Dementia Joe Biden has taken a victory lap over his jobs report and claims “the Biden plan produces results.” A total of 943,000 jobs last month with unemployment falling to 5.4%. On the surface that does seem amazing, but there is no way his policies produced a good economy, which has led to some examination.
Watch the mindless Joe boast:
Pres. Joe Biden hails strong jobs report: “What is indisputable now is this: the Biden plan is working, the Biden plan produces results and the Biden plan is moving the country forward.” https://t.co/SdnB8G76vz pic.twitter.com/2PhZb0Ahdb
— ABC News Politics (@ABCPolitics) August 6, 2021
IT’S ALL SMOKE AND MIRRORS
Upon further examination, the report isn’t as magnificent as it seems. Of the total, 240,000 of the jobs were government jobs. A lot of those jobs are overpaid jobs like vaccine police going door-to-door that do nothing to move the economy.
There were 380,000 hospitality jobs which are primarily summer jobs. They will be gone soon.
What is really indicative of how the economy is doing is the paltry 27,000 manufacturing jobs, and the lost 5,500 retail jobs.
It’s all smoke and mirrors.
To make matters worse, Democrats plan a lot of welfare funds to promote their brand for 2022.
The bill is filled with financial gimmicks, waste, and expansions of Washington power.
~ Kimberly Strassel, WSJ
We are facing some terrible infrastructure bills. The $1.2 trillion promoted by 18 GOP and 50 Democrats is a disaster.
As Kimberly Strassel writes at the Wall Street Journal:
“The bill is better viewed as step one of President Biden’s Green New Deal, giving his appointees and federal bureaucrats tens of billions with which to remake the economy. The Energy Department gets more than $20 billion to reprise its failed role as a green-energy venture capitalist. The Federal Emergency Management Agency gets $3.5 billion to deal with flooding. There’s new money for the National Park Service, the Fish and Wildlife Service, the Forest Service, the Environmental Protection Agency, you name it.
…unprecedented and centralized control over chunks of the economy.
“The bill similarly gives the feds unprecedented and centralized control over chunks of the economy. Washington will now dictate rules in areas that have traditionally been managed by local authorities (such as drinking water) even as it muscles in on private-sector enterprises like broadband. The bill turns Transportation Secretary Pete Buttigieg into an electric-vehicle czar, with authority to pinpoint new charging stations down to the mile marker.
Corporate makes out:
“And let’s not forget corporate America. The Washington Post reports the bill has unleashed a “lobbying bonanza,” with more than 2,000 companies and groups engaging Washington officials on infrastructure this year alone. The bill creates a $6 billion handout for nuclear companies, which could benefit such paupers as Exelon and Southern Co. And any C-suite that dreams up a program for this-or-that green technology will be in line for federal cash.
Watch:
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And how many jobs were added by Red State governors stopping the extra $300 being given to folks sitting on their asses at home instead of looking for jobs? I’ll bet there were plenty.
Something is very wrong when the US GDP is growing at 6.5 percent but salaries grow only at 3.5 percent, with inflation at 4 percent annualized and the PCE price index at 6 percent, weekly jobless claims at four hundred thousand, and continuing claims at 3.3 million.
With these figures, it is not a surprise to see that the University of Michigan consumer confidence index has fallen to a five-month low of 80.8 in July from 85.5, driven by both the current conditions and expectations indices, with the former falling from 88.6 to 84.5 and the latter showing a slump from 83.5 to 78.4.
The 0.6 percent increase in retail sales in June was a decline in real terms, as consumer prices rose 0.9 percent. Additionally, May’s decline in headline sales was revised up to a worse figure, 1.7 percent, from 1.3 percent previously published. Is this a healthy economy? No.
(Mises dot org, 08/05/21)
This just in from inflation-neener, neener.
(hee har in AOC donkey laugh).
There are hiring signs everywhere from entry level to skilled, HS/GED to college degree, even out in front of places that have never had such signs up.