President Biden greatly overstated how many jobs would be added to the economy through his “American Jobs Plan” during his speech this week in Louisiana.
Biden urged Congress to pass the $2.2 trillion for his “infrastructure” projects in addition to other things pushed by his administration, like elderly care and jobs training. In his speech, the president said the “American Jobs Plan” would lead to 16 million new jobs – which is much higher than actual projections.
“The economists, including liberal and conservative groups, say we will create as many as 16 million new jobs,” Biden said. “Not $8 per hour or $12 per hour or $15 per hour, but wages that can raise a family. My dad would call this, he would say it’s breathing room after all the bills are paid.”
Biden did not say who projected his plan would lead to 16 million jobs. But the comment seemed to be about to a study done by Moody’s Analytics, which actually predicted a far smaller number.
Their April report found that the economy would get around 16.3 million jobs through 2030 even if the “American Jobs Plan” were not passed. The study predicted around 2.7 million new jobs, or around 19 million overall, if the infrastructure program were passed.
Biden made a similar comment about Moody’s prediction at an earlier event this week, according to official transcripts.
“Moody’s is talking about it increasing to maybe 16 million new jobs,” Biden said. “It’s about growing, not harming growth.”
Biden’s National Economic Adviser Brian Deese also used the 19 million figure during his discussion on Fox News and said the number was from Moody’s Analytics.
Jen Psaki, the White House Press Secretary, later clarified these comments.
“Moody’s did an analysis that revealed that the economy would get 19 million jobs over the next decade if the American Jobs Plan was passed — almost 3 million additional than if it does not,” Psaki said.
Author: Scott Dowdy