Biden’s team trumpeted Friday’s new jobs report, which indicated that 528,000 jobs had been created. This was significantly more than anticipated.
Today’s jobs report shows that the economy added 528,000 jobs in July.
People are now working more than ever in American history. That’s no accident, it’s results.
— President Biden (@POTUS) August 5, 2022
Except not so much, as Fox’s Charles Payne indicates. The chart shows how labor force participation continues to fall since May. This all begs the question: What is this? Payne says that 71,000 full-time positions are now vacant. What’s up are part-time jobs by 384,000 and people holding multiple jobs, up by 92,000.
Household Survey
Full time -71,000
Part Time +384,000
Multiple Jobs +92,000 https://t.co/8pojYW5SrN— Charles V Payne (@cvpayne) August 5, 2022
— Dr. Nickarama (@nickaramaOG) August 5, 2022
This is what it means. It is now lower than ever before the pandemic. This means that people who are retired will have to work part-time and others will need to find a second job in order to cope with rising inflation. If you’ve looked around when you’ve gone out, you may see some evidence of this — retired-age people working jobs that you might generally see teenagers working to supplement Social Security. That’s not exactly a sign of a healthy economy, no matter how the Biden people want to slice it.
Record highs have also been set for the number of individuals who hold two jobs full time. That’s also not a good thing.
433,000 Americans are now employed in 2 full-time jobs.
It is an incredible high. pic.twitter.com/IBoEORQHky— Frog Capital (@FrogNews) August 5, 2022
Payne observed that things weren’t going as planned for black Americans.
It is important to ask questions @PressSecAsk why Black Americans have been losing their jobs amid the boom in employment.
July
39,000 in the labor force
-68,000 fewer employedThis stuff I hear is newsworthy only when Republicans are in the White House, but it’s something that needs to be taken seriously. Thanks https://t.co/XRBcbx7hO5
— Charles V Payne (@cvpayne) August 5, 2022
Fox’s Peter Doocy followed up on that labor participation point with White House Press Secretary Karine Jean-Pierre. First, she didn’t seem to understand what he was saying. She tried to spin the actual number in a way that suggested it had increased. You can ignore that fact.
DOOCY TIME: “Why do you think people are continuing to drop out of the labor market?”
KJP: “Say that one more time? Can you say more?”
Doocy: “The labor force participation rate is at its lowest level of the year now. Why do you think that is?” pic.twitter.com/SbyijABVL6
— Curtis Houck (@CurtisHouck) August 5, 2022
KJP: “So, participation actually ticked up and for–for–”
Doocy: “It declined 0.1 percentage points to 62.1%, the lowest level of the year.”
KJP: “So, it actually ticked up for prime-age workers…The tick down this month was actually about teenagers.” pic.twitter.com/GX9mfZmmbD
— Curtis Houck (@CurtisHouck) August 5, 2022
Bottom line is inflation outpaces real wage growths. Bidenflation is a phenomenon that makes it less likely you will be able to buy as much, even if your wages are higher. So it’s effectively working like a pay cut.
The recession in real wages is known as Biden. pic.twitter.com/qsV1XQDfWy
— RNC Research (@RNCResearch) August 5, 2022
While the Biden team will present the news in a positive light, the report shows troubling indications of continuing problems.
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