The White House is reeling after yet another sub-par jobs report dropped this week. After missing 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 actual projection by the “experts” helped that equation (the projection was lowered from 1,000,000 the previous month to around 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
It’s Saturday, so I’m going weapons-free on gif usage. Buckle up.
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
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