The Biden jobs report is nothing to celebrate
Democrat politicians are incredibly excited about July's job numbers. They point to 528,000 jobs being added and a nationwide unemployment rate of 3.5%. The problem is that these numbers slot neatly into the category of lies, damn lies, and statistics. In fact, American workers are in big trouble, and, as the Biden administration trudges along, no amount of spin will hide that fact.
Twitchy put together a solid collection of Democrat tweets celebrating the wonders of the Biden economy:
Today’s jobs report shows that the economy added 528,000 jobs in July.— President Biden (@POTUS) August 5, 2022
More people are working than at any point in American history. That’s no accident, it’s results.
This morning’s jobs report shows our economy added 528,000 jobs in July, and the unemployment rate matches the lowest it’s been in more than 50 years. More people are working than ever before. We have more to do, but today’s jobs report shows we are making significant progress.— Vice President Kamala Harris (@VP) August 5, 2022
Under President Biden's administration: jobs, jobs, jobs.— Elizabeth Warren (@SenWarren) August 5, 2022
The economy added 528,000 jobs in July.
The unemployment rate is the lowest it’s been in more than 50 years: 3.5%.
Doesn't that sound just fabulous? If only reality were as good as the fantasy.
There are multiple problems with this dream scenario. First, the unemployment rate is measured by looking at the number of people looking for jobs versus the number of people holding jobs. What's happened in the last year and a half is that, since February 2020, 3.4 million people have dropped out of the workforce. If you have fewer people looking for jobs versus the number of people holding jobs, it'll look like a lower unemployment rate, whether that first number dropped because people got jobs or people gave up looking.
Second, inflation is hugely outpacing wages. People may be working, but they're failing to keep ahead in an inflationary economy. When the Senate passes the new spending bill, which will pour even more newly printed money into the economy, the gap between wages (money coming into a household) and inflation (money going out of a household) will be even greater. In other words, people have jobs, but it's not helping.
Third, a lot of these jobs are second or even third jobs. That means that, while there may be 528,000 new jobs, that doesn't mean there are 528,000 people holding those jobs. Fox Business Network's Charles Payne explains what's going on:
Household Survey— Charles V Payne (@cvpayne) August 5, 2022
Full Time -71,000
Part Time +384,000
Multiple Jobs +92,000 https://t.co/8pojYW5SrN
(For a more in-depth analysis, complete with graphs, ZeroHedge has a post about the weird and misleading job numbers.)
It's time to update that old saying about lies, damn lies, and statistics. The more accurate version for America in 2022 would be "lies, damn lies, and economic data from the Biden administration." The fact is that fewer people are working much harder for less money in an inflationary economy — and it's all tied directly to Biden’s policies of stifling fossil fuel production, funding unnecessary foreign wars, selling out to China, and wildly printing money. And that's no lie.