Over 13 million new jobs created.
More Americans are working than ever.
Record number of small business applications.Bidenomics is growing our economy.
— Joe Biden (@JoeBiden) June 28, 2023
I love these Biden tweets on job “creation.”
ChatGPT tells me that the COVID-19 pandemic caused the loss of more than 22 million jobs in the United States. The 13 million jobs that Biden “created” are those lost jobs coming back. But he’s still 9 million short. What happened to those people?
The unemployment rate is low, which suggests that people have left the labor force for some reason. If COVID didn’t kill them all, then they may have retired, given up (not everyone wants to work at fast-food restaurants), or cobbled together a welfare package they can live on.
The labor force participation rate (shown below) has never come back to pre-pandemic level, and people who have left the labor force are not counted in the unemployment rate.
