Biden’s economic jobs recovery

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So I’ve watched both of the President’s speeches about how many jobs have been created since his administration took office.  But somehow I must have missed the press statement  about the new green jobs he was going to give to all those he fired from the Keystone Pipeline?  Anything out there?

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You know it's bad when even CNN does not believe him.


Facts First: Biden's claim is false. As a White House official acknowledged to CNN when we sought comment on Monday, Biden was inaccurately referring to an opinion article published in the Washington Post that day by five former leaders of the Internal Revenue Service, not five former leaders of the Federal Reserve; only three past chairs of the Federal Reserve are even alive. The former IRS commissioners did not say anything about how Biden's plan would affect economic growth. Rather, they said Biden's proposals -- including a well-funded effort to crack down on the non-payment of taxes owed -- would make the tax administration system "far fairer and more effective" and "produce a great deal of revenue by reducing the enormous gap between taxes legally owed and taxes actually paid."



Facts First: Biden's "456 times" figure was wrong based on the most recent available data, as the White House official acknowledged to CNN on Monday -- though he was broadly correct that the gap between CEO pay and worker pay has skyrocketed over time. The Economic Policy Institute, a progressive think tank, found that in 2019, CEOs of the 350 US companies with the largest sales earned 320 times more than the typical worker at those companies, not 456 times. Biden was in the ballpark on the situation in decades past; the same think tank found that there was a 21-to-1 ratio between CEO and worker pay in 1965 and about a 31-to-1 ratio in 1978.



Facts First: Biden was wrong when he suggested in Louisiana that liberal and conservative economists and think tanks all agree that the American Jobs Plan will create up to 16 million jobs; there is no consensus of any kind on how many jobs the plan will create. And contrary to Biden's suggestion at the White House, even Moody's did not say the plan would create up to 16 million jobs. Rather, Moody's estimated in May that the economy will create about 16.5 million jobs between the fourth quarter of 2020 and the fourth quarter of 2030 if the American Jobs Plan is not passed, or create about 19.2 million jobs if Biden's plan is passed. In other words, Moody's found that the passage of the American Jobs Plan would produce 2.7 million additional jobs, not up to 16 million.




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