They’ll try to convince us that millions of new jobs have been created.
What they won’t mention is that many of those “new jobs” were those lost in the Kung-Flu pandemic. And most are shit jobs.
And we’ll have fewer pediatricians.
The U.S. will add 11.9 million jobs through 2030, according to a new analysis from the Bureau of Labor Statistics. The bulk of that, however, will simply reflect a recovery from the damage caused by the Covid-19 crisis. Compared with the 2019 pre-pandemic peak for the BLS’s series, the jobs gain will be just 2.6 million — weaker than in previous decades.
About one-third of the jobs created, or 3.9 million compared with the current baseline, will be in low-wage work — a part of the economy devastated by coronavirus-linked restrictions. That covers categories that pay less than $32,000 a year, or roughly $15 an hour.
BLS analysts also project that while economic growth will run at a faster average pace than previous years and worker productivity will increase, the country’s labor participation rate will decline as the workforce ages and fewer young people work.
The forecasts paint a picture of a U.S. economy relying on the very jobs that President Joe Biden’s administration vowed to improve for millions of low-income Americans.
Total employment is projected to increase about 7.8% by 2030, to 165.4 million. That rise, which equates to just over 1 million added to payrolls each year, is about half the annual gain in the past decade, setting aside a decline during last year’s pandemic recession.