President Biden faces low approval ratings on the economy, so the White House has rolled out a new messaging campaign to repackage his inflationary economic policies: Bidenomics. In an address, President Biden made a pitch to the public that the U.S. labor market is thriving thanks to his agenda. He claimed this his policies created 13.4 million new jobs. Is that true?

Today, the U.S. has had the highest economic growth rate, leading the world economies since the pandemic. The highest in the world. (Applause.) As Dick said, with his help, we created 13.4 million new jobs. More jobs in two years than any president has ever — (applause) — made in four — in two. And, folks, it’s no accident. That’s Bidenomics in action. Bidenomics is about building an economy from the middle out and the bottom up, not the top down.
President Joe Biden

False. Completely make believe.

President Biden is being disingenuous. He is claiming credit for jobs that returned after pandemic restrictions came to an end and calling them all “new” jobs. His actual job “creation” record is worse than President Trump’s record.

A whopping 20.5 million jobs were lost in the first month that the COVID-19 pandemic was declared. Virtually all economic activity was halted or declined due to social and behavioral changes and government restrictions on business activity. Although losses were widespread, the leisure and hospitality industry suffered the greatest losses. 

A remarkable job recovery began later in 2020 with nearly 12 million jobs being recovered by the end of the year. Still, 9.4 million jobs were lost in 2020 according to the Labor Statistics (BLS), the largest calendar-year decline in the history of tracking.

President Biden took office in 2021 but is claiming that the millions of jobs recovered under his tenure are new jobs. Over 70% of the jobs in 2021 were recovered jobs according to congressional analysis. The net of jobs that replaced those lost suggests that Biden created around 4 million jobs in his first two years in office.

Meanwhile, President Trump created 5 million jobs during his first two years in office.

As Heritage Foundation’s E.J. Antonie wrote earlier this year,

Using Biden’s own logic, President Trump added 12.5 million jobs in nine months, averaging 1.4 million jobs per month. Biden has added 12.1 million jobs in two years, averaging 500,000 jobs per month.

Bottom Line:

President Biden’s claim is very misleading. Job recovery is not the same as job creation. It’s positive that jobs have been created but real wages have fallen thanks to 40-year-high inflation due to reckless government spending. Americans don’t feel better off, because Bidenomics have left them worse off.