7 Apr 2024 1:22 pm
You poor ****, liberal idiot!!!R.Suave » 07 Apr 2024, 1:09 pm » wrote: ↑ Shut the **** up, Buffy
- Real wages have risen since before the pandemic across the income distribution. In particular, middle-income and lower-income households have seen their real earnings rise especially fast. And in the past 12 months, real wages overall have grown faster than they did in the pre-pandemic expansion.
https://home.treasury.gov/news/featured ... households
- Household purchasing power has increased as a result. In 2023, the median American worker can afford the same goods and services as they did in 2019, plus an additional $1,000 to spend or save—because median earnings rose faster than prices.
This week, the White House circulated a slide deck to Hill Democrats riddled with inaccuracies, false statements, and misleading information about Biden’s record on the economy. Let’s set the record straight.
BIDEN CLAIM: “President Biden and Congressional Democrats’ plan to grow the economy from the bottom up and middle out, not the top down, is delivering for the American people. President Biden and Congressional Democrats have worked together to grow the economy and create a record number of jobs.” The President says that his Administration has: “Created more than 13 million jobs; brought the unemployment rate below 4 percent four years before experts projected and kept it there for the longest period in more than 50 years; and achieved record low unemployment rates for African Americans, Hispanics, people with disabilities – and the lowest unemployment rate in 70 years for women.”
FACT CHECK: Recovery Versus Creation
Nearly 72 percent of all job gains since 2021 were simply jobs that were being recovered from the pandemic, not new job creation. In fact, when looking at today’s economy compared to pre-pandemic levels, employment is up only by 3.7 million, not 13 million.
On the other hand, in his first 2.5 years, job creation under President Trump was 5 million—1.3 million more jobs than the current President in the same time frame after factoring in the recovery from pandemic.
BIDEN CLAIM: “(President Biden) proved that a strong recovery and support for households brings more people into the workforce: a higher share of working age Americans are in the workforce now than at any time in more than 20 years and higher than on any day of the prior Administration.”
FACT CHECK: Labor force participation was stronger under President Trump.
- The labor force participation rate remains 0.7 percentage points lower under Biden than it was when President Trump was in office.
- When adjusting for population gains, nearly 2 million more Americans are on the sidelines today than they were during the previous Administration.
FACT CHECK: Wages are NOT keeping up with Biden’s inflation crisis.
- Real wages are down over 5 percent since President Biden entered the Oval Office.
- Since President Biden took office, the average worker has lost over $4,900 in real wages.
FACT CHECK: Setting the Record Straight on Bidenomics | The U.S. House Committee on the Budget - House Budget Committee