May 03 2024
Friday's job report shows how Bidenomics has failed the nation.
- The economy added just 175,000 jobs in April, far below economists' expectation of 243,000 jobs. The unemployment rate ticked up to 3.9 percent.
- CNBC's Rick Santelli noted that the underemployment rate "moved even higher" in April — to its highest since November 2021.
- The number of people who say they are working multiple jobs to make ends meet increased 8.8% over the last year, and is up 27.8% since Biden took office in Jan. 2021.
- The number of Americans working full-time jobs is decreasing. Full time jobs are down 0.4% in the last year, while part time jobs are up 3.9%.
- AMERICA LAST: The number of foreign born workers has increased 20.4% since January 2021.
- Wage growth is not keeping pace with inflation. Economist Stephen Moore said on Fox Business, "I think the most important number in this report is the lousy wage gain numbers... That's not keeping pace with inflation...Just over the three-and-a-half years that Biden has been in the White House, inflation is up 20% and wages are only up 17%...That means middle-class families are still struggling. They're not seeing the wage increases they want."
- Economist Joseph Lavorgna said, "In the last 3 years, overall cost of living has far outstripped...the growth in household income or wages. That's why people feel so downbeat."