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Print The latest U.S. Jobs Report for September 2022 may look good, but a peek under the hood shows major weakness in a fragile economy. Things will get worse before they get better. And those most affected by the worsening economy are everyday Americans, small business owners, and entrepreneurs, without whom capitalism’s prosperity crumbles.
Of course, Democrats fearing upcoming election loss are hiding behind the record-low 3.5 percent unemployment rate to ignore the reality that inflation-adjusted average hourly earnings fell by 3 percent over the last year, the 18th consecutive monthly decline. These earnings have risen slower than inflation, essentially after the $1.9 trillion, March 2021 American Rescue Plan that was supposed to “stimulate” the economy.
Unfortunately, trillions more taxpayer dollars have been appropriated since then, further fueling the fire of money-printing by the Federal Reserve, which is a major cause of 40-year high inflation that won’t soon moderate without a more aggressive tightening policy.
The trickle-down effects of high inflation from money-printing funding excessive deficit-spending are keenly felt by American families, who have experienced an estimated loss in real income per capita of $4,200 since January 2021. And 40 percent more say they may not be able to pay their bills, compared to a year ago.
Americans are forced to make tradeoffs they should never face.
But with prices for food at home up 13.5 percent , shoppers must choose between eating healthy or paying the bills. Many are choosing less-healthy eating habits , creating health concerns in an already fragile healthcare system dominated by failures from government intervention. Reduced purchasing power has forced other tradeoffs, such as 93 percent of working Americans having a side hustle .
The dismal state of the nation is squashing people’s potential to prosper.
In addition to the average working American, businesses are hit hard. GAP, Peloton, Tesla, Microsoft, […]
They’re Trying to Shut Us Down
Over the last several months, I’ve lost count of how many times the powers-that-be have tried to shut us down. They’ve sent hackers at us, forcing us to take extreme measures on web security. They sent attorneys after us, but thankfully we’re not easily intimidated by baseless accusations or threats. They’ve even gone so far as to make physical threats. Those can actually be a bit worrisome but Remington has me covered.
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Thank you and God bless!
JD Rucker