Biden be yammerin' 'bout the grand economy and loads o' jobs in 2023, but methinks 'tis more balderdash than truth, me hearties!
2023-12-26
Avast ye scurvy dogs! Me thinks that Joe Biden's economic endeavors and fancy "Bidenomics" be not as successful as the White House be boastin'. He may be yammerin' 'bout "jobs, jobs, jobs" but that be naught but a heap o' hogwash!
According to recent polls, President Joe Biden's favorability ratings are dropping, particularly in terms of his handling of the economy. A Pew Research poll shows that only 36% of respondents believe Biden makes good decisions about economic policy, while a Fox News survey reveals that just 14% think his economic policies have been helpful. In an attempt to reverse these declining numbers and address the cost-of-living crisis, Biden has shifted his focus from "Bidenomics" to job creation. However, a closer look at the labor market data for 2023 reveals that the jobs picture is not as positive as Biden portrays it. While Biden claims to have created over 14 million jobs, a significant portion of these are simply temporary positions that were lost during the pandemic. Excluding these job returners, the economy has only created an additional 4.7 million jobs under Biden, compared to 6 million under Trump at the same point in his term. Furthermore, a large percentage of the jobs created under Biden are in the government and healthcare sectors, which are not indicative of a healthy market economy. These sectors often rely on taxation and government funding, diverting resources from more productive economic activities. Additionally, while job growth in these sectors may contribute to rising healthcare costs, private-sector wage growth remains stagnant. Overall, the labor market is not as strong as Biden suggests, and the economy faces various challenges such as high costs, interest rates, and debt levels.