Harris’s Opportunity Economy: Foreigners Take All American’s Jobs – Literally

By
M DOWLING
-
3
132

The jobs report in the nonfarm payroll was only 12,000, not the expected 113,000. Anyone can see that isn’t good. We went to EJ Antoni for analysis; you can see more of his graphs on X.

Jobs are being taken from Americans and given to foreigners. Native-born Americans lost almost 800,000 jobs, while foreign-born workers gained over 1 million jobs. The US labor market under the Biden-Harris opportunity economy into opportunities for foreign workers and government pencil pushers.

Private jobs fell in October for the first time since 2020 when the pandemic was still ongoing, and the government forcibly closed businesses, but government jobs grew yet again, hitting yet another record high in October with no sign of slowing down. EJ Antoni said it is “unsustainable.”
The Minuscule 12,000 jobs

According to the Bureau of Labor Statistics, the US economy added only 12,000 jobs last month, but the unemployment rate was 4.1%. How do we have so few jobs, and the employment rate remains the same? Possibly because taxpayer-funded jobs are growing. More people are dependent on the government for their livelihood.

Unfortunately, the US is stuck in pre-pandemic levels.

Older Americans Lost, and Banks Were Bailed Out

A study by E.J. Antoni finds Americans lost $2.5 trillion in retirement savings from the Biden-Harris inflation and rate hikes. In particular, the hikes crushed bonds. That took down banks—who got bailed out—and millions of older Americans who did not get bailed out.

Downward Revisions and a Depressed Private Sector

And that’s hardly the only bad news on the job-creation front. Revisions of the previous two months have subtracted six figures from the reported job pool. The downward revisions are not good.

The total nonfarm payroll employment change for August was revised by 81,000, from +159,000 to +78,000, and the change for September was revised by 31,000, from +254,000 to +223,000. With these revisions, employment in August and September combined is 112,000 lower than previously reported.

Professional and Business Services have now joined Manufacturing, with annual job losses in their respective sectors, while the government-dominated healthcare industry keeps adding taxpayer-funded jobs.

Manufacturing jobs were hit in October, partly from hurricanes and strikes, but they were already trending down. They still have a downward revision of 115,000 that hasn’t yet been incorporated into the data but will show up in January’s numbers.

Does the strike explain the low figure? Only to a point. Manufacturing took a big hit, but not that big of a hit, from Boeing and other strikes in October.

Manufacturing employment decreased by 46,000 in October, reflecting a decline of 44,000 in transportation equipment manufacturing largely due to strike activity.

Let’s assume the strike never took place. We can add all 44,000 jobs back into the mix, and we’d still only have 56,000 jobs added in October, a level far below the maintenance level in the American economy. It would still be the lowest number of 2024, at least, if not the last couple of years.

Construction Jobs Were Hit Again, But the Housing Starts Are Somehow Good?


The dream of home ownership is slipping away under the socialist Democrat policies. That is the American Dream, to own one’s own piece of land.

The economy Has Lost a Full One Million Jobs Over the Last Year and Has Only Added Part-Time Work.

Full-time jobs have now fallen by 1.3 million since June 2023. So, you lose your full-time job with benefits and work three part-time jobs to try and make ends meet.

Forget about the government growing faster than the private sector. The latter isn’t even growing anymore; in October, the economy lost private-sector jobs and only added government jobs.

Jobs declined by 100,000 in October before factoring in downward revisions for August and September. August now shows only 78,000 jobs added, while September shows just 223,000.

Job growth evaporated in October, partially due to hurricanes and strikes, but there is a good chance labor recovery is done, says EJ Antoni.

Private payrolls fell by 28,000; note that the household survey’s employment level also fell hard (-368,000), even though it counts many of those affected by hurricanes as still employed.

Most of the change in employees’ compensation costs over the last year was just inflation—less than half of the increased costs were an increase in real value, either salary or benefits.

The cost of a government worker continues growing faster than the cost of the private sector counterpart, up 1.1% v. 0.7% in Q3.

For everyone who thought interest rate cuts were going to thaw the frozen housing market and bring down prices, the median sale price per sq ft continues climbing. It is at a record high for this time of year and is nearing the all-time high set over the summer.

Some Good News

The good news is that BRICS hasn’t been a threat lately. They are planning a silly “basket” of currencies. They’re becoming suicidal.


Subscribe to the Daily Newsletter

PowerInbox
Learn more about RevenueStripe...
5 1 vote
Article Rating
3 Comments
Most Voted
Newest Oldest
Inline Feedbacks
View all comments
wpdiscuz   wpDiscuz