The Rise of the Part-time Economy
Another month and another “blowout” jobs number manufactured by the Biden U.S. Labor Department. The median forecast by Wall Street was for 214,000 jobs added in March, but the BLS (more accurately referred to as BS) waved their magic wand and conjured 303,000 adds to the payroll.
In the world according to Biden and legacy media, the economy is hitting on all cylinders plus nitros.
Let’s ignore the fact that nearly every job report over the last year or so has been revised down. Let’s also ignore the household survey that is completed by people who are actually finding and losing jobs which shows that there is a 9 million jobs deficit compared to the official government report. But governments never lie, right?
We’ll pretend for a minute that over 300,000 people were added to payrolls this past month. What do those net 300,000 jobs look like?
Zerohedge does a phenomenal job of breaking down the jobs report each month, and according to the government’s own statistics, every single one of those jobs is part-time!
On a cumulative basis, part-time jobs have exploded while full-time jobs have imploded.
Not only that, all of the job gains since 2018 have gone to immigrants and not native born workers.
I’m reminded of a meme about the Biden economy that goes something to the effect of “Bidenomics works so well I now have twice as many jobs as I did a year ago.”
Now to be fair, while Biden is asleep at the wheel and whoever the puppet masters are who obviously run the show make terrible policy decisions, Trump would be dealing with the same shitty economy.
The economy was not good under Trump contrary to the opinion of Trump supporters, and over time it would have reached roughly the same point. Remember, Trump was the guy who agreed to shut the economy down during COVID, and his greatest achievement in his mind was the Warp Speed COVID shots that don’t work and appear to be quite harmful.
We give presidents far to much credit for improving or ruining economies when the structural issues that underlie them are the real drivers.
Here is % change in GDP year over year (YOY) under Trump adjusted for inflation:
GDP is not a very good indicator of economic health so let’s look at % change in Gross Domestic Income YOY adjusted for inflation:
I don’t know about you, but I don’t see certainly don’t see much difference between Trump’s economy and Obama’s, and we definitely can’t claim either administration had rip roaring economies compared to decades past. In fact, something broke around 2000, and it’s been trending down since then.
Policies can certainly exacerbate problems, but are rarely the immediate cause of an economy falling into recession. We all would benefit from ignoring the partisan bullshit that is tearing this country apart and distracting us from the real issues.
Namely, a small elitist class that operates through both major parties has been looting the economy through crony capitalism policies for decades while leaving most others far behind.