News and Commentary

CNBC Guest: The Economy Hasn’t Added One Single Job Since 2019

   DailyWire.com
U.S. President Joe Biden speaks during a meeting with his administration's Supply Chain Disruptions Task Force and private sector CEOs in the South Court Auditorium of the White House December 22, 2021 in Washington, DC.
Drew Angerer/Getty Images

President Joe Biden and his team often claim that their administration is breaking all sorts of records for job growth, such as creating 6.4 million jobs during his first year in office. The only problem with that boast is that many experts say it’s not quite accurate. On Wednesday, ADP’s chief economist Nela Richardson told CNBC that the United States hasn’t produced any new jobs since 2019. In a separate story, The Daily Wire’s Morning Wire podcast broke down the economy more in depth.

“The economy, and this is an important point, hasn’t added one single job from the 2019 high-water mark. Not one. All the jobs that we have seen gained are recovered jobs that were lost,” Richardson said. “We’re not yet producing new jobs, in fact, we’re still about nearly 4 million jobs short, so these wage gains are coming on top of a shrinking workforce, and it’s not being fueled by productivity enhancements.”

Highlighting that interview, the Job Creators Network tweeted, “All jobs added so far are simply recovered jobs, previously lost during lockdowns. At a time when our economy should be booming, Biden’s war on small business is restraining our economic growth.”

Furthermore, Morning Wire reported on Thursday that while the U.S. economy added 6.4 million jobs last year, economists have stated that the economy would have produced that many jobs if Biden had done nothing at all.

According to Morning Wire, the Congressional Budget Office estimated last February that the U.S. economy would add an average of 521,000 jobs a month between the fourth quarter of 2020 and the fourth quarter of 2021.

That was a bit of an overestimation as the U.S. economy only added 6,116,000 total jobs during that time. Still, President Biden claimed credit for that job “creation,” claiming that his $1.9 trillion stimulus bill known as the “American Rescue Plan,” was to thank for the economy’s so-called success. But he and congressional Democrats promised that if Congress passed his economic measures, they would produce millions more jobs.

Biden said that plan would create 7 million new jobs and Speaker of the House Nancy Pelosi promised 4 million new jobs. Morning Wire noted that in November, Vice President Kamala Harris promised even more jobs.

In short, the administration promised several million jobs in addition to the 6 million the economy produced. That means Biden administration was predicting the economy should have produced 10-and-a-quarter million jobs last year. But with spending increases and inflation woes, the official tally was nowhere close to that amount.

As a result, CNBC also reported Wednesday that Biden’s “missed expectations”  in terms of job growth and the economy have severely hurt him amongst voters:

Some 58% of voters say they disapprove of how Biden is handling the U.S. job market, according to a CNBC/Change Research poll published earlier this month. That’s even worse than their views on the job market overall: 52% of those surveyed said they see the current state of the U.S. job market as either “poor” or “not so good.”

To listen to Morning Wire podcast, please click here.

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