President Joe Biden’s claims that his economic agenda has “ignited a new manufacturing boom” is a lie debunked by the economic data, Breitbart Economics Editor John Carney said in a Friday interview on Fox Business Network’s Kudlow.
Fox Business host and former Wisconsin Congressman Sean Duffy, who was filling in for Kudlow host Larry Kudlow, played a clip of Biden’s remarks last month in Wisconsin, where the president claimed: “Our economic agenda has ignited a new manufacturing boom.”
The economic data does not back up the president’s claims, Carney explained.
“We’re not just losing manufacturing jobs. Manufacturing output in the United States has been contracting for at least five months,” Carney said. “The manufacturing sector is probably one of two sectors in the United States right now that’s actually in a recession, the housing market being the other one. The housing market is actually starting to bounce back.”
He added that we see no similar signs of a recovery in manufacturing.
“We just see further deterioration in manufacturing,” he said. “And, of course, we’re shedding jobs in it. We’re producing a lot less. Month after month output is going down. And we’re going to continue to shed jobs in manufacturing. Joe Biden is just lying when he tells people we’re in a manufacturing boom.”
Carney noted in Thursday’s Breitbart Business Digest that the housing market does indeed show signs of a recovery:
Over the last few weeks, we’ve been pointing out that the housing sector recession appears to have bottomed, and the sector is seeing early stages of a recovery. Sales of existing homes are up, housing starts jumped in February, and home builder confidence has been rising for three months. Construction spending dipped in February, but this was more than made up for by an upward revision to January.
The ADP jobs report adds to the evidence for a housing sector recovery. After declines in construction employment in January and February, March saw an increase of 53,000 jobs, a very large number for the sector. In fact, we’re up a net 13,000 jobs in construction so far this year, according to ADP’s figures.
However, as Carney reported on Wednesday, these hopeful signs do not extend to the manufacturing sector: “Manufacturing, which has been in a slump for several months, saw payrolls shrink by 30,000. In the prior month, however, payrolls were up by 43,000 and in January they rose by 23,000.”
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