Job Growth Doesn't Mean We're Getting Richer

Job Growth Doesn’t Mean We’re Getting Richer by Ryan McMaken, Mises Institute In response to recent claims by the Obama administration and others that “millions of jobs” have recently been created, I examined the data here at mises.org to see if the claims were true. It turns out that job growth since the 2008 recession has actually been quite weak, and hardly something to boast about. Nevertheless, our conclusions from these analyses tend to rest on the idea that job growth is synonymous with gains in wealth and economic prosperity. But is that a good assumption? In an unhampered market,…