recession\/&#038;source=gmail&#038;ust=1659211898785000&#038;usg=AOvVaw11wLXWNfgpWVKHqLNiYnUK\">(RELATED: \u2018A Definite Slowdown\u2019: Business Owners Say They\u2019re Already Seeing Signs Of Recession)<\/a><\/strong><\/p>\n<p>The June 2022 Bureau of Labor Statistics (BLS)\u00a0<a href=\"https:\/\/www.bls.gov\/news.release\/pdf\/empsit.pdf\">Employment Situation report<\/a> found that the U.S. economy still has over 500,000, or 0.3%, fewer jobs than its pre-pandemic level in February 2020.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">\ud83d\udea8 \ud83d\udea8 \ud83d\udea8<\/p>\n<p>152.5 million people were employed right before the Lockdowns.<\/p>\n<p>151.9 million were employed last month.<\/p>\n<p>If adding no net news jobs in more than two years is not a recession, then I don\u2019t know what is.<\/p>\n<p>I actually do know: 6 months of negative GDP\/economic activity. <a href=\"https:\/\/t.co\/MYw9gHInfJ\">pic.twitter.com\/MYw9gHInfJ<\/a><\/p>\n<p>\u2014 Yossi Gestetner (@YossiGestetner) <a href=\"https:\/\/twitter.com\/YossiGestetner\/status\/1552753532637421568?ref_src=twsrc%5Etfw\">July 28, 2022<\/a> <\/p>\n<\/blockquote>\n<p>\u201cAfter an unprecedented economic shutdown, you would expect unprecedented job growth \u2013 there\u2019s nothing noteworthy in that,\u201d E.J. Antoni, research fellow for regional economics at The Heritage Foundation, told the DCNF.<\/p>\n<p>\u201cBiden should not be playing this game because it\u2019s an absurd argument, but also because he still loses even under his own bizarre rules,\u201d Antoni said, adding that the pandemic recovery under Trump created 12.5 million jobs, or an average of 1.4 million a month, while the Biden administration has added 9.0 million jobs, an average of roughly 500,000 a month. \u201cSo, Biden has taken twice as long as Trump, yet added 25% fewer jobs.\u201d<\/p>\n<p>The coronavirus pandemic caused the labor market to collapse, and a historically-low unemployment rate of 3.5% in February 2020 ballooned up to 14.7% in April 2020, the highest rate since the Great Depression, <a href=\"https:\/\/priorities.aei.org\/strengthen-the-post-pandemic-economy\/\">according to<\/a> the American Enterprise Institute. In the eight months remaining in Trump\u2019s presidency, the unemployment rate decreased to 6.3% by <a href=\"https:\/\/dailycaller.com\/2021\/02\/05\/january-unemployment-report-united-states-coronavirus-pandemic-bureau-of-labor-statistics\/\">January 2021.<\/a><\/p>\n<p>In the first 18 months of the Biden administration, the unemployment rate has gone from 6.3% in January 2021 to 3.6% in <a href=\"https:\/\/dailycaller.com\/2022\/07\/08\/us-economy-jobs-projections-recession\/\">June 2022.<\/a><\/p>\n<p>The fact that the job market is nearing pre-pandemic levels is cast by other economists as a sign the economy is not yet in crisis mode, however.<\/p>\n<p>\u201cThis doesn\u2019t necessarily look like a dire situation, despite the fact that we\u2019re struggling with inflation and economic declines in some other dimensions,\u201d University of North Carolina professor Christian Lundblad <a href=\"https:\/\/www.nytimes.com\/live\/2022\/07\/08\/business\/jobs-report-june-2022\">told<\/a> The New York Times.<\/p>\n<p>The White House did not respond to the DCNF\u2019s request for comment.<\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration\u2019s oft-touted talking point that employment has boomed under the administration is misleading and instead simply a natural recovery from pandemic losses, economists told the Daily Caller News<\/p>\n","protected":false},"author":979,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1580590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1580590","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/979"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1580590"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1580590\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1580590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1580590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1580590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}