President Joe Biden touted the latest job report Friday, but experts say it isn’t all it’s cracked up to be.
The Department of Labor released the monthly jobs report with showed the economy added 678,000 jobs in February, well above predictions.
“Work is fundamental to American society and human flourishing, but the Biden administration’s economic policies continue to undermine both,” said Rachel Greszler, an economic expert at the Heritage Foundation. “Even as President Biden touts these numbers, the reality is that employment should be significantly higher today. This administration’s policies have discouraged Americans from working, leaving American businesses with 10.9 million job openings they can’t fill. This drop in labor participation—particularly among work-capable adults without children—is a troubling trend that will only exacerbate America’s fiscal crisis. More immediately, the labor shortage is driving up inflation and causing delays—even life-threatening limits on access to health care.”
Critics pointed to Biden’s federal unemployment program that kept unemployment elevated.
“February’s jobs report is further proof that with emergency COVID jobless benefits ending, Americans are reconnecting to work,” said Rep. Kevin Brady, R-Texas. “But there are real red flags looming, including a large drop in real wages for workers, a wage-price spiral driving inflation higher, and a growing consensus among economists that a recession this year is more likely than not. President Biden offered no real solutions to any of this in his State of the Union remarks. In fact, his obsession with Build Back Better — which is dead — will only make inflation worse and do little to stave off a crippling wage-price spiral.”
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