Joe Biden delivered remarks on his administration’s economic record Tuesday at the Brookings Institution, making the questionable assertion that President-elect Donald Trump will inherit a “strong economy.” Biden expressed hope that the incoming administration would “preserve and build” on his policies.
“Most economists agree the new administration is gonna inherit a pretty strong economy, at least at the moment…. It is my profound hope that the new administration will preserve and build on this progress,” Biden stated.
Biden’s comments come despite widespread dissatisfaction with his handling of the economy. Voters rejected the impact of “Bidenomics” and persistent inflation, electing Trump for a second term. Biden’s economic claims have drawn increasing scrutiny as revised data and independent analyses paint a more troubling picture.
The Biden administration has been criticized for revising payroll numbers downward in recent months, leading to allegations of misinformation. Zero Hedge highlighted the ongoing issue, calling out the administration for what it describes as “voodoo math” on nonfarm payroll figures. These revisions have consistently shown weaker job growth than initially reported, challenging the rosy narrative from the White House.
Adding to the concern, a report from the Center for Immigration Studies (CIS) revealed that all recent employment growth has gone to foreign-born workers. According to the CIS analysis, there were 183,000 fewer native-born Americans employed in 2023 compared to pre-pandemic levels in 2019, while employment for immigrants (both legal and illegal) increased by 2.9 million over the same period.
“Comparing the fourth quarter of 2019 to the fourth quarter of 2023 shows 2.7 million more people working in the United States — 2.9 million more immigrants (legal and illegal) and 183,000 fewer U.S.-born Americans,” the report stated. The analysis also pointed out that labor force participation among working-age, less-educated American men has continued to decline, contributing to broader social problems such as drug addiction, crime, and social isolation.
Concerns about foreign-born workers dominating job growth have persisted, with reports throughout 2023 indicating that native-born Americans were losing ground in the labor market. The influx of millions of military-age migrants since Biden took office has compounded these issues, with illegal immigration straining public resources and contributing to job competition.
As Trump prepares to take office, reversing these trends and addressing the economic challenges left by the Biden administration will be key priorities for the incoming administration.
