The Biden economy is booming. And if you don’t believe that, just ask the media which responded to the latest job reports with headlines worthy of a North Korean newspaper editor being asked to describe Kim Jong-Un’s birthday party while a gun is pointed at his head.
“Another shockingly good jobs report shows America’s economy is booming,” CNN cheered. “New report points to blockbuster U.S. job growth as 2024 begins,” MSNBC claimed. And Politico found faith in a semi-senile president with its headline, “Biden’s ‘holy grail’ economy.”
The media all agreed that this “booming economy” could turn around the presidential election. But there was a problem.. Why, the media wondered, didn’t the public believe in Bidenomics?
“Why isn’t the growing economy helping public perception of Biden?” CNN asked. “It’s Crazy That the Booming Economy Is Hurting Biden,” New York Magazine complained. “Why Americans Don’t Give Biden Credit for Strong Economy,” the Voice of America, which is funded by taxpayers and shouldn’t be pushing political propaganda at home, pontificated.
Why doesn’t the public believe in this “booming economy” where, as Axios, in a fit of feverish enthusiasm, proclaimed, “the labor market is hot, hot, hot”? Because it’s not real.
The Wall Street Journal pointed out that the unemployment rate is now actually higher than it was a year ago and the labor force participation rate is only up 0.1%. That’s not what a booming economy or labor market looks like. But if there isn’t a booming labor market, where are all those jobs actually coming from? The media could tell you if it had any ethics, integrity or the ability to actually read the reports it’s writing about instead of typing a prompt into ChatGPT.
The Bureau of Labor Statistics jobs report is revealing. And what it reveals is that the “booming economy” is the Biden administration’s attempt to create a perpetual motion economic machine.
The labor market officially added 2.9 million jobs over the last 12 months. In those last 12 months, an analysis by Will Kessler of DCNF noted, 601,000 government jobs were added.
That’s 20% or 1 in 5.
When a fifth of “new jobs” are actually government jobs, that’s not a labor market, it’s a government market. Government jobs not only don’t make the economy “boom”, they shrink it.
Each government job has to be paid for by at least several real jobs. And since these new jobs are being paid for by government borrowing at extortionate interest rates, these jobs are actually significantly increasing the national debt, and they require a whole lot more workers and businesses making money in order to even service the interest on the coming $7 trillion budget.
Biden’s booming economy and hot labor market is driven by creating more government jobs through inflationary spending that drives up food and goods prices, that have to be compensated for with higher Fed interest rates that kill the housing market and business growth, and that pile into a massive national debt in which every American currently owes $100,696 and $257,275 per household.
Bideonomics keeps raising prices and killing business growth, triggering bankruptcies and family hunger, to be able to add more government jobs to boost its “hot, hot, hot labor market.”
The new jobs report reveals the ugly truth about what jobs under Bidenomics look like.
The Bureau of Labor Statistics report showed that 353,000 jobs were added in January. That’s the good news that had the media hyping the glory of Bidenomics.
70,000 of those jobs (or 19%) came out of health care and 30,000 (or 10%) came from “employment in social assistance”.
When 10% of your job growth is coming from the welfare state, that’s not a sign of a “booming economy” or a “hot, hot, hot labor market.”
Why was there such a sudden boom in welfare jobs?
Apart from massive government spending, Biden’s open borders crisis flooded cities and communities with massive numbers of illegal aliens who needed everything provided for them including housing, food, education, counseling, medical care and the workers to dispense those.
Likely a significant portion of that 10% welfare job growth came from servicing illegal aliens.
And the news about the “hot, hot, hot” jobs report somehow manages to get even worse.
Government employment added 36,000 (or 10%) of the jobs in January. This is below the 57,000 average of government jobs that have been added in the previous months. That’s why government jobs made up 20% of the overall job growth in the last twelve months.
The social welfare jobs are really government jobs as are a lot of the health care jobs which are heavily funded by taxpayers and together they amount to around 40% of the January job gains.
The majority of industries, including construction, wholesale, transportation, leisure, and financial activities, showed little change. Retail increased jobs but the sector has “shown little net growth since early 2023.” And, despite the manufacturing hype, “manufacturing experienced little net job growth in 2023,” the BLS report noted.
Oil, gas and mining, industries under perpetual attack by the Biden administration, lost jobs.
Of the few non-government job growth areas, professional and business services were doing well. This appears to be the only non-government subsidized industry still thriving.
The only other industry doing well was Hollywood which is still burning a fortune in shareholder cash to create a thousand streaming woke shows and movies so that “employment in motion picture and sound recording industries increased by 12,000”: as the BLS report noted.
Hollywood and creative industries are however heavily subsidized by tax credits.
Why isn’t the public in love with this “hot, hot, hot job market”? Because it mainly benefits a thin slice of the upscale urban and suburban voters who are voting for Biden anyway.
The appearance of booming job growth is fed by the widespread employment of illegal alien invaders in various ‘dirty jobs’, often unreported, while sizable numbers of Americans continue to drop out of the economy. The labor force participation rate still isn’t back to where it was in 2019 and even the raw percentages hide the fact that many American workers have dropped out and were replaced by Venezuelan 16-year-olds working on assembly lines in cereal plants.
In this century we’ve seen a slow decline year by year from the peak labor force participation rate achieved as a result of Reaganomics. Bidenomics demands credit for raising the labor force participation rate a whopping 1% from record pandemic lows when the economy had been artificially shut down. But the job gains of Bidenomics have been artificially goosed by a mass creation of government jobs which further drags down the economy and piles on more debt.
Bidenomics is when a hot January jobs report announces that 10% of job growth is in welfare.
The media complains that Americans are paying attention to their own experiences instead of the headlines. Unlike most Americans, the media is cheerfully ignoring the reality around it.
20,000 media jobs alone were lost in 2023. Amid record layoffs and an industry collapse so severe that the Washington Post recently featured an op-ed warning that the media should prepare to transition to a nonprofit model (something I spent years warning was coming), the few media hacks still on the job are cheering Bideonomics as they wait to lose their jobs.
If the economy is booming and there’s a hot labor market, why can’t reporters find work?
That’s a question no one in the media is allowed to ask. Instead reporters write headlines that defy not only the experiences of most Americans, but their own experiences, while wondering why most of the country lacks their irrational faith in Bidenomics and the “economic boom”.
The good news is that when they lose their jobs, mainstream media reporters won’t have to “learn to code”. They’ll be able to find work in the booming “social assistance” sector, providing welfare to illegal aliens, and as long as Biden keeps the border open, they’ll have plenty to do.