Joe Biden last week celebrated his administration’s job data showing 336,000 new jobs created in September. “That’s Bidenomics,” boasted the president — or whoever posted for him — without any self-awareness of the term. He is absolutely correct that there is something unique about the job creation associated with Bidenomics. At its core, what the term means is that debt and inflation are so uncontrollable that people need to seek out second and third jobs just to afford basic needs.
Thus, Bidenomics is the first system in our history that has actually made “job creation” an ominous economic indicator.
Nobody living in the real world feels the economic momentum that would be associated with such a level of job creation. Indeed, ADP’s more accurate employment report , published two days prior to the Bureau of Labor Statistics report and which only includes private-sector jobs, reported only 89,000 new jobs in September. […]
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