The U.S. Labor Department reported the economy added a whooping 517,000 jobs in January and that the unemployment rate fell to 3.4%. It was 3.5% in December. It was the 24th straight month of positive job growth and the department made it clear the gains were spread throughout the economy. The 3.4% unemployment rate was the lowest since 1969.
The department also reported the good news that U.S. job openings rose to 11 million in December, up from 10.4 million in November that indicates employers are still seeking to hire people and continue adding jobs. Other good news on the economy was the fact that 5.7 million people in the U.S. were unemployed, the lowest since 2000. The numbers tell the story of an economy that continues to add jobs and lower unemployment in a sustained way over a period of time and has been steady in doing so.
And all the while the negative voices of doom and gloom have been wrong about their predictions of a deep recession and a prolong period of a collapsed economic system. The noise will continue because that is all the negative voices have left. They are choking on their predictions that the economy would add 188,000 jobs in January. The big shame is how the media enables the negative voices by publishing and running their doom and gloom fairy tales, especially their speculation of a recession in the 3rd. quarter of 2022.
The economy has added over 11 million jobs in President Biden's first 24 months in office. That exceeds all the jobs created by the GOP's Herbert Hoover administration that lost 6.4 million jobs in 4 years; Eisenhower's administrtion that gained 3.5 million jobs in 8 years: George H.W. Bush administration that gained 2.5 million jobs in 4 years: George W. Bush administration that gained 1.3 million jobs in 8 years and the Trump administration that lost 2.7 million jobs in 4 years. And those 5 GOP Presidents served a total of 24 years. In other words, President Biden in his first 2 years continues the precedent during the past 90 years of democratic administrations creating more jobs than the GOP and by a large margin. Governing with policy and plans will always have a greater return and benefit for the country and its people than governing by ideology.
Precedent does not lie, it tells a story and can be used to make a judgement about the future. Too bad the media is so ill informed and influenced by the GOP's talking points that contain lies and misinformation. The negative voices will continue their assault on the facts and their doom and gloom talking points but Politidose commentary will continue to report the good news about the economy as it takes place. It was precedent that allowed Politidose commentary to predict the economic progress the country would make under the administration of President Biden and did so in commentary in December 2020 and January 2021. And you read it here first in Politidose.
This commentary written by Joe Lorio
