Private-sector hiring has experienced a concerning deceleration in recent times. The June report reveals a meager net employment gain of only 99,000 when factoring in downward revisions from the previous two months. However, what is truly alarming is the fantastic hiring spree occurring in one specific sector – the government. Throughout the first half of 2023, federal, state, and local governments have added a staggering 379,000 workers to their payrolls. Surprisingly, this is more than the combined hiring numbers of major industries like mining, manufacturing, construction, wholesale, and transportation. This begs the question: Shouldn’t we be downsizing the government, especially considering the federal government’s $2 trillion annual deficit and the fact that the COVID crisis is now in the past? Another industry that comes close to government hiring in 2023 is health care/hospitals, which partly relies on government funding through programs like Medicare and Medicaid. The net employment gain in June rests at a mere 99,000, as per reports.
It is important to note that these numbers inadequately demonstrate the disproportionate impact the government has on the economy. Under the Biden administration, Congress has granted significant subsidies in the form of corporate welfare, with funds reaching the microchip industry, green energy, and electric cars through initiatives like the Chips and Inflation Reduction Act. Consequently, the government is indirectly funding tens of thousands of private-sector jobs through taxpayer dollars. In this same period of 2023, federal, state, and local governments have added 379,000 workers to their payrolls.
This trend is worrisome and ultimately detrimental. The government’s funding for these job programs inevitably comes at the expense of investment and employment opportunities for private employers without favorable industry status. We should have learned from the past, particularly from the Obama years, that government subsidies to industries ultimately result in low-productivity spending and even bankruptcies. Remember the Solyndra debacle? The economy is expanding, but unfortunately, in all the wrong places. A prosperous economy encourages growth in the private sector while reducing unnecessary government jobs. Unfortunately, Bidenomics does the opposite, and it is crucial to recognize this detrimental pattern. It is worth mentioning that Vivek Ramaswamy is a Republican candidate for president, while Stephen Moore is a senior fellow at the Heritage Foundation and co-founder of the Committee to Unleash Prosperity.
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