Bidenomics Strikes Again: Higher than Expected Job Creation in May to the tune of 272,000

From CNBC

May, 2024 marked another positive month in job growth for the United States with a higher than expected 272,000 jobs created.

Since Joe Biden became President, there have been 40 consecutive months of positive job growth.

Bidenomics, the program to build the economy from the ground up and expand the middle class has taken another positive turn.

And it is not just for May, 2024.

If one wants to compare the job creation numbers during the last two administrations, the Biden/Harris one has more than doubled what the Trump/Pence era produced (even if one does not include the impact of COVID.) 15.6 million jobs have been created in the Biden/Harris Administration while only 6.7 million for the Trump/Pence team. If you include the impact of COVID, helped in part by Trump’s poor response to the pandemic, the nation lost 2.7 million jobs.

Unemployment, which did tick up .1 percent to 4.0 has been at that level of lower for 30 straight months.

Wages have also risen with a 4.1 percent increase last month and that growth is finally beating a steady but falling inflation rate.

The misery index which combines the current unemployment and inflation rates is at 7.26 percent which is better then it was at the end of the Trump/Pence Administration (8.06 percent.)

GDP growth, pre pandemic, averaged 2.56 percent per year during the Trump era. It is 3.45 percent under Biden.

Commenting from France on the May Jobs report, the President sounded an upbeat note but recognized more needed to be done to relieve the squeeze on Middle and Working Class Americans still recovering from the inflation spike of 2022.

The President stated:

“The great American comeback continues, but we still have to make more progress. On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months—the longest stretch in 50 years. And a record high share of working-age women have jobs.”

“I will keep fighting to lower costs for families like the ones I grew up with in Scranton. I’m fighting corporate greed by calling on corporations with record profits to lower prices—as Target and Walmart have for grocery prices. I’m fighting to make rent more affordable by building 2 million new homes. I’m fighting to lower the cost of health care and prescription drugs, like insulin and inhalers.”

“Congressional Republicans have a different vision—one that puts billionaires and special interests first. The Republican plan would increase inflation by repealing the Affordable Care Act, siding with Big Oil to raise utility bills, letting Big Banks rip off Americans, and blow up the debt by slashing taxes for billionaires. I will never stop fighting for Scranton—not Park Avenue.”


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