From the Santa Cruz County Democrats newsletter:
Here is why it ain’t so Joe…
- The official government data shows that between January 2021, when Biden took office, and June, the number of employed Americans rose from 142.7 million to 145.8 million, or a gain of just over 3 million.
- Raw numbers vs. percentages. By choosing to highlight jobs gained as his metric, Biden has an advantage in a comparison with previous presidents. The U.S. population has grown, and so has the labor force.
- Comparison to the pre-pandemic level. The U.S. economy is still almost 6.8 million jobs below the pre-pandemic peak — 145.8 million jobs in June 2021, compared with 152.5 million jobs in February 2020.
- The question of timing. Biden entered office during a recession (and a global pandemic), but while the economy was on the upswing.
- Who gets the credit? Experts always caution that a president is not all-powerful in economic matters, since many factors beyond their control, from international oil supplies to changes in technology and demographics can shape the health of the U.S. economy.
- This talking point glosses over the reality that the U.S. economy remains almost 6.8 million jobs under its pre-pandemic peak. Meanwhile, comparing presidents as Biden did is highly sensitive to the economic conditions around the time of their inauguration; Biden entered office during a deep recession, but he took over on the upswing, a situation that not all presidents have benefited from.
- According to Moody’s Analytics, which President Biden often cites to promote his tax-and-spend agenda, his $6 trillion plan spends $2.3 million per new job created over 10 years.
- Said another way: The jobs created by the President’s agenda cost taxpayers $2.3 million per job.
- This comes after the left-leaning Tax Policy Center found that Biden’s overall tax plan will raise taxes on 75 percent of middle-class families next year, rising to 95 percent of middle-class families by 2031 – contradicting his pledge not to raise taxes on middle-class families.
- As Moody’s analysis shows, the last thing America’s small businesses and working families need is higher taxes to pay for Democrats’ runaway spending: Our economic recovery would add north of 700,000 more jobs WITHOUT the passage of Biden’s multi-trillion-dollar tax hike.