Sponsored by: Patriot Home Funding
This morning, the Bureau of Labor Statistics released its monthly non-farm payrolls report.
Nonfarm payrolls increased by 142,000 jobs in July. The headline unemployment rate was unchanged at 4.2%. The labor force participation rate was unchanged at 62.7%. Wages grew at a pace of 3.8% year over year, and the average hours worked remained consistent.
Sounds okay, right? As Lee Corso says, not so fast my friend.
June's report was revised downward another 61,000 on top of the downward revision last month of 27,000 jobs, meaning the revised number is a third less than originally reported. July's already weak number was revised down by 25,000 jobs, or 22%. Over the past 12 months, revisions within 60 days of the original monthly report have totaled over 400,000 jobs, or about 25%. That's on top of the 818,000 downward overall revision that the BLS copped to last month, so the true jobs number is about half of what was originally reported each month.
That is nowhere near enough to keep up with population growth, especially when you add in the estimated 10 million illegal aliens who have crossed the border during the Biden/Harris administration. But fret not, if you are an illegal alien or a foreigner, it isn't so bad. Jobs for foreign born people increased by 1.24 million over the past year. For people born in the USA, or true native Americans, well not so good. 1.32 million jobs were lost by people born in the USA.
Over the past year our economy has actually lost 438,000 jobs, while adding 330,000 part-time workers. The number of people working part time jobs for economic reasons has risen by 260,000.
Government jobs and health care jobs continue to increase, which are both intrinsically tied to government spending, and the growth of government. The manufacturing sector, which lost another 24,000 jobs in August, is collapsing. Off-shoring of jobs and industry is all the rage in corporate America. We are quickly becoming a stratified consumer driven society that doesn't make stuff, that is more and more obese, unhealthy, and the only thing growing faster than our beltlines and healthcare costs is our government and its deficit. Clearly this is not sustainable.
Remember the real estate crash of 2008, which we now know was manufactured by the federal government and Wall Street to put single family housing on sale to benefit the rich and powerful, especially the hedge funds? They weren't the only winners. Can you guess the only Statistical Marketing Area, or MSA, in the entire nation that did not lose value during that crash?
Yep, you guessed it. Washington, DC. While the economy crashed and burned, government grew and those in government and their benefactors got rich.
The jobs numbers have been revised downward in 20 of the past 22 months, even as Biden has taken monthly victory laps comparing his job "performance" to the totality of the Trump administration numbers, which include the shutdown of the worldwide economy due to the pandemic. The news media has touted Bidenomics, even though it was all a lie.
If you shop in a grocery store you know it, if you buy a house you know it, if you buy a car you know it, if you are raising children you know it- yet the administration and media are telling you otherwise- pointing to the made up jobs numbers, bloated equity prices, bloated housing prices- all caused entirely by massive spending by governments worldwide but especially our federal government, whose deficit is growing by about $3 trillion a year. That deficit growth is a hidden tax on us all, as is the inflation that we've experienced as a result.
Kamala Harris says she'll fix it. Bull crap. Kamala Harris caused it. Kamala Harris as vice president cast the tie breaking vote in the senate 33 times, the most in American history. She cast the tie breaking vote on the budget busting American Rescue Plan Act, which added $1.9 trillion and growing to the deficit, and the falsely named the Inflation Reduction Act, which added another $700 billion and raised taxes on American corporations. And remember, corporations do not pay taxes, they merely collect them in the form of higher prices.
Corporations also cut jobs and wages as a result of that taxation, which hurts us all, or they simply move to another country, which hurts even worse.
In 66 days, Americans have a choice to make. Do we choose to stay the course of fiscal suicide that we are on, giving our jobs and careers away to foreigners, giving our future away to the government and their corporate oligarch partners, giving our health away to big sugar and big pharma, and giving our minds away to big tech?
Or do we choose to course correct, rein in government, streamline our regulation and encourage entrepreneurs and small business, make America solvent again, make America healthy again, and make America champions of free thought and free speech again?
Do we choose to own nothing and be happy, or do we choose to own our future? The choice is ours. Choose wisely.
Comments