Despite the numerous economic difficulties individuals are currently facing. Including 401(k)s that are still hurting from the greatest stock market decline since 2008 and persistently high inflation. Many claim that “Bidenomics” is winning at this very moment. President Joe Biden’s administration, there has been a significant and unprecedented increase in disability claims.
The Biden administration is credited by the White House as creating 13.2 million jobs, according to statistics. And that in June, the jobless rate dropped to 3.6%. Not bad, you’d say?
Disability Claims Surge under ‘Bidenomics’
At least some appear to concur.
“America’s employment numbers now are better than they were in 1984 under President Biden. Former George W. Bush political advisor Matthew Dowd. Bush and MSNBC, recalled when President Reagan broadcast morning advertisements throughout America praising the economy.
Statistics have a tendency to be misleading; as the saying goes, “Lies, damned lies, and statistics.” To quote Benjamin Disraeli, a British statesman.
A closer examination finds that fewer Americans are employed. than at any time in the previous 45 years (apart from the epidemic).
How do these numbers compare to those from the White House? which indicate a 13.3 million increase in jobs and a 3.6% unemployment rate? The solution is shockingly straightforward.
According to official figures, there has been significant job growth since the beginning of 2020. With 130 million employment overall in April 2020 rising to 156 million in June 2023 (there were 152 million non-farm jobs overall before to lockdowns), however virtually all of that job growth entailed replacing positions lost due to the COVID-19 epidemic.
Unraveling the Complexity: Exploring Factors Impacting the Decrease in Workforce Participation
Numerous factors contribute to the increased number of people opting not to work. One explanation may be that more families are homeschooling, a development that began during the epidemic. An additional issue can be lower (actual) pay. It’s possible that some employees are delaying their return to the office because they object to becoming immunised or donning a mask (as some companies still mandate). Then there are poverty traps that the government has constructed, wherein low-wage people lose assistance subsidies when they earn more money, discouraging them from working.
Can employees even receive lengthy COVID disability benefits? It appears that the Biden administration has been attempting to make it simpler to accomplish this.
“By taking a few steps, the Biden administration has already made an effort to protect employees and keep them on the job. In 2022, MPR News claimed that the government will “issue guidance that makes clear that long COVID can be a disability and relevant laws would apply.”
Now, some may argue that it is the responsibility of the government to offer support to employees who are deemed incapacitated. However, Murray Rothbard, an economist, previously observed that “it is easy to be conspicuously ‘compassionate’ if others are being forced to pay the cost.”
Whether one agrees with the payouts or not, it is obvious that the “Bidenomics” job successes are really smoke and mirrors. Even if it makes the unemployment rate appear lower, fewer people working and more people claiming disability benefits is hardly a financial success.