Trending post A Facebook post from Occupy Democrats cited California Governor Gavin Newsom’s claim that “15.6 million jobs have been created under the Biden administration,” which is “eight times more than the last three Republican presidents combined.” Claimed “The only thing the last three Republican presidents have in common is recession,” he added after last week’s presidential debate between Presidents Joe Biden and Donald Trump.
This post by Occupy Democrats needs context and is somewhat misleading.
by Federal Reserve Bank of St. Louis (FRED), from January 2021 Nonfarm EmploymentThis claim is technically correct, as the number has increased by 15.63 million under Biden, but it misses the context that the COVID-19 pandemic has cost the U.S. economy about $100 billion. Nonfarm payrolls: 20.48 million Between March and April 2020.
Biden’s job growth numbers are aided by the fact that he took office during a deep, but temporary, downturn in employment. They calculated that the economy lost 21.4 million jobs. “COVID-19 shutdowns caused job losses in March and April 2020, and by the time Biden took office, there were still nearly 9.4 million fewer jobs than before the pandemic. However, compared to pre-pandemic employment trends, only about 6.2 million net jobs have been added to the economy during Biden’s term in office.”
Nonfarm payroll data is Fred According to this, under President George H. W. Bush’s administration, the economy added 2.63 million jobs, under President George W. Bush’s administration, it added about 1.37 million jobs, and under President Trump’s administration, the economy lost 2.72 million jobs due to the COVID-19 pandemic. So technically, the last three Republican presidents have added about 1.28 million nonfarm jobs to the US economy.
If we only consider Biden’s net nonfarm job numbers (6.2 million), it becomes clear that Biden has created only 4.8 times as many jobs as the previous three Republican presidents combined, not eight times as many.
While it is true that the US experienced recessions under both the Trump and Bush administrations, this assertion also lacks context. There was indeed a recession under George H.W. Bush from August 1990 to March 1991. There was a recession under George W. Bush from March 2001 to November 2001. mainly There was a brief recession from January 2008 to June 2009, until the collapse of the dot-com bubble, and again under Donald Trump in March-April 2020, due to the pandemic and the resulting lockdowns. The shortest recession It is the oldest ever recorded.
