President Joe Biden delivered a Labor Day stump speech in Philadelphia, Pennsylvania to union workers at the Annual Tri-State Labor Day Parade.
While giving his speech, Biden slammed the Trump economy and hyped the “Bidenomics” that he claimed were responsible for record “job creation.”
“800,000 new manufacturing jobs, but you wouldn’t know from all the negative news you hear,” Biden intoned. “Well, we’re getting through this. One of the greatest job creation periods in American history. For real. That’s a fact.”
“And it wasn’t that long ago, we’re losing jobs in this country,” he went on. “In fact, the guy who held his job before me was just one of two presidents in history — but here’s an important point — one of two presidents left office with fewer jobs in America than when he got elected office.”
“By the way, you know who the other one was? Herbert Hoover. Isn’t that kind of coincidental?” he asked rhetorically.
“Look, but we’re turning things around because of you,” he added. “When the last guy was here, you were shipping jobs to China. Now we’re bringing jobs home from China.”
Steven Cheung, a spokesperson for Trump’s campaign, fired back and defended the former president’s record.
“President Trump produced a booming economic recovery, and record low unemployment for African Americans, Hispanic Americans, Asian Americans and women,” Cheung said. “Joe Biden is the destroyer of America’s jobs and continues to fuel runaway inflation with reckless big government spending. President Trump’s vision for America’s economic revival is lower taxes, bigger paychecks and more jobs for American workers.”
Fact checkers point out that Biden’s attacks on his predecessor former President Donald Trump and continual claims about record job creation are missing important context.
The USA Today fact checker, for example, pointed out that experts say that Biden’s comparisons to Trump, while common political fare, are unfair.
“The post compares that number to the number of jobs Trump netted throughout his entire term, a figure determined by subtracting the total number of jobs when he entered office from the number of jobs when he left office,” the USA Today said about a similar boast.
“When Trump was inaugurated in January 2017, there were nearly 145.6 million employed Americans, according to data from the Bureau of Labor Statistics,” the report continued. “By December 2020, his last full month in office, there were about 142.6 million total nonfarm employees — about 3 million fewer than when Trump took office.”
“Looking at the numbers alone, the claim is accurate,” the report added. “But experts say it’s a misleading way to compare the data.”
“It is a bit unconventional to compare net jobs over a 4-year period to a single one-month change in employment,” Mary Ann Bronson, an economics professor at Georgetown University, said. “The latter will always have much higher variance, be subject to seasonal fluctuations, and of course also to other short-run fluctuations (especially in the current health environment).”
“Bronson said a more meaningful analysis would address the unique circumstances of Trump’s time in office, such as net job creation under the Trump administration prior to the pandemic, how the first months of pandemic job losses compared to other countries and how much employment recovered in the U.S. compared to those countries,” the report noted.
There was also tremendous variance in the Covid response during the Trump presidency at the state-level. The University of New Hampshire’s Carsey School of Public Policy in a 2021 report broke down the state-level economics as they were affected by the Covid recovery.
The CSPP analysis showed that states varied by percent of jobs recovered and that heavy lockdown states initially lagged behind states that had a more relaxed approach.
Furthermore, as one might expect, industries that were heavily impacted by lockdowns, such as the tourism and food service industries, were the leading drivers of regained jobs during the Covid pandemic recovery, which the Biden administration has misleadingly recast as “created jobs.”
Furthermore, Biden’s claims that his administration is ‘bringing jobs home from China’ that were purportedly lost under the Trump presidency comes with a major caveat.
“Foreign-born U.S. workers are now amounting to 160K jobs per month this year, rising 50K per month faster than in 2022, lifted by a surging foreign-born labor force participation rate,” the economic blog ZeroHedge noted, adding that “1.2 Million native-born workers lost their jobs, and were replaced with 668K foreign-born workers.”
Beyond the domestic makeup of Biden’s regained jobs is the loss of full-time jobs in August, which decreased by 85,000 jobs, as well as the Bureau of Labor Statistics continually revising down job reports months after their release.
After every month in 2023, the BLS has significantly revised down initially reported numbers, oftentimes by tens of thousands of jobs.