The Bureau of Labor and Statistics released its report for July, indicating a slight uptick in employment. It is difficult to trust BLS data after their latest data revision that showed the Biden-Harris Administration have failed to create new jobs outside of the public sector. It was their steepest revision to data since 2009, yet all eyes were on July’s report. The headlines are optimistic about the workforce but fail to note two main issues – manufacturing is declining while the public sector is rising.
Manufacturing appeared flat during Q1 but it has been on the decline ever since as corporations move their operations overseas to avoid US regulation and taxation. The Biden-Harris Administration pledged to attract 1 million new manufacturing jobs in 2024. They believe that the CHIPS Act, Inflation Reduction Act, and Infrastructure Investment and Jobs Act will attract business and spent billions on these measures that have failed to produce a single job. Initial data claimed that manufacturing was soaring under Biden but that was only due to businesses reopening after the pandemic. The BLS first claimed Biden added 765,000 manufacturing jobs before revising that figure down by 115,000 but even that was completely inaccurate. Estimates now believemanufacturing sharply declined by 96,000 by mid-2022 and has been contracting ever since. The most recent report found that July shed 24,000 positions but we should expect this figure to be optimistic.
Trump added 462,000 to the sector during his first two years before it declined by 43,000 during 2019. The COVID lockdowns caused the sector to plummet by 1.4 million jobs, 770,000 positions were later recovered before Trump left office but there was a net loss of 188,000 positions by the end of Trump’s term.
TheWhite House promotes the manufacturing propaganda on its website:
“While our work isn’t finished, Bidenomics is already delivering for the American people. Our economy has added more than 13 million jobs—including nearly 800,000 manufacturing jobs—and we’ve unleashed a manufacturing and clean energy boom.”
Admittedly, the sector was always beginning to see problems before Biden took office, however, Biden then spent hundreds of billions on acts to attract manufacturing and they ALL failed. BIDENOMICS HAS FAILED.
The White House paints a different picture:
“None of this progress was an accident or inevitable—it has been a direct result of Bidenomics. And rather than taking us back to the failed trickle-down policies of the past, President Biden is committed to finishing the job and continuing to build an economy that finally works for working families—with better jobs, lower costs, and more opportunity.”
Then we have the growing public sector that multiplied under Biden-Harris. The public sector added an additional 24,000 positions in July. Biden openly stated that he wanted to expand the government by at least 82,000 positions in FY24 and this seems to be the one promise he made good on. Every federal agency received a budget boost for this fiscal year with an emphasis on increasing the Treasury Department.
Bidenomics has failed and businesses continue to flee overseas. America is beginning to see a recession in manufacturing at a time when the US needs to produce more. Instead, we are wasting countless resources by growing government to the highest level since World War II. The proper way to analyze this jobs report is to view it as expenses rising and production declining. This will contribute to the coming stagflation that we will see in this economy as GDP declines.
Goldman Sachs, or Government Sachs as they are known in the industry, has bet on the establishment candidate. The person who has already spent four years in the White House will somehow repair the damage they caused to the US economy, according to Goldman Sachs, who strongly believes America should stay on the same losing trajectory.
Goldman Sachs Predicts Stronger Economy Under Harris
Posted Sep 6, 2024 By Martin Armstrong |
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Goldman Sachs, or Government Sachs as they are known in the industry, has bet on the establishment candidate. The person who has already spent four years in the White House will somehow repair the damage they caused to the US economy, according to Goldman Sachs, who strongly believes America should stay on the same losing trajectory.
America has spent billions on the migrant crisis which has toppled state and city budgets. We have over 8 million newcomers now living solely off government assistance. Goldman is preaching the same propaganda that these migrants are needed for America’s workforce, despite recent data showing a major slow in hiring in addition to numerous adjusted jobs reports that show NO new jobs have been created outside the public sector under Biden-Harris. They believe GDP would peak by 0.5 percentage points in Q2 of 2025 under a Trump victory.
A Harris victory would lead to a “very slight” boost in GDP compared to Trump, as “new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates.” The “experts” believe that “the effects of policy changes would be small and neutral on net,” but the truth of the matter is that a Harris victory would guarantee a major economic downturn. It is astonishing that they expect the public to believe that the middle class will increase their spending through tax credits. They simply do not understand that a lack of confidence is the reason that people hoard, and under this economy, the middle class does not have any disposable income to spend.
Then they state that Trump’s tariffs on China, Mexico, and EU would cause inflation to rise by 30 to 40 bps. I do not support tariffs but we are seeing the Biden Administration slam China with new tariffs and one could reasonably believe Kamala would do the same. Do they understand Kamala’s corporate tax hike proposition and how that would decimate America’s ability to compete?
Harris is proposing taxing capital gains including UNREALIZED gains. The American public has nothing left to offer Uncle Sam and rest assured Harris will raise taxes as her countless spending packages come at a price. Goldman Sachs completely failed to consider the impact government spending has had on the overall economy.
Most importantly, Government Sachs did not factor in the strongest driver of inflation – WAR. War produces nothing and will not lead to an economic increase. Kamala Harris along with Joe Biden helped America become completely embedded in Ukraine and now Israel. Trump is the only candidate who wants to stop sending endless checks to Ukraine and end the war.
America has spent billions on the migrant crisis which has toppled state and city budgets. We have over 8 million newcomers now living solely off government assistance. Goldman is preaching the same propaganda that these migrants are needed for America’s workforce, despite recent data showing a major slow in hiring in addition to numerous adjusted jobs reports that show NO new jobs have been created outside the public sector under Biden-Harris. They believe GDP would peak by 0.5 percentage points in Q2 of 2025 under a Trump victory.
A Harris victory would lead to a “very slight” boost in GDP compared to Trump, as “new spending and expanded middle-income tax credits would slightly more than offset lower investment due to higher corporate tax rates.” The “experts” believe that “the effects of policy changes would be small and neutral on net,” but the truth of the matter is that a Harris victory would guarantee a major economic downturn. It is astonishing that they expect the public to believe that the middle class will increase their spending through tax credits. They simply do not understand that a lack of confidence is the reason that people hoard, and under this economy, the middle class does not have any disposable income to spend.
Then they state that Trump’s tariffs on China, Mexico, and EU would cause inflation to rise by 30 to 40 bps. I do not support tariffs but we are seeing the Biden Administration slam China with new tariffs and one could reasonably believe Kamala would do the same. Do they understand Kamala’s corporate tax hike proposition and how that would decimate America’s ability to compete?
Harris is proposing taxing capital gains including UNREALIZED gains. The American public has nothing left to offer Uncle Sam and rest assured Harris will raise taxes as her countless spending packages come at a price. Goldman Sachs completely failed to consider the impact government spending has had on the overall economy.
Most importantly, Government Sachs did not factor in the strongest driver of inflation – WAR. War produces nothing and will not lead to an economic increase. Kamala Harris along with Joe Biden helped America become completely embedded in Ukraine and now Israel. Trump is the only candidate who wants to stop sending endless checks to Ukraine and end the war.
These reports are meant to mislead the public and are nothing more than establishment propaganda.
Posted originally on Sep 6, 2024 By Martin Armstrong
Slavery is alive and well in the United States. Two-thirds of US prisoners, 800,000 men and women, have jobs in federal and state prisons. While 80% of prisoners work to maintain the prison in terms of maintenance, a growing portion of prisoners hold jobs for private companies. Estimates that that these prisoners are producing at least $11 billion annually for the US government and receiving little to nothing in return.
Non-industry workers can earn between 13 cents to 52 cents per hour. Alabama, Arkansas, Florida, Georgia, Mississippi, South Carolina and Texas are not required to pay these workers. “There’s no way we can take care of our facilities, our roads, our ditches, if we didn’t have inmate labor,” Warren Yeager, a former Gulf county, Florida, commissioner said to the Florida Times-Union. In other words, states have become reliant on free labor from prisoners and actively put this into their budgets.
What some do not understand is that private companies are also employing prisoners. McDonald’s, Burger King, Golden Corral, Walmart, Wendy’s, IBM, Boeing, Motorola, Microsoft, AT&T, Texas Instruments, Dell, Compaq, Honeywell, Hewlett-Packard, Intel, TWA, Nordstrom’s, Revlon, Macy’s, and Target are among hundreds of private companies that have active agreements with state governments to farm out their prisoners. The private companies pay the prisons directly, bypassing the people who are forced to work long hours with no protections.
These workers have a far lower rate at being released on parole. The state believes they are safe enough to work among the public, but refuse to offer them an opportunity to leave. Only non-violent offenders are offered these jobs and most are swindled into accepting the positions to obtain favorable housing.
Alabama, for example, allows non-violent prisoners to work in the private sector for pennies. Yet, the state takes away 40% of their pay before taxes, charges them fees for transportation, laundry, and any extras they find. Alabama now earns more than $450 million annually on the backs of these workers. It comes at no surprise that the parole rate in Alabama plummeted to 8% in 2023.
American Civil Liberties Union (ACLU) found that over 75% of workers are unable to take off work, and if they do, they risk being sentenced to solitary confinement and prevented from visitations with their families. About 70% of these workers said they cannot even afford to call home or purchase soap. They are denied all rights and treated as sub-humans. “The United States has a long, problematic history of using incarcerated workers as a source of cheap labor and to subsidize the costs of our bloated prison system,” said Turner, a principal human rights researcher with the ACLU’s Human Rights Program.
Private prisons, in general, operate as businesses as they are guaranteed a fee per inmate, which US taxpayers pay. The majority of people are African American and Hispanic, but we hear silence from communities demanding reparations and failing to acknowledge that modern-day slavery is alive and well in the US. The private sector is creating jobs for the prison industry on behalf of the US government and this is one of the reasons that we see a decline in available jobs. The business is extremely lucrative because they profit on holding the inmates as well as forcing them to work.
So, these human beings were deemed stable enough to work unsupervised with the public. Yet, those same decision-makers turn around at sentencing and tell these workers that they are simply too dangerous to return home. This is why the United States, home of the free, hosts the largest prison population in the world. It always comes down to greed and money.
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