New Jobs Report Shows That Thanks to Bidenomics, More Jobs Were Created in 2023 Than Any Year in Trump’s Administration
January 5, 2024
Today’s jobs report, boasting 216,000 new jobs, shows that President Biden is delivering for America’s hardworking families, building the economy from the bottom up and middle out. Since President Biden took office, he has helped create over 14 million jobs and unemployment has remained under 4 percent for 23 months in a row — the longest stretch in over 50 years. Under President Biden, more jobs have been created every year of his administration than any year under Trump — and in 2023 alone, Bidenomics created more jobs than in any year under the previous administration. It’s clear that President Biden’s economic agenda is succeeding where Donald Trump’s failed. While Trump spent four years putting American workers and families last, President Biden is creating new jobs and growing the economy for hardworking Americans across the country.
The December jobs report confirms that President Biden continues to help deliver a strong economy and new jobs for hardworking Americans across the country.
Heather Long, Washington Post: “JUST IN: Another good jobs report. The US economy added 216,000 jobs in December to finish the year on a strong note.
Unemployment rate: 3.7% (same as Nov.)
Wage growth: 4.1% in past year (well above 3.1% inflation)”
Gabe Gutierrez, NBC News: “Better than expected jobs report.”
Associated Press: “US employers added a surprisingly strong 216,000 jobs in December in a sign of continued economic strength.”
Rather than witnessing a recession like economists predicted, 2023 saw an economic “miracle” and a triumph for American workers.
New York Times: Opinion: “The economy was projected to lose 10,400 jobs a month. Instead, it gained an average of 232,000 a month. The unemployment rate, which started 2023 at a five-decade low, was projected to rise to nearly 5 percent by the end of the year. Instead it ticked up only trivially, to 3.7 percent.”
Washington Post: “More vulnerable groups of workers are faring remarkably well compared with previous periods of economic recovery. The unemployment rate for Black workers, which is often double the White unemployment rate, hit an all-time low in May, at 5 percent, though it has since risen to 5.8 percent. And the unemployment rate for those without college degrees also dropped near its lowest point on record. Typically, higher wage earners recover their losses faster, as they did after the 2008 Recession, but the pandemic recovery turned that logic on its head.”
Vanity Fair: “Fox Anchor, Through Gritted Teeth, Admits Biden’s Economy ‘Is a Lot Stronger Than Anybody Understands’”
Under Trump, MAGAnomics consistently failed American families in favor of tax cuts for large corporations and the ultra-wealthy, running up the deficit.
Washington Post Analysis: “One of President Donald Trump’s lesser-known but profoundly damaging legacies will be the explosive rise in the national debt that occurred on his watch. The financial burden that he’s inflicted on our government will wreak havoc for decades, saddling our kids and grandkids with debt. The national debt has risen by almost $7.8 trillion during Trump’s time in office.”
Washington Post Analysis: “The growth in the annual deficit under Trump ranks as the third-biggest increase, relative to the size of the economy, of any U.S. presidential administration, according to a calculation by Eugene Steuerle, co-founder of the Urban-Brookings Tax Policy Center.”
Politico: “The nation’s fiscal outlook looks ever bleaker, thanks in part to deficit spending during President Donald Trump’s first term, Congress’ nonpartisan budget scorekeeper projected Tuesday.”
Let’s not forget Trump’s economic legacy as president: the worst jobs record in modern American history.
Fortune: “Trump to leave office with the worst jobs record since Herbert Hoover”
Washington Post: “President Trump took office at the crest of the longest economic expansion in U.S. history. He leaves presiding over the worst labor market in modern U.S. history, as an already-sputtering economic recovery has turned negative.”
Even before the COVID-19 pandemic, Trump’s jobs record was falling short and his failed economic agenda was slowing growth.
Bloomberg: “Trump’s Jobs Record Fell Short of Promises Even Before the Virus”
Bloomberg: “Job growth was slightly slower in Trump’s first three years before Covid than it was during the last three years of the Obama administration, when the economy added 2.7 million jobs a year on average. Under Trump, that average was 2.2 million, until this year’s tumult more than wiped out the gains.”
Trump’s reckless trade policies created incentives for large corporations to send jobs overseas, shuttering factories and leaving hardworking Americans without jobs.
Brookings: “So over the years of the Obama administration there was a gradual recovery in manufacturing jobs and hours worked. Trump managed to destroy that through his ill-advised tariff tantrums in a short two years and put manufacturing into a recession.”
Bloomberg: “Another signature Trump policy, the trade war with China, actually hurt some of the manufacturers and farmers it was supposed to help. The Tax Foundation estimates if tariffs remain, 179,800 full-time equivalent jobs could be lost.”
Washington Post: “U.S. manufacturing was in a mild recession for all of 2019, according to data released Friday by the Federal Reserve.”