Joe Biden is gaslighting America on the economy. His administration is trying to oversell what has underperformed for several reasons: First, the economy is the one issue that affects most Americans most significantly. Second, Biden is doing worse on virtually every other issue. Finally, time is short: the economy is about to get worse, and the election is close. The administration’s strategy is to get Americans to believe what they hear and doubt what they see.Read More
The labor market continues to soften, with 199,000 jobs created last month, well below the recent average. Real job creation is far lower than this topline number suggests. Nearly 50,000 jobs were unproductive government jobs, continuing the trend of disproportionately high government job growth. The return of striking auto workers accounted for about 30,000 jobs. And 77,000 jobs were created in healthcare, which is a quasi-government industry. That leaves only about 40,000 jobs created in the real economy.
Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden’s presidency. As usual, job creation in previous months was revised down in today’s report. Nearly one million more Americans are unemployed since April.Read More
A majority of U.S. voters feel that the “American dream” cannot be achieved, according to a poll conducted by the Wall Street Journal and NORC.
Approximately 36% of voters said that the American Dream – as defined by the notion that if an individual works hard, they will get ahead – was attainable, down from 68% who said the same last year, according to the WSJ/NORC poll released on Friday. Roughly two-thirds of voters feel the economy is in poor condition as inflation continues to outpace wages and prices continue to rise.Read More
It wasn’t the last column in this space — that one took a detour because somebody had to address the manifest awfulness of Nikki Haley — but the one before that introduced you, dear reader, to what might become an ongoing series.
Because the Left in America is now built on the failed proposition that magical thinking, the imagination of a human race that acts nothing like the current one does, can reflect reality if only enough time, money, and effort (and blood, because it always comes down to blood) are poured into the mix.Read More
Another week, and amid more calls for President Joe Biden, who just turned 82, to step aside, former President Donald Trump is extending his lead in national polls over Biden for the 2024 election, with 46.6 percent for Trump to 45 percent for Biden in the latest average of polls taken by RealClearPolitics.com.Read More
Drops in inflation-adjusted compensation and wages preceded the losses of Harry Truman in 1952, who opted not to run, Gerald Ford in 1976, Jimmy Carter in 1980, George H.W. Bush in 1992 and Donald Trump in 2020, according to Bureau of Labor Statistics and Bureau of Economic Analysis data.
They also preceded the historic wipeouts of Republicans in 2008 by Barack Obama and Senate Democrats in the 1958 midterms, and the Republican House wins of the 2010 and 2022 midterms.Read More
It’s the economy, stupid.
Bill Clinton political strategist James Carville’s famous quip in the 1992 presidential election is truer than ever for 2024.Read More
Few outside some bitter Republican circles are still arguing that Donald Trump can’t win the 2024 election. What was conventional wisdom a few months ago has fallen to pieces. Trump has already won the primary, not that Republicans have any reason to regret it: he is outperforming Joe Biden in the polls, despite being indicted four times, a remarkable feat that only Trump could pull off. Notably, Trump ran far behind Biden in 2020, when Trump barely “lost,” something that enraged many liberals at the time.Read More
One common denominator that explains why previously successful societies implode is their descent into fantasies. A collective denial prevents even discussion of existential threats and their solutions.
Something like that is happening in the United States. Eight million illegal immigrants have entered the United States by the deliberate erasure of the southern border.Read More
It is no mystery that the core demographics for the Democratic Party include single women, blacks and Hispanics. In 2020, Biden won unmarried women 63 percent to 36 percent over former President Donald Trump, blacks 87 percent to 12 percent and Latinos 65 percent to 32 percent, according to the CNN exit poll.Read More
President Job Biden’s story about the success of Bidenomics just keeps shrinking.
The Labor Department has consistently overestimated payroll growth predictions under the 46th president and has been forced to revise the data downward to reflect slower economic growth throughout 2023.Read More
There’s no question about it now: The labor market is weakening. Friday’s jobs report showed 187,000 new jobs were created in August, well below the 12-month average, and the unemployment rate jumped. August marks the third consecutive month with fewer than 200,000 jobs created. June and July job creation was massively revised down by 110,000 in what’s becoming a common trend. And real wages grew slower than core inflation, continuing the nation’s decline in living standards.Read More
Friday’s jobs numbers show the labor market is softening due to Bidenomics and Bidenflation. Only 187,000 jobs were created last month. That’s below expectations, 40% less than the 12-month average, and the lowest level since the pandemic. Previous months’ employment growth was also revised down significantly, taking the sheen off recent jobs reports.
Average wages grew slower than core inflation, meaning Americans’ real wages and living standards remain stagnant. Friday’s numbers come on the heels of this week’s JOLTS report showing the fewest number of job openings and the fewest number of Americans quitting their jobs since the pandemic.Read More
In February 2021, Federal Reserve Chairman Jerome Powell told Congress, “We are not climate policymakers here who can decide the way climate change will be addressed by the United States. We’re a regulatory agency that regulates a part of the economy.” When Powell said that, less than a month into the Biden administration, inflation was 1.6%.
Just eight months later, in remarks on November 22, 2021, President Biden said Powell – then up for renomination and facing stiff opposition from congressional progressives – “made clear to me: A top priority will be to accelerate the Fed’s effort to address and mitigate the risks – the risk that climate change poses to our financial system and our economy.” At that time inflation was 6.8%, on its way up to a 40-year high of 9.1%.Read More
“When you think about wages going up, when you think about inflation at its lowest by more than 50 percent than it was a year ago, that’s because of the work that this President has done. And he’s going to continue to focus on what we can do to lower cost for the American people. And so, that is incredibly important.”
That was White House Press Secretary Karine Jean-Pierre on June 26, outlining President Joe Biden’s views on the current state of the U.S. economy, which have seen a diminution of the purchasing power of American households as high inflation set in following the more than $6 trillion that was printed, borrowed and spent into existence for Covid coupled with the economic lockdowns and production halts—literally too much money chasing too few goods.Read More