In an overall disappointing jobs report for June, guess what industry hired the most new workers last month? Government.
The pace of government hiring has nearly tripled so far this year from 23,000 per month last year to 66,000 so far this year.
Even worse is that when netting out the downward revisions in jobs created from April and May, there was a net increase in total employment of only 99,000, of which 60,000 were additions to state, local and federal payrolls. In other words, government accounted for more than half of the net new jobs created in June.
Meanwhile, Congress is adding thousands of fake private sector jobs that are a result of the Biden spending and borrowing spree. The only way the government can get the money to pay for government jobs programs is to pull money from the private sector. We should have learned from the Obama years that government subsidies to industries just leads to fraud and bankruptcies – remember Solyndra and Fisker?
A productive economy increases private sector jobs and cuts extraneous government jobs. Biden is doing the opposite.