Looking under the hood of today’s jobs report shows it isn’t the home run that Democrats and the media claim.
Approximately half of the 303,000 jobs created last month came in the unproductive government or quasi-government healthcare sectors. These are not the types of jobs that drive growth and improve Americans’ living standards.
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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.
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The Congressional Budget Office (CBO) projects that the ongoing surge in immigration, both legal and illegal, will put “downward pressure” on inflation-adjusted wages through 2034, according to a recently released report.
The downward effect on real wages will continue until 2027, at which point it will “partially reverse,” with immigration still expected to cause average real wages to be lower in 2034 than they otherwise would be, according to CBO. CBO did predict some positive impacts of immigration, as well, such as increased GDP growth and an expanded labor force.
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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.
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This week’s jobs report reveals the labor market is finally starting to crack under the weight of two years of Bidenflation and the resulting rapid increase in interest rates.
The economy created the fewest jobs last month than in any month in Biden’s presidency. The average weekly hours for employees also fell again.
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More than half of Americans saw their wages fail to keep up with inflation between the second quarters of 2021 and 2022, according to researchers from the Federal Reserve Banks of Dallas and Cleveland in a report published Tuesday.
On average, over the past 25 years, just 44.6% of employees saw their real wages decline over 12 months, with the second quarter 2022 rate of 53.4% being the most aggressive since 2011, the researchers reported in a Dallas Fed-published article. Of those who saw their wages decline, the median decline was 8.6%, much higher than the average median decline of 6.5% seen in the past 25 years, the typical range of which is a 5.7% to 6.8% decline.
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An increasingly disturbing feature of American politics is the routine suppression of major news stories that reflect poorly on candidates favored by the Fourth Estate. The most egregious example in recent years occurred in October of 2020 when corporate news outlets and social media platforms colluded to bury a New York Post article on Hunter Biden. Fortunately, some stories just aren’t susceptible to such censorship. Inflation is a case in point. It can’t be hidden from the voters because soaring prices shout the bad news from every grocery store shelf and gas pump in the nation.
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