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The White House is reeling after yet another sub-par jobs report dropped this week. Having previously missed expectations by a whopping 700,000 in April, they managed to only come in at around 100,000 under in May; though, the big drop in the projection by the “experts” helped that equation (the projection 1,000,000 created in April vs. 650,000 for May).
But White House Chief of Staff Ronald Klain wants you to know that Joe Biden is doing so much better than the bad orange man.
If you didn’t criticize Trump when he created 150,000 new jobs a month in his first four months, what’s your critique of @potus when he’s added 530,000 jobs a month his first four months? https://t.co/QvrCufc6Ek
— Ronald Klain (@WHCOS) June 5, 2021
Let’s talk about this completely moronic take from Klain.
When it comes to the jobs market, context is everything. The number of jobs added in a month being good or bad is completely dependent on the underlying condition of the economy. If you are short 10 million jobs due to forced government lockdowns during a pandemic, adding 500,000 jobs after those lockdowns are mostly lifted is not good. At best, it can be described as a lagging recovery.
On the other hand, if the economy is already at what most economists would consider full employment, adding 150,000 jobs is actually good. It means you are keeping up with population growth, while maintaining the already existent, high employment levels.
Further, employment is not the chief factor in judging how well an economy is or isn’t doing. Barack Obama had good employment numbers the last year or so of his presidency, but those came with meager growth and wage stagnation. Only after Trump booted a lot of the regulatory empire did things really take off for the American people. Now, those regulations are returning, especially in the commodities industries, and we are all feeling the pain of increased prices (inflation is also a big issue).
The facts here are simple. Joe Biden inherited an economy that had been artificially suppressed for over a year by government action. The downturn was not organic. All he had to do was go eat pudding, go to bed at 7pm, and let the economy do its thing — and job growth would have exploded by default.
Instead, he pushed for extended unemployment benefits, putting his boot on the neck of the jobs market. Thus, we are getting these fairly tepid jobs reports, when we should be setting records. That’s not a win, and Klain trying to spin it as such is pathetic, out-of-context nonsense.