New Job Report … and more Biden BS
In terms of the economy, team Biden – including the crony media – has been selling a preposterous rose-colored view of the economy despite the reality being experienced by the folks back home – especially those who do not live in millionaire and billionaire bubbles. According to Biden and the leftwing spin machine, the economy is GREAT, and the people are too ignorant to see it. What the people in Pomona and Poughkeepsie are seeing is not real. They (we) just do not get it.
The only blame Democrats lay on themselves is that they are not messaging properly. People are not hearing their good news gospel. If there is anything that the people have heard ad nausea is the Biden economic message.
Over the course of many months, Biden took bows for monthly job reports that showed a high number of new jobs and lower unemployment. He celebrated cost-increasing inflation that was running lower than the 8 and 9 percent of just a few months ago – but still adding to the financial burden of the average American.
Now we have the August Job Report — and it is not good for any American who has to pay the bills. According to the Report, the economy added 187,000 jobs in August. The unemployment rate increased from 3.5 to 3.8 percent. According to past assessments, that is not good news. For the past three months, job numbers have fallen far below the early months in 2023.
In addition to the August number falling below the theoretical goal of 200,000 jobs per month, the previous months numbers were downgraded by more than 100,000 jobs. Those readjustments – almost always a downward – do not get much media attention.
It needs to be kept in mind that Biden’s claim of creating more jobs than any past President is better described as malarky. They were created on his watch, but not due to anything he did. They were the re-employment of workers laid off because of the Covid Pandemic. Ironically, the number of re-hires is so high because of the over reaction to the Pandemic in the first place.
The unemployment number is generally easy to assess. Up is bad and down is good. However, since the Federal Reserve is trying to INCREASE unemployment by raising interest rates as a means to REDUCE inflation, the increase in the August unemployment number is being heralded as a good thing. Whether unemployment goes up or down, Biden heralds it as good news – and a testament to his policies.
He takes (excessive) credit for job creation even though the Fed is working hard to increase the unemployment levels. In other words, Biden is claiming to create jobs that the Fed hopes no one takes. And we should not ignore the fact that those job killing increased interest rates by the Fed are another significant financial burden on the average American.
Inflation is still running too high, and prices are still going up … up … up. The average family is putting out $700 more per month than they did when Biden took office. That is an astounding $8400 per year. Think of that in terms of individuals and families making less than the poverty level – which is approximately $13,000 for an individual with an additional $2400 for each additional member of a household.
The increase in wages – for which Biden also takes credit – is falling behind inflation. And even if wage increases surpass inflation – the purchasing power of the family will remain below pre-inflations rates. Inflation does not go away. It creates a new plateau of costs that remains. That is why eggs were 29 cents a dozen in 1950 and more than $4.00 a dozen today.
The only positive thing that can be said about the August Jobs Report is that it could have been worse. But it is still a blow to the budgets of the American people. They understand that – and see that — no matter what hogwash Biden tries to peddle. The economy is sputtering, and the public knows it.
So, there ‘tis.
Then you should have no issues at all in 2024.
I do not, and consistently have not, say all folks should feel better. As Horist points out, they don’t. While some may be messaging, most actually feel the pain. The economy is uneven, recoveries trickle down just like Conservative top-down economic strategies trickle down. But what Horist misses are the actual statistics, where we have been, and where, based on the numbers, it looks like we are going. I still say we will need to be into 2024 to really gauge Bidenomics.
For jobs, Horist concludes: “According to past assessments, that is not good news.” WTF does that even mean? Who’s assessment, is not good news bad? How bad? All most economists say is: the US economy is showing great resilience in the face of rising interest rates, large scale unemployment and recession have not yet occurred. Matter of fact, the rising unemployment, in the face of almost 200K jobs added, points to more people encouraged to enter the job market.
Most of his biased, politicized, weaponized economic “theories” read the same.
Here’s mine, from FactCheck.org. It’s end of July, beginning of August. The link includes pictures, most lines going in the right direction.
“Summary
In our seventh installment of this feature, gauging how various factors have changed under President Joe Biden, we found:
• The economy added 13.2 million jobs under Biden, putting the total 3.8 million higher than before the pandemic.
• The unemployment rate dropped for a time to the lowest in nearly 54 years; unfilled job openings surged, with over 1.6 for every unemployed job seeker.
• Inflation roared back to the highest level in over 40 years, then slowed markedly. In all, consumer prices are up nearly 15.7%. Gasoline is up 51.2%.
• Weekly earnings rose briskly, by 12.2%. But after adjusting for inflation, “real” weekly earnings went down 3.4%.
• The S&P 500 has increased 20.2%
• The percentage of Americans without health insurance has gone down by 1.3 percentage points.
• Consumer confidence is 6.4 points lower, according to a University of Michigan index, but it has gone up for two straight months.
• The number of apprehensions of those trying to cross the southern border illegally dropped dramatically in June, but is still up 310%.
• U.S. crude oil production has increased 8.2%; imports are up 7.3%.
• The trade deficit for goods and services climbed 30.1%.
• Debt held by the public has gone up 18.9%.
• Refugee admissions have increased 38.5%, but that’s 2,556 refugees per month on average — far short of Biden’s campaign goal of admitting 125,000 a year.”
*https://www.factcheck.org/2023/07/bidens-numbers-july-2023-update/*
Let’s realize that Biden is seriously retarded and probably thinks it’s all a game.
“Beijing Joe” Biden has put WAY too much lipstick on THIS PIG! . . . Is he going to WOO it like all his OTHER women?
Did Trump put lipstick on Stormy before he tugged n rubbed? That’s gonna be some expensive digital sex. OTHER women like EJ Carroll’s next defamation case in january 2024 which she is pretty much assured to win. Only question is how much but I’m beting more than last time under the “fuck, you shoulda known better, weren’t you President?” Chicken-shit Trump has already gone for four, count em, four dismals all tossed from the bench as frivolous, ridiculous, and stupid.
What legal cases you got with Mr. Biden, not Hunter, but Joe? Liable or conviction? Tell us JoeyP, you must know otherwise you wouldn’t have said such a dumb shit thing.
Democrat’s are like the guy sinking in Quick Sand, it OK, so far its just the lower half!
Democrats are like that guy who jumped off the ten story building and at the second floor was heard to exclaim: “so far, so good.”
I cannot believe anybody thinks that what politicians say about the economy has any useful meaning. Politicians are just that, politicians. They understand zero about economics and the like. Anyone who expects them to understand and explain economics is an IDIOT.