“The obscure we see eventually. The completely apparent may take longer.”-Edward Murrow
Under the Biden administration, the role of government in the economy has undergone its biggest shift since Franklin Roosevelt’s “New Deal” in the 1930s. Rather than fear debt and inflation, Biden is flooding the economy with dollars and spending programs.
Fake Job Reports
On December 13, 2022, the Philadelphia Fed published its quarterly reassessment of payrolls and revealed that for the period March through June 2022, U. S. jobs had been overstated by at least 1.1 million, and likely by much more.
The Department of Labor had previously reported that for the period March through June 2022 1,121,500 jobs were added when, in fact, only 10,500 net new jobs had been added.
June through September 2022 job numbers from the Department of Labor will likely show equally flawed numbers. The Biden team at the Department of Labor is hiding the reality of slow job growth with made-up numbers of high job growth.
Inflation is Crushing Americans
Inflation is the top issue for Americans. Most damaging for Biden is that wages are not keeping pace with fast-rising prices. Grocery prices are up 13 percent from a year ago, the largest price increase in over 40 years.
On December 13, 2022, the Labor Department released the annual inflation rate for November 2022 showing inflation at 7.1 percent, down from 7.7 percent in October 2022.
In another pathetic attempt at spinning the truth, Biden’s chief of staff Ron Klain announced that this was a victory in the war on inflation.
Brace For A Painful Recession
According to the Bloomberg Economic forecast model released on October 17, 2022, there is a 100 percent probability of a recession within the next 12 months.
Low, stable inflation and interest rates have powered the economy for the last three decades. As this scenario unravels, the country is facing its most challenging years since the 1980s.
To add insult to injury, the Biden team will do all they can to spin and make up the numbers to hide the true economic picture from the American people.
Photo by Jeremy Tinder