In the last few days before the midterm elections, President Biden touted job growth during his administration as a sign that his policies work.
At a Democratic rally in Florida for the gubernatorial and Senate candidates, Biden made claims about the national unemployment rate:
My predecessor was the first President since Herbert Hoover to lose jobs. He had fewer jobs when he left office than when he came to office. Last President that happened to was literally Herbert Hoover. And, look, here’s the deal: Unemployment was at 6.4 percent. Hundreds of thousands of small businesses had gone out of business — closed, bankrupt.President Joe Biden
But today, we’re in a better place: Ten million jobs created since I took office. A record in any administration. And over 700,000 manufacturing jobs with good pay.
… Unemployment is down from 6.5 to 3.5 percent, the lowest in 50 years. Black, Latino, and Asian by — communities, unemployment is way down.
Mostly false or misleading. Significant errors or omissions. Mostly make believe.
President Biden is being patently dishonest. Let me explain.
The lowest unemployment rate in 50 years?
The unemployment rate hit one of its lowest recorded levels of 3.5% in late 1969 (or 50 years ago). In September 2022, the unemployment rate fell to 3.5% again. However, this was not the last time that the unemployment rate fell to this level. It was that low during the months of January and February 2020.
This is a glaring omission. Biden is being dishonest by skipping over Trump’s record in an effort to pad his record. In fact, President Trump presided over the lowest unemployment rate in 50 years until President Biden tied that record in September.
The unemployment dip was short-lived though; it climbed back up to 3.7% in October.
Donald Trump’s Jobs Record Explained
Also, Biden misquoted the unemployment rate when he took office as 6.5% when it was actually marginally lower at 6.4%, which he stated earlier. The bigger issue is how he omitted context behind the significant job losses that occurred during the Trump administration and the gains that occurred when he became president.
The strong pre-pandemic economy delivered a tight jobs market. In early 2020, the unemployment rate fell to a 50-year low. That success came to a screeching halt as federal, state, and local governments implemented measures to stem the spread of Covid. Within one or two months, over 20 million people lost their jobs as the number of employed Americans fell from 152.5 million to 130.3 million. Those jobs have since been recovered over the past two years.
Indeed, Trump was the first post–World War II president to see employment fall during his presidency. Herbert Hoover left office in 1933 during the Great Depression and significant job losses.
Trump faced a sudden economic downturn due to a global pandemic. Just as millions of jobs were lost due to government actions, when those measures were lifted and activities resumed after the COVID vaccine was developed and distributed, those jobs returned.
It just happens that Biden assumed office during the labor force rebound. In essence, he’s taking credit for that rebound that would have happened regardless of who was in office.
For more on the latest jobs report read October Jobs Report Delivers Negative Signals For Women’s Employment