The chief of the Job Creators Network says there are problems looming for Joe Biden and his administration on the economy – despite a jobs report this week that suggests 372,000 jobs were created in June.
Alfredo Ortiz wrote in a column at the Daily Caller News Foundation that because of that report, “Biden and his allies” can try to deny the existence of a recession “for at least another month.”
He pointed out while the unemployment rate remained at 3.6%, the “labor force participation fell to 62.2%, and there are still fewer people working today than before the pandemic.”
And he said the jobs assessment comes on the heels of the Atlanta Federal Reserve’s projection that the economy contracted in the second quarter of this year.
“It estimated gross domestic product (GDP) shrank by 1.2%, which, combined with the first-quarter slowdown of 1.6%, means the economy shrank in two consecutive quarters, indicating a recession,” he explained.
But, he said, “Biden and his fellow Democrats are trying to defy this recession reality by pointing to the supposedly strong labor market.”
In fact, the White House claimed, “The historic strength of our job market is one reason our economy is uniquely well positioned to tackle a range of global economic challenges.”
Explained Ortiz, “First, the labor market isn’t as strong as it seems. Despite Biden’s boasts, the jobs created under his administration aren’t new. They are merely backfilled from those lost during the pandemic. Labor force participation remains depressed. And real wages are falling significantly.
“Second, it’s not only a contracting GDP that shows the economy is in recession. Inflation is wreaking havoc on consumers and small businesses. Over the last year, consumer prices have risen by 8.6%, and wholesale prices that small businesses pay have increased by 10.8%. Gas prices have doubled during Biden’s time in office to record highs. We’re not only in a recession but also stagflation, which hasn’t occurred since the 1970s.”
Finally, he said, the labor market is a “lagging indicator.”
“Employers generally don’t stop hiring and start letting go of employees until after recessions are underway. For small businesses, America’s job-creation engine, laying off employees is a last resort and one they won’t check into until they have no other choice.”
The biggest concern for consumers, though, is that “Democrats seem intent on making this nascent recession worse. Yesterday, Senate Democrats reportedly came to a deal to raise taxes on American small businesses. A small business tax increase would make it more difficult for entrepreneurs to scale and grow, reducing small business supply when it’s desperately needed to help overcome inflation,” he explained.
He said Biden and Congress “must reverse course.”
“That means committing to ending reckless spending that fuels inflation, eliminating radical green policies that reduce supply and increase prices and making the Tax Cuts and Job Act permanent rather than pursuing tax hikes,” he said.
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