Analysis by WorldTribune Staff, September 3, 2023
Joe Biden and Mitch McConnell are two rich men north of Richmond who have unleashed the kind of massive spending that “breaks nations,” former President Donald Trump said.
When asked in an interview on the Wayne DuPree podcast about Bidenflation and Republican enablers, Trump stated: “Mitch McConnell was not good for the Republicans or for the country,” adding that much of the spending McConnell approved contributed to the massive debt and subsequent inflation. “It’s called the nation buster. It breaks nations. And all of that money that was approved, didn’t have to be approved, is a big factor in the inflation. And it’s also being wasted.”
The dismal new jobs report highlighted an unexpected spike in the unemployment rate from 3.5% to 3.8%, the highest since February 2022.
“A closer look at the details of today’s jobs report reveals just how ugly the reality behind the the Budget-Busting Bidenomics truly is,” Zero Hedge noted. “Earlier this year we spotted a peculiar trend when it comes to economic data releases by the Biden admin which — without fail — had been revised lower.”
In August, regime media dutifully reported Team Biden’s data that the U.S. added 187,000 jobs, and the number of employed workers rose by 222,000.
Here’s what they didn’t report, Zero Hedge states:
“Taking a closer look at the adjustments applied to the actual data, and its composition, we find not only that the unadjusted increase was just 20K jobs, or the worst August since the global financial crisis, but that in August, the number of well-paid, full-time workers actually dropped by 85K, offset by a 32K rise in part-time workers.
“Adding to the striking July moves, we get a 670K drop in full-time workers in the past months, offset by a 1,004K jump in part-time workers. No wonder then that multiple-jobholders are just shy of all time highs, who have discovered that to keep up with the economic miracle that is ‘Brandonomics’ they need to work (far) more than just one job.
“In short: August was another dismal month for the jobs market, which is why we expect the usual theater: non-stop spin and lies from the Biden admin, and not a single relevant question from the liberal media whose job is not to educate or inform, but to carry water, spread lies and enable propaganda.”
If James Carville’s ‘It’s the economy, stupid’ still holds true today as it did in 1992, inflation could be responsible for the massive margins Trump has seen in the polls. Indeed, the economy seems to be on the majority of voters’ minds.
A recent Economist/YouGov shows that “inflation/prices” followed “jobs and the economy” on top of the list of most important issues facing the nation.
A recent report by online real estate brokerage company Redfin shows that the purchasing power of homebuyers in the Biden economy have declined sharply.
“Historically high mortgage rates are cutting into buyers’ budgets. A homebuyer on a $3,000 monthly budget, for instance, can afford a $429,000 home with a 7.4% mortgage rate, roughly the daily average on August 23. That buyer has lost $71,000 in purchasing power since August 2022, when they could have bought a $500,000 home with an average rate of about 5.5%,” Redfin noted.
The effects of the dollar’s decline reach far beyond the housing market.
As Trump told Dupree: “What will unify the country is success. I was getting calls from people I never would’ve thought would have wanted to meet because it was all working.”
— The Babylon Bee (@TheBabylonBee) August 4, 2023