Bidenomics Green New Deal Collapses With -800,000 Job Loss
AENN
APR 01, 2024
Just like California, the federal government had been projecting strong national job growth would increase federal revenues by +$240 billion in 2024 and a record +$380 billion spike up in 2025.
The Biden Administration in the run-up to the 2022 election trumpeted the Green New Deal generating record job gains and low unemployment. The façade collapsed on Friday with US Bureau of Labor Statistics announced “Bidenomics” full-time job growth had been overstated by -800,000 jobs.
Polls have consistently shown Americans disapprove of President Biden’s job performance by 2 to 1 but express high approval for low unemployment. The White House credited its economic success on “large numbers of jobs created, reductions in prices of medicines, and heavy investment in green energy and manufacturing initiatives as successes of Bidenomics.”
President Biden bragged “Unemployment hit a 50-year low” due to 800,000 new manufacturing jobs days before clinching the Democrat nomination for President with a 95.2% Georgia Primary victory on March 12th.
The Mountain Top Times reported the next day that the Bidenomics job miracle took a huge hit when the Bureau of Labor Statistics conducted their annual March rebenching of monthly new job forecasts to actual W-2 job records and found California from September 2022 to September 2023 had overstated their 325,000 new job estimate by 277,000, an -85% decline.
According to the non-partisan California Legislative Analyst Office (LAO), California job creation went from number one out of 50 states and District of Columbia to number 51. Furthermore, about half of the 50,000 actual California jobs were in state and local government.
The Legislative Analyst Office indicated that the old projections for private sector job growth had allowed Governor Gavin Newsom to claim that California’s deficit next year would only be a grim -$38 billion. But the updated job losses means California now faces a -$73 billion deficit.
The main culprit for Bidenomics misstatement of US job growth was due to classifying full-time workers taking a second part-time job since February 2023 as creation of a new full-time job. Correcting the overstatement results in +921,000 part-time jobs and a loss of -284,000 full-time jobs.
The net financial effect is the equivalent of losing -800,000 full-time jobs.
Just like California, the federal government had been projecting strong national job growth would increase federal revenues by +$240 billion in 2024 and a record +$380 billion spike up in 2025.
The -800,000 net jobs loss will erase all 2024 federal revenue growth and most growth in 2025. As a result, the size of the US debt and the amount of annual interest are set to explode higher.
