(TruthAndLiberty.com) – As 2023 draws to a close, President Joe Biden faces declining approval ratings, particularly concerning his handling of economic policies. Recent polls, including one by Pew Research, indicate only 36% of people think Biden makes sound economic policy decisions. A Fox News survey shows a mere 14% believe his economic policies have been beneficial.
Biden has recently shifted his economic discourse from broader policy themes to a focus on job creation. Despite his claims of significant job creation, a detailed examination suggests the reality is less positive. For instance, Biden has touted the creation of over 14 million jobs during his administration, but this figure includes 9.4 million jobs that were simply recoveries from pandemic losses. Without these, the net job creation under Biden is around 4.7 million, less than the 6 million jobs created at the same point during Trump’s presidency.
Further scrutiny reveals that job creation under Biden has been concentrated in specific sectors, notably government and healthcare. About half of the 2.55 million jobs created in the first 11 months of 2023 are in these sectors. The rate of government job creation is notably higher than in the previous administration, raising questions about the health of the market economy. Government jobs often rely on public funding, which could otherwise be used in more economically productive ways.
In the healthcare sector, while some jobs contribute productively, many are administrative, with the government funding about half of healthcare spending. The U.S. spent a substantial $4.5 trillion on healthcare in 2022, far more than other developed nations, and job growth in this sector could further drive up costs.
Moreover, private-sector wage growth has been sluggish, barely keeping pace with core inflation, which raises concerns about the true strength of the labor market. This is reflected in Biden’s poor poll numbers regarding the economy.
With the Federal Reserve’s recent shift in interest rate policy and challenges like high consumer costs, elevated interest rates, and record levels of debt, the U.S. economy faces significant obstacles. Consequently, Biden’s emphasis on job creation in his economic remarks seems a strategic choice, though for many Americans not employed in government or healthcare, the labor market in 2023 is not particularly commendable.
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