In order to gain public support for his massive $1.9 trillion partisan so-called “Covid stimulus” in March, President Biden used an estimate developed by Moody’s Analytics that predicted the spending would result in 4.4 million jobs by September. But the President is falling short. So far, only 3.1 million jobs have been created–meaning more than 1.3 million jobs are needed in September’s jobs report to deliver on his promise.
- So far, forecasts anticipate around only 450,000 jobs created in September’s report, meaning President Biden is likely to fall short of his jobs promises by 850,000 jobs.
- Goldman Sachs forecasted that ending Democrats’ lavish unemployment bonus would result in a “large boost.” Whatever the final number winds up being, 300,000 of these jobs are only coming as the result of the expiration of one of his most damaging policies to Main Street. President Biden’s own policies have held back workers.
- Democrats’ untargeted welfare-without-work policies are holding back our jobs recovery byforcing Main Street businesses struggling to compete with unemployment benefits to fill record job openings.
Here’s what Goldman Sachs said:
- “Our employment forecast for the rest of 2021 assumes a large boost to job growth from the expiration of federal enhanced unemployment insurance (UI) benefits that provided a $300/week federal UI top-up payment to all UI benefit recipients, extended the duration of benefits, and expanded eligibility to include gig workers.”
- The firm also pushed back on those (including the White House) who claimed the UI bonus wasn’t keeping workers at home: “[Their argument] goes against a large number of academic studies from prior to the pandemic that found that at least some workers are more likely to seek employment when UI benefits become less generous.”
Numbers to Look for in September’s Jobs Report:
Jobs: The Biden jobs deficit doubled last month, it’s over 627,000 jobs short of his COVID stimulus promises. He will need over 1.3 million jobs in September to close his jobs gap completely.
Workers/Labor Force Participation: Under President Biden, Main Street businesses of every size are struggling to find workers. Labor force participation rate has barely moved. To show meaningful progress, we need to reach the pre-pandemic level of 63.3–but the rate in August and September was stuck at 61.7.
Wages: Bidenflation is outpacing workers’ paychecks, with prices on track to increase to the highest levels in 40 years. This will only get worse as Democrats push through trillions in tax hikes and welfare spending.
CLICK HERE to read the report from Goldman Sachs.