FOX double standards for Trump's & Biden's jobs numbers:

[tblue37]

Link to tweet

[Drunken Irishman]

1. If we hadn't just come out of a period where 20 million jobs were lost, it would be a great report.

But that's not the case.

20 million jobs were lost at the height of the pandemic in 2020. By December, 2020, we were able to halve that number. That means Biden began his presidency 10 million or so jobs in the hole since the pandemic began.

In 2021, the economy gained about 6.3 million new jobs. That still puts it at almost 4 million jobs short of erasing the losses seen during the pandemic.

So, we are still operating out of a sizable hole. Certainly smaller than a year ago but still not good enough to make up all those lost jobs.

Because there's fewer people participating in the job market now compared to February, 2020, the unemployment rate is theoretically going to be lower.

But the thing is, at an average of 200,000 jobs a month, which mirrors December's jobs report, we still wouldn't make up the amount of jobs lost in 2020 by the end of 2022 - and that doesn't even account for population growth.

So, a 200,000 jobs report when you're still 4 million jobs in the hole, is much worse than a 150,000 jobs report when you're not in any sort of hole (the US finally erased all the jobs lost during the 08/09 recession in 2014). So, every report after 2014 was a net total gain compared to where the country was in 2009.

Every job report today is still a net negative because we haven't made up the gap yet.

A big knock on Obama during a portion of his presidency was that we were not making up the lost jobs at a fast enough pace because, despite relative growth, it was extremely slow. It didn't really pick up until around 2015.

This growth the last three months is much slower than it needs to be. The economy only adding 200,000 jobs when it still needs to make up 4 million is not a healthy economy. We need more reports like June last year where the economy grew by 800,000+ jobs.

That's the difference. It does no one any good to compare pre-COVID job reports, when the US saw record-breaking sustained job growth, to COVID reports where the economy lost 20 million jobs in less than six months.