The Biden administration's latest jobs report is another example of how all that glitters is not gold.
The Biden administration’s latest jobs report is another example of how all that glitters is not gold. What looked like 206,000 jobs added to the economy were actually less than half that, with terrible internal dynamics. All while the labor market ominously flashed a recession warning sign with a perfect 50-year track record.
For that matter, even if 10 times as many private sector jobs were added, it still wouldn’t create enough tax revenue to support the number of public sector jobs being added, making the current job market trend unsustainable. This matters because part-time jobs are overwhelmingly for economic reasons. People would rather work a full-time, stable job. But when those aren’t available, they’ll take what they can get, replacing a 9-to-5 job with two or more part-time gigs. A consistent income stream has been replaced by several volatile ones.
Even that’s sugarcoating it. The unemployment rate is still artificially low because millions of Americans are missing from the labor market. The reason: When the government imposed draconian lockdowns in 2020, millions of people dropped out of work, and many never returned. Last, if there’s any doubt that the American labor market isn’t working for Americans, consider that literally all the net job growth over the last year went to foreign-born workers. While native-born Americans lost over 900,000 jobs. Fewer people are employed today than before the pandemic, while their inflation-adjusted earnings are down almost 4% on average.
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