After a relentless propaganda push by the White House plugging “Bidenomics,” the chickens have come home to roost. If there was any question left (there wasn’t) about whether that ill-advised messaging push would backfire, that question has been answered.
Who could have guessed that using the president’s own name to brand the current economic malaise was a bad idea?
The economy added 150,000 jobs in October as hiring slowed, report shows
— Tom Bevan (@TomBevanRCP) November 3, 2023
"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
CNBC: The underemployment rate "continues to move up" while labor force participation is "going in the wrong direction."
— RNC Research (@RNCResearch) November 3, 2023
That's Bidenomics! pic.twitter.com/VrBqdUTGEt
To sum up the numbers, only 150,000 jobs were added in October. Of those, only 99,000 were in the private sector, once again showing that government spending is the only thing propping up what little is left of the economy.
As to those “better than expected” numbers in August and September? They’ve been revised down by 101,000 jobs, the type of revision that has become all too common during the Biden administration. Overall, the unemployment rate rose to 3.9 percent, with thousands of manufacturing jobs being lost in the process.
Ironically, the stock market didn’t crash in response to the jobs numbers because treasury yields declined, signaling that investors believe the interest rate hikes are finally over. Unfortunately, it will take years for those rates to return to affordable levels for most Americans. Isn’t Bidenomics great?
No worries, though. The Washington Post is here with this incredible spin. Whoever wrote this headline had to have had a headache afterward.
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
A clear, concise headline would have been “Job growth slows, as 150,000 added in October” Instead, the Post went with a convoluted mess that is meant to do one thing, which is to pretend this is all normal. You see, job growth is just reflecting “the pace of job growth before the pandemic.”
But what does that actually mean in context? Because before the pandemic, the economy was booming, interest rates were low, inflation wasn’t high, and the government wasn’t running a two trillion dollar deficit. Nothing about 2023 is better than 2019 for anybody except for a few billionaires who have the capital to take advantage of any situation.
Bidenomics has been a disaster. It has led to stagnation that has trapped millions of Americans in their current situation. This only changes with a change in leadership.
