U.S. Economy Headed in Wrong Direction

The disappointing July Jobs Report revealed that unemployment rose to 4.3.%

House Ways and Means Committee Chair Jason Smith (R-MO) outlined how the situation is even worse than the numbers indicate.

Since the start of the Biden-Harris Administration in January 2021, 1.8 million more Americans have had to take multiple jobs. In July, another 33,000 Americans took on second or third jobs. Over the last year, 508,000 full-time jobs have been replaced with 548,000 part-time jobs.

Of the relatively few full time jobs that were actually created, (particularly considering that the nation’s economy was coming out of Covid) many were government positions which draw from, rather than add to, the national economy. Since the Biden-Harris Administration began, 30 percent of new jobs have come from hiring for government salaries. In July, government agencies added 17,000 to taxpayer-funded payrolls.

Chairman Smith examined the type of jobs that ar essential to the U.S. middle class, and found depressing results. In the last year, American manufacturers have added only 14,000 total jobs. In July, manufacturers added just 1,000 jobs following an 8,000 cut in June.

The Jobs Report was just one analysis of an economy in distress. The Ways and Means committee chair added the following indicators:

Families Falling Behind on Bills: Over one-third of families (37 percent) paid a late fee in the past year.

Everything Costs More: Prices have increased 20.1 percent since the beginning of the Biden-Harris Administration.

Americans Making Less: Real wages and benefits have fallen 3.6 percent since the beginning of the Biden-Harris Administration.

Inflation Above Fed’s Target: For 39 straight months, inflation has been above the Federal Reserve’s 2 percent target.

Inflation Higher Than Wages: Inflation outpaced wages for 26 straight months under the Biden-Harris Administration.

Historic Interest Rates: Under the Biden-Harris Administration, interest rates hit their highest levels in 23 years.

Nearly Doubled Mortgage Costs: The monthly mortgage payment for a median priced new home has increased by $1,027 and is 91 percent higher than when President Biden and Vice President Harris took office in January 2021.

$1 Trillion+ Credit Card Debt: Credit card interest rates are at the highest level in more than three decades, while consumer credit debt has exceeded $1 trillion for the second calendar quarter and the number of Americans struggling to pay credit card bills has increased to the highest level in 12 years.

Shrinking Savings: Thanks to higher prices, families have spent the entirety of their pandemic savings by 2024, and they are able to save less of their income. At 3.4 percent, the personal savings rate is near its historic lows.

Families Falling Behind on Bills: Over one-third of families (37 percent) paid a late fee in the past year.

An Investopedia analysis also provided a worrisome outlook. “Three separate reports delivered downbeat surprises. Construction spending fell in June for the second month in a row, dropping 0.3%, the Census Bureau said. Forecasters had expected a 0.2% increase instead, according to a survey of economists by Dow Jones Newswires and the Wall Street Journal.”

In terms of the overall American economy, The Congressional Budget Office has published worrisome data. the federal budget deficit in fiscal year 2024 is $1.9 trillion. Adjusted to exclude the effects of shifts in the timing of certain payments, the deficit amounts to $2.0 trillion in 2024 and grows to $2.8 trillion by 2034. With such adjustments, deficits equal 7.0 percent of gross domestic product (GDP) in 2024 and 6.5 percent of GDP in 2025. … By 2034, the adjusted deficit equals 6.9 percent of GDP—significantly more than the 3.7 percent that deficits have averaged over the past 50 year.

Illustration: Pixabay

Quick Analysis

Cheating in 24

A review of several actions across the nation have already answered the question of whether there will be cheating in the 2024 election. Many have logically feared that the mass influx of many millions of undocumented and un-health inspected aliens raised initial concerns. When several states began allowing drivers licenses, the basic form of identification used to register to vote, to be issued to them, those concerns were realized. The Government Accountability Institute reports that “Since 2021, non-citizens have been import-ed into swing states by the tens of thousands—more than 168,500 using the most conservative estimates based on court filing data. Each swing state has taken in more non-citizens than the 2020 margin of victory in that state. And there is good reason to believe a significant portion will be able to vote in 2024. USAGOVPolicy.com noted that in late September, a Daily Mail report notes that “Democrats admit thousands of registered Arizona voters haven’t provided proof of citizenship after shock computer ‘glitch.’ Arizona‘s Democratic leaders, on a secret call, worried about a shocking discovery that, if made public, would see them accused of rigging the upcoming election and question the results of the last two.” It’s more than just neglect to catch the credentials of those registering to vote. There are instances in blue states to affirmatively prevent any enforcement of measures that prohibit illegal voting. Two salient examples provide shocking examples. Attorney General Merrick Garland has attacked voting legitimacy in Virginia. The state sought to eliminate ineligible voters from its registration rolls. But the U.S. Justice Department opposed the move on rather specious technical grounds. In Georgia, as noted by ProPublica, , “ a Judge has ruled county election board members cannot block the certification of votes based on suspicions of fraud or error…The ruling, if it stands, puts to rest the question of whether local election officials would be allowed to throw out individual precincts from county vote totals if they suspect fraud or error. A new rule adopted by the State Election Board appeared to allow such exclusions.” In California, Democracy Docket found that “California Gov. Gavin Newsom (D) signed a bill into law… bars local governments from enacting laws to require residents to show a valid form of identification in order to vote. The law is a direct response to a ballot initiative approved by voters in the coastal California city of Huntington Beach. In March, 53.4% of residents voted to adopt a ballot measure that requires all residents who want to cast a ballot in municipal elections to show a valid ID. But the measure runs afoul of state law and, after it passed, California Attorney General Rob Bonta (D) and Secretary of State Shirley Weber (D) sued the city to block officials from enforcing it. “ Here is the operative section of the California law signed by Governor Newsom: This bill would prohibit a local government from enacting or enforcing any charter provision, ordinance, or regulation requiring a person to present identification for the purpose of voting or submitting a ballot at any polling place, vote center, or other location where ballots are cast or submitted, as specified. The bill would include findings that changes proposed by this bill address a matter of statewide concern rather than a municipal affair and, therefore, apply to all cities, including charter cities. A Heritage Foundation analysis notes that Some reforms were enacted in response to questions raised during the 2020 presidential election. “That said,” notes Heritage, “ in almost every state where these salutary reforms have been enacted, they have been subject to litigation. Often the Biden-Harris Justice Department,…and its political allies … have led the legal attacks…And there’s another big problem this time around, created by the leftist effort to get as many voters as possible to vote by mail instead of in-person. Recently, the two national organizations representing secretaries of state and state election directors wrote the U.S. Postal Service complaining about the mishandling and mismanagement of election mail, including absentee ballots. This has resulted in numerous problems, such as delays that have effectively disenfranchised voters.” This could affect a significant number of Americans. According to the U.S. Election Assistance Commission, mail-in ballots accounted for 43% of the electorate in 2020, a 20 percentage point increase from 2016, and this election may be conducted even more extensively by mail. But voters should do everything they can to vote in person to ensure their vote will be counted. If they want to vote before Election Day, they should do it at an early voting site instead of using the U.S. Postal Service. Photo: Pixabay