HomeLatest NewsBidenomics Fail: Weekly Jobless Claims Spike, Economy in Turmoil

Bidenomics Fail: Weekly Jobless Claims Spike, Economy in Turmoil

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Even the leftist media was shocked by the new data released on American unemployment claims. It is yet another evidence that undermines the Democrat’s hysterical talk about Joe Biden and his disastrous economy.

The Biden campaign wants Americans to ignore new statistics on jobless claims, just as the left does not want them to know their claimed job gains go to migrants (especially to illegal migrants), and not to American citizens. We all know Bidenomics is a disaster, but jobless claims have risen so dramatically in the past week that even CNBC has had to acknowledge the problem.

Western Journal summarized the bad news for May 9th:

On Thursday, The Department of Labor released its weekly report of adjusted seasonal data on new claims for unemployment through May 4. It reported a total of 231,000 claims.

CNBC reported that the number of claims was higher than Dow Jones’s prediction of 214,000 and also more than the 209,000 claims filed the week before.

CNBC, desperate to maintain the fiction of an enviable Biden economy, spun the numbers, claiming it was “a possible sign that a previously robust labor market may be changing.”

To put things in context, six out of 10 of the 2.9 million additional migrants employed at that time were non-citizens. This means that as many as half of the migrants who took millions of jobs are likely to be illegal aliens. In the meantime, the labor force participation of U.S.-born men (without a college education) has decreased over the past few years. Illegal aliens seem to be taking jobs from American men. CNBC wants to celebrate a “robust” labor market.

The chief economist of FWDBONDS Christopher Rupkey admitted to CNBC that “weekly jobless benefits are one of timeliest indicators when the economy starts to deteriorate, and the magnitude” of new layoffs looks worrisome. Rupkey also tried to downplay how bad things are under the Biden Administration: “One week is not a trend, but we cannot be certain of calm seas for the U.S. Economy if today’s jobless benefits are any indication.”

CNBC revealed that job openings had been decreasing amid expectations of a slowdown in the labor market throughout the year. The outlet also explained that “continuing [jobless] benefits, which are a week late, have increased to 1,78 million, an increase of 17,000 over the previous week.”

Western Journal reported that the unemployment rate had only increased slightly, from 3,8% to 3,9% (assuming we can trust government employees who manipulate the data to make it look like the economic crisis is not as bad). The outlet said:

The report said that although the nonfarm payrolls had been expected to increase by 240,000, they only increased by 175,000. This is the smallest monthly rise since October.

Bidenomics has made it clear that there is no calm sea for the U.S. economic future, no matter what Democrats say. The idiotic policies of the government are causing American workers to suffer. With horrendous inflation, falling real wages, devaluation of the dollar, and now, spiking unemployment claims, they are being hit hard by their stupidity.

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