ADP Economist Nela Richardson poured cold water over the Biden Administration’s claims of historic job creation noting that President Biden hasn’t in fact created new jobs.
“The economy – and this is an important point – hasn’t added one single job from the 2019 high watermark. Not one. All the jobs that we have seen gained are recovered jobs that were lost. We are not yet producing new jobs.”
“In fact, we’re still about nearly four million jobs short. So these wage gains are coming on top of a shrinking workforce, and it’s not being fueled by productivity enhancements.”
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This compounds the fact that President Biden has failed to live up to his jobs promises.
- Only 199,000 jobs were created in December—less than half of expectations.
- The Biden Jobs Deficit—the difference between jobs created and those he promised to create as part of his so-called stimulus from March—has metastasized to 1.1 million.
- Studies show the jobs recovery was held back by Democrats’ economic policies, including from the San Francisco Fed and a new paper published by the National Bureau of Economic Research authored by former Council of Economic Advisers Chief Economist Casey Mulligan.