Under Donald Trump, the economy saw incredible success: adding 6.7 million jobs and the lowest unemployment rate in half a century. Perhaps these were some of the greatest achievements of the Trump administration. But, the success is quickly slipping through the cracks. In his first two weeks of office, Joe Biden signed a slew of […]
Under Donald Trump, the economy saw incredible success: adding 6.7 million jobs and the lowest unemployment rate in half a century.
Perhaps these were some of the greatest achievements of the Trump administration.
But, the success is quickly slipping through the cracks.
In his first two weeks of office, Joe Biden signed a slew of executive orders in efforts to erase Trump’s legacy. In doing so, he also killed thousands of jobs.
What’s more, he did so during a global pandemic.
In one of the many executive orders he signed, Joe Biden cancelled the permit for the Keystone XL Pipeline. TC Energy Corp., the Canadian company that owns the pipeline, estimates that 1,000 people will be immediately out of work following the order, as those jobs had already been filled. The company also estimated that 10,400 jobs would be created throughout the entirety of the pipeline’s construction.
So, in total, Joe Biden killed 11,400 jobs.
In other efforts to save the world, Joe Biden placed a halt on drilling of federal lands. An analysis by the Louisiana Mid-Continent Oil and Gas Association and American Petroleum Institute says an extended drilling ban for federal lands and waters would impact the Gulf Coast hardest, estimating 48,000 job losses in Louisiana alone by 2022. Nationwide, an institute analysis estimates such a ban would cost nearly 1 million American jobs by 2022 and put $9 billion in government revenue at risk.
But the job slaughter doesn’t end there.
Biden also rejoined the Paris Climate Agreement. What does that mean?
More jobs gone.
To be specific, according to a 2017 study released by an economic research firm on behalf of the U.S. Chamber of Commerce and the American Council for Capital Formation, 6.5 million of them.
“The cost of the Paris Climate Accord to the American economy is steep," Wayne Christian said, referencing the study. “The agreement will cost American workers 6.5 million jobs and $3 trillion in economic growth by 2040.”
Why would this be?
More restrictions on fossil fuel emissions lead to high cost of production. Thus, higher cost of production leads to the closure of uncompetitive manufacturing businesses, which ultimately means fewer jobs.
Furthermore, Biden placed a halt on construction of Trump’s border wall. All crews along the border of the U.S. and Mexico were notified last Monday to stop all border wall projects by the end of last Tuesday, but it is unclear how the Biden administration plans to pay out the workers who have now been left jobless.
According to the Bureau of Labor Statistics, the unemployment rate in the United States as of December 2020 was 6.7 percent.
But, with Biden in office, this number will likely rise even higher.
