That's the only way to explain how dramatically the economy has tanked post-Donald Trump, who had Americans working, prosperous, and keeping more of what they earned.
Before the Chinese coronavirus was unleashed on the world, Trump's economic policies resulted in a 3.5 percent unemployment rate, the lowest in decades. In fact, it was so low that many economists declared the country 'fully employed,' meaning everyone who wanted a job and needed a job had one. In fact, there were more openings than workers under Trump.
Now, however, under Biden's policies we have:
-- Higher gas prices
-- Higher energy prices
-- A major supply chain crisis
-- Higher food/grocery costs
-- A significant worker-to-employer imbalance
-- Inflation that cannot be controlled
And speaking of employment, the Biden economy shed 301,000 jobs in January after most economists had actually predicted around 200,000 jobs filled -- a net swing of more than a half-million positions.
But of course, the regime and its mouthpieces in the 'mainstream' media are continuing to blame the pandemic, even though the latest variant is the mildest so far.
Private payrolls fell by 301,000 for the month, well below the Dow Jones estimate for growth of 200,000 and a marked plunge from the downwardly revised 776,000 gain in December. It was the first time ADP reported negative job growth since December 2020.
Manufacturing also lost 21,000 positions, while education and health services reported a drawdown of 15,000 and construction fell by 10,000.
Service-providing industries were responsible for 274,000 of the job losses, with goods producers falling by 27,000.
“The labor market recovery took a step back at the start of 2022 due to the effect of the omicron variant and its significant, though likely temporary, impact to job growth,” ADP’s chief economist, Nela Richardson, noted in an interview.
Interestingly, Biden regime policymakers say they believe the economy is near full employment, but that makes no sense if firms are cutting jobs. The reports noted that people were not 'laid off' per se, but that employers actually got rid of positions.
And why? Maybe because for the past year, thanks to Democrats, tens of millions of Americans were strung out on 'free' COVID relief money and were not forced back into the labor market. Over time, employers figured out how to operate with fewer employees since they couldn't hire enough people to fully operate. And now, nearly two years after the China virus swept the planet, there are likely going to be fewer jobs to go around because, thanks to technology and automation, companies have learned to adapt to having fewer workers.
Truth be told, most employers are probably okay with that; fewer employees mean fewer headaches, problems, theft, benefits and other expenses like payroll and Social Security.
Meanwhile, Biden's inflationary economy is impacting nearly half of all American households.
In late December, a survey by Gallup found that an astounding 45 percent of U.S. households reported having some level of financial difficulty as wage gains made during Trump's administration have been eaten up completely with Biden-era price increases.
And while Biden's Democratic Party claims to 'care' the most about low-income Americans, his economic policies are harming low-wage and low-income workers the most. According to Gallup, fully 71 percent of people who live in households earning less than $40,000 reported having increased financial hardships thanks to inflation. That compared with 47 percent of middle-income earners and 29 percent of upper-income earners reporting some difficulty.
Biden has been an unmitigated disaster for our country. There is no way this man got '81 million' votes.
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