In stark contrast to the Biden White House’s self-congratulatory rhetoric about the alleged success of its economic policies, government data paints a grim picture of a nation hemorrhaging full-time jobs. According to the U.S. Bureau of Labor Statistics, the number of Americans reporting full-time employment plunged by more than 1.7 million from November 2023 to the end of March 2024, the most recent month for which data is available. This represents a significant 1.33% decline over a mere five-month period. Excluding job losses directly tied to the COVID-19 lockdowns in 2020, the recent drop in full-time employment stands as the most substantial five-month decline since the depths of the Great Recession in 2009, a full 15 years ago. Prior to that, the last time the number of full-time jobs dwindled to this extent over a similar time frame was way back in 1994. Undeterred by these dismal figures, the Biden administration has persisted in touting the merits of its economic policies. For instance, on April 11, the White House’s official Twitter account proclaimed: “Under Bidenomics, our economy has created 15 million jobs and unemployment has remained under 4% for the longest stretch in 50 years.” Similar claims have been a recurring theme throughout Biden’s time in office. At best, these assertions are grossly misleading. While it is true that total employment has rebounded since Biden took the reins at the White House, the vast majority of those jobs simply represent a recovery from the government-mandated lockdowns imposed during the coronavirus pandemic. These are not “created” jobs in the true sense of the term. Compared to employment figures recorded in January 2020, just before the COVID-19 pandemic struck, the number of jobs added under Biden’s presidency amounts to a mere 2.98 million, a rather unimpressive figure when stacked against many of his predecessors. During Donald Trump’s first three years in office, the U.S. economy added a robust 6.33 million jobs, more than double the number recorded during the Biden era. These numbers become even more striking when considering that, excluding the 2020 coronavirus lockdowns, Biden’s government has outspent every other administration in history over a three-year period. Two of the four highest federal deficits ever recorded have occurred under Biden’s watch, and a third, the $1.4 trillion deficit in 2009, happened while Biden served as Barack Obama’s vice president. Biden’s economic agenda, characterized by a dramatic expansion in the size and scope of government programs, tax increases, and ever-tightening regulations on businesses, has proven to be an unmitigated disaster. Not only has it decimated full-time jobs in recent months, but it has also been the driving force behind America’s unrelenting inflation problem. As perplexing as it may seem to the Biden White House, when a government consistently spends far more money than it collects in tax revenue and resorts to printing money to cover the shortfall, inflation is the inevitable result. And when inflation spirals out of control, as it has for years now, the vast majority of people end up worse off. Based on the Consumer Price Index’s inflation estimates, an American family that spent $200 on groceries in January 2021, when Biden took office, would now have to shell out $238 to purchase the same items. Most Americans are struggling to keep up with the rising cost of basic necessities. The average cost of rent has skyrocketed. The average sales price of a home and the cost of mortgages have soared. The cost of purchasing a new car has increased by thousands of dollars in just a few short years. The American people are bearing the brunt of the Biden administration’s failed economic agenda. And based on the recent full-time jobs data outlined earlier in this article, the situation is unlikely to improve as long as Biden’s misguided policies remain in place.
Biden’s Failing ‘Bidenomics’ Kills Full-Time Jobs, Fuels Inflation
