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President Biden's Job Growth: Who Really Benefits?
Bullet Point Summary:
President Biden claimed in April that the U.S. has “the best economy in the world” with a “historically strong” job market.
It is reported that most of the job growth since the pandemic has gone to immigrants, both legal and illegal
.
The government’s household survey shows only 971,000 more U.S.-born Americans employed in May 2024 compared to May 2019, while the number of employed immigrants increased by 3.2 million
.
Despite claims of job creation, labor force participation for U.S.-born men remains historically low
.
The May jobs report showed the U.S. added 272K payrolls, yet the unemployment rate increased to 4.0%
.
Federal Reserve Chair Jerome Powell suggested that the jobs data might be overstated
.
The increase in payrolls includes multiple job holders, meaning actual employment numbers may be lower
.
Since the start of the Biden administration, there has been a significant increase in part-time jobs, with a loss of full-time positions
.
Additional Info:
Biden's claims about a strong job market contrast with the reality of significant job growth among foreign-born workers and stagnant numbers for U.S.-born workers
.
The divergence between the Establishment Survey (which counts payrolls) and the Household Survey (which counts actual employed workers) has resulted in a gap of 9 million, the largest on record
.
The labor force participation rate among U.S.-born men without a bachelor's degree has dramatically declined since the 1960s
.
Critics argue that the administration’s focus on immigration neglects the millions of U.S.-born workers who remain out of the labor force
.
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