The chickens are coming home to roost after a relentless propaganda campaign by the White House promoting “Bidenomics.” The question of whether the ill-advised message push would backfire has been answered.
Who would have thought that tagging the current economic crisis with the name of the president was a bad thing?
The economy added 150,000 jobs in October as hiring slowed, report shows
“Also, job gains for August and September were revised down by a combined 101,000, depicting a less robust picture of hiring in late summer than previously thought.”https://t.co/vsn8z7lqoS
— Tom Bevan (@TomBevanRCP) November 3, 2023
CNBC: The underemployment rate “continues to move up” while labor force participation is “going in the wrong direction.”
That’s Bidenomics! pic.twitter.com/VrBqdUTGEt
— RNC Research (@RNCResearch) November 3, 2023
In October, 150,000 new jobs were created. Only 99,000 of those were in the private sectors, proving once again that government spending is what is keeping the economy afloat.
What about those “better-than-expected” numbers for August and September? The numbers have been revised downward by 101,000, a type of revision which has become commonplace during the Biden Administration. The unemployment rate has risen to 3.9 percent. Thousands of manufacturing jobs have been lost.
Ironically, investors did not crash the stock market in response to the employment numbers, because the yields on treasuries declined. This signaled that the rate hikes were finally over. It will take many years before rates are affordable for the majority of Americans. Bidenomics is great, right?
There’s no need to worry. The Washington Post has this amazing spin. This headline must have caused headaches to the person who wrote it.
The U.S. economy added 150,000 jobs in October, extending a year-long softening trend that has gradually brought hiring to levels to reflect the pace of job growth before the pandemic. https://t.co/HHf0XmMqQO
— The Washington Post (@washingtonpost) November 3, 2023
The Post could have used a clear and concise headline, “Job Growth Slows as 150,000 New Jobs Are Added in October.” Instead, they chose a confusing mess meant to make it look like this is normal. The job growth is simply reflecting the “pace of job growth prior to the pandemic.”
What does this mean in the context? Before the pandemic the economy was booming. Interest rates were low. Inflation wasn’t high. And the government didn’t run a $2 trillion dollar deficit. Except for a handful of billionaires with the capital to exploit any situation, 2023 will be no better than 2019.
Bidenomics was a disaster. This has caused stagnation, which has trapped millions in their current state. It is only with a new leadership that this will change.
