The economy is doing way worse than the Biden administration claims
Everyday Americans are struggling right now. Yet contrary to the experience of many working to middle-class Americans, the Biden administration continues its relentless campaign to gaslight us all and convince the public that things aren’t as bad as they seem.
https://twitter.com/POTUS/status/1685651459302367232
https://twitter.com/POTUS/status/1687468916958752769
So whose narrative is actually in line with reality?
Administrations get a boost in their attempts to paint the roses red, if you will, from various government agencies that report economic numbers in such a way that they only present a portion of the full picture.
The latest jobs report from the Bureau of Labor Statistics offers a perfect case in point and reveals the true color of the policies.
According to the part of the report the administration is highlighting, things are pretty rosy in the US job market. According to their headlines, nonfarm payrolls jumped a stunning 336,000 in September while the official unemployment rate stayed flat at 3.8%. But if you take the time to actually dig into the report, the truth reveals itself.
It’s important to remember that unemployment only tracks the number of people currently looking for work in the labor market—so, of those people, only 3.8% can’t find work at the moment. But that vastly overlooks the larger picture, where we find that the labor force participation rate is a mere 62.8%, because many people have dropped out of the labor force altogether and stopped looking for work.
All in all, that equates to about 5 million people not working compared to the numbers pre-pandemic. But you won’t find that in the headlines.
According to the Heritage Foundation’s E.J. Antoni, that means the true unemployment rate is actually between 6.3 to 6.8%. Not nearly as rosy.
https://twitter.com/RealEJAntoni/status/1710301681622155656
But it gets worse.
Of those 336,000 jobs added last month? Over 22% of them were government jobs. So these aren’t even productive jobs, they’re just more government bureaucrats those of us still working have to support with our taxes from jobs that actually do produce value.
So, 5 million fewer people are working while the government rapidly expands. That’s not a sustainable pyramid scheme.
Additionally, while there were 151,000 part-time jobs added under this report, 22,000 full-time jobs were actually lost. And according to Antoni, this is part of an ongoing trend. He reports that the last three months have seen part-time positions jump 1.2 million while full-time roles have diminished by 700,000.
https://twitter.com/RealEJAntoni/status/1710301686210638260
Meanwhile, 37% of the “job gains” were obtained by counting people who held multiple jobs twice. Oof.
Contrary to claims by the Biden Administration, wage growth is in the negative and that unfortunate trend is being fueled by the trend of part-time jobs replacing full-time work.
https://twitter.com/RealEJAntoni/status/1710301694666387693
TikTok and other social media platforms are chocked full of Americans who simply can’t pay their bills. And the sad part is, they haven’t been given the education to even understand what is happening to them. They’re blaming capitalism, they’re blaming corporations, they’re blaming their landlords—they’re blaming practically everyone and everything other than the true culprits behind their economic plight, which would be the Federal Reserve, Congress’s runaway wasteful government spending, and progressive (Keynesian) economics.
All the while, their government continues to look them in the eye, tell them that what they’re experiencing isn’t happening to them, and even has the audacity to try to claim and celebrate the current economic conditions and policies by labeling them “Bidenomics.”
But the truth is we’re in trouble—and heading for a financial cliff.
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