A Republican House representative’s attempt to bemoan Bidenomics backfired Wednesday when he took the floor to share data he thought would outrage the nation.
“This is the second worse jobs report of the Biden presidency,” declared Rep. Guy Reschenthaler (R-PA). “The unemployment rate rose to 3.9 percent.”
But the problem with this assessment of October’s unemployment rates was quickly pointed out by hordes of X viewers who ridiculed Reschenthaler for his poor understanding of “economics 101.”
“In case he needs a refresher,” replied Jeff Holcomb, “definition of full employment is 4%.”
According to a U.S.A. Today analysis, Holcomb is correct.
The Bureau of Labor Statistics defines full employment as the highest employment level that doesn’t increase inflation. U.S.A. Today analysts, relying on Center for Budget and Policy Priorities standards, put that number between 4 and 6 percent.
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“He is really scraping the bottom of the barrel looking for bad news,” responded X user RollWithIt.
“Another rocket scientist from PA,” wrote user Ann Loftus, while another user wrote: “Quick, someone show him Trump’s 2nd worst jobs report.”
According to a FactCheck.org analysis of the economy under former President Donald Trump’s administration:
- The economy lost 2.9 million jobs.
- The unemployment rate increased by 1.6 percentage points to 6.3%.
- The number of people lacking health insurance rose by 3 million.
- The federal debt held by the public went up, from $14.4 trillion to $21.6 trillion.
- Home prices rose 27.5%, and the homeownership rate increased 2.1 percentage points to 65.8%.