What Prof. Heather had to Say on January 10 about Job Creation
Today the Department of Labor released the final jobs report of Joe Biden’s presidency. The nation added 256,000 new jobs in December, a number significantly higher than economists expected. That brings the total number of jobs created under Biden to 16.6 million and makes Biden’s the only administration in history to have created jobs every month. Under the Biden administration, the nation has also had the lowest average unemployment rate of any administration in 50 years, ending at 4.1%.
Axios
Dan Primack of Axios reported that the U.S. gained more jobs during Biden’s four years than it did under President Donald Trump, Barack Obama, or George W. Bush.
In a statement, Biden noted that when he took office, economic forecasts projected that it would take years for the country to recover fully from the effects of the coronavirus shutdown. In fact, the U.S. economy has grown faster and created more jobs than any other country with an advanced economy. Working-age women are now employed at record levels, and the gap in employment between Black Americans and their white counterparts is at the lowest level on record. The administration has brought the inflation of the early recovery back down almost to target levels, while incomes have increased about $4,000 more than prices. The administration, Biden said, has “achieved the soft landing that few thought was possible.”
Barron’s
CNBC economist Carl Quintanilla quoted Matt Peterson of Barron’s, who wrote: “It looks a lot like U.S. consumers are happy with the way things are…[a]nd so are the markets…. The only one who doesn’t seem to be happy with the way things are is Trump.”
Bloomberg
Brian Platt of Bloomberg reports that Trump’s threats of tariffs against Canada already have Canadian officials drafting plans for retaliation. Canadian prime minister Justin Trudeau told CNN yesterday that Trump is talking about annexing Canada to divert attention from how significantly his tariff plans would raise consumer prices.
Talking Points
As Josh Marshall of Talking Points Memo noted late last year, MAGA was never an ideological movement so much as a vehicle to pull together different constituencies in order to get Trump elected president. Since members of those constituencies have little in common, that effort centers around creating a false world that demonizes Democrats and insists they have created a dangerous world that is biased against MAGA. The only one who can stand against them, the story goes, is Trump, who is being persecuted for his defense of his supporters. That narrative has helped MAGAs to find common ground in their defense of Trump and his cronies and their support for Trump’s vows to retaliate against those he considers his enemies.
Letters from an American, January 10, 2025, Heather Cox Richardson
WATCH: Biden says he’s leaving economy ‘stronger than ever’ for Americans as his term nears end, PBS News
Biden on Track To Do Something No Other President Achieved, Investopedia