President Biden is bragging about job growth in 2023. But he doesn’t say where those jobs are.

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Data from the BLS, chart and calculations by Mish.

A surge in immigration led to a surge in need for government and social assistance jobs at taxpayer expense. City and local governments are under financial strain.

In a White House Press Release on February 2, president Biden stated “America’s economy is the strongest in the world. Today, we saw more proof, with another month of strong wage gains and employment gains of over 350,000 in January, continuing the strong growth from last year.”

Things Biden Failed to Mention

• The employment level fell by 683,000 in December.
• Although jobs (nonfarm payrolls) rose in January, the employment level fell by 31,000.
• Full-time employment decreased by 63,000 in January.
• Of the 353,000 jobs created in January, 136,000 were government, social assistance, or health.
• Over half the job growth in 2023 was government, social assistance, and health care.
• Cities are struggling to keep up with migrants and the costs are soaring out of sight.
• Inflation is not falling.
• Year-over-year inflation is falling, partly due to easy year-over-year comparisons, despite inflationary pressures of Bidenomics regulations that will show up later.

Jobs Soar but Full Time Employment Is Barely Changed Since May 2022

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Nonfarm payrolls and employment levels from the BLS, chart by Mish.

On February 2, I noted Jobs Soar but Full Time Employment Is Barely Changed Since May 2022

Payrolls are up by 5.77 million since May of 2022, but full time employment up only 457 thousand. No amount of BLS smoothing can hide this.

Is Inflation Down? That’s What President Biden Says

Please consider a December Statement from President Joe Biden on the December Consumer Price Index

Today’s report shows that we ended 2023 with inflation down nearly two-thirds from its peak and core inflation at its lowest level since May 2021. We saw prices go down over the course of the year for goods and services that are important for American households like a gallon of gas, a gallon of milk, a dozen eggs, toys, appliances, car rentals, and airline fares. Despite what many forecasters were predicting a year ago, inflation is down while growth and the job market have remained strong. The economy has created more than 14 million jobs since I took office, and wealth, wages, and employment are higher now than under my predecessor.

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Consumer Price Index Change Since January 2020 Key Items

• Home Prices (Through October): +45 Percent
• CPI: +19 Percent
• CPI Excluding Food and Energy: +18 Percent
• Rent of Primary Residence: +21 Percent
• Food: +25 Percent

For more numbers and discussion, please see Is Inflation Down? That’s What President Biden Says

Importantly, Inflation is not down. The CPI is not down.

Denver Health at “Critical Point” as 8,000 Migrants Make 20,000 Emergency Visits

As a direct result of migration Denver Health at “Critical Point” as 8,000 Migrants Make 20,000 Emergency Visits

Denver Health CEO Donna Lynne warned Denver Health is at a critical, critical point. Eight-thousand migrants from Central America accounted for approximately 20,000 visits in 2023.

Denver Health asked the Federal Emergency Management Agency to provide funds for immigrants’ medical costs. The state and federal governments aren’t reimbursing the hospital, which spent $136 million for patients who didn’t pay.

New York City

In New York City, Mayor Issues Emergency Executive Order to Stem Migrant Arrivals

Under Bidenomics policy, we have created hundreds of thousands of jobs that are of net negative benefit to US taxpayers.

That’s what Biden is really bragging about.

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