The United States just observed Labor Day, but President Joe Biden’s dreadful economy offers little for American laborers to celebrate.
The latest Jobs Report is only the most recent data point indicating the reality of a Biden-induced return to the Stagflation of the 1970’s, marked by the toxic combination of slowing growth (especially reduced real wages) and soaring prices.
On the growth side, last Friday’s August Non-Farm Payroll Report shocked economists and Wall Street. The report was a Grand Canyon-size miss vs. expectations with a headline number of 235,000 new hires in actuality vs. a consensus prediction of 720,000 new jobs.
As terrible as that topline banner was, the details paint an even worse picture.
For example, the Labor Participation Rate actually ticked down to 61.7% of all adults in the workforce. Millions of job openings remain unfilled and businesses clamor for dependable staff, especially small enterprises.
And yet, the needle does not budge on Americans re-entering the workforce.
Pre-CCP Virus, the Labor Participation Rate rose to 63.4% in January 2020 under President Trump. This was the highest level Labor Participation Rate since 2013 as a booming economy, soaring wages, and tame inflation all combined to literally get Americans off their couches and into jobs.
Understandably, the number crashed following the Spring 2020 lockdowns, but then quickly rallied back in Fall of 2020 with the Trump Boom 2.0 as America reopened with gusto.
Then, since the election of Biden, that participation rate has stagnated.
Under Biden, it seems to have a veritable lid just below the 62% level.
The data indicates that among those most struggling are Black Americans.
As usual, leftists like Biden virtue signal most vociferously about aiding minorities.
Yet, they are actually the politicians who most often reward the already-successful while suppressing economic underdogs.
Consider that the last time Biden was in the White House as vice-president, Black households lost a staggering 30% of their net worth over those eight years, per Federal Reserve data.
And now guess what? Joe’s at it again!
The August jobs report detailed a troubling spike in Black joblessness, from 8.2% the prior month to 8.8%. That number is nearly twice the White jobless rate of 4.5%.
Perhaps not surprisingly, Hispanics also recognize the economic peril of Joe Biden.
In an August Economist/YouGov poll, a truly astounding 0.0% of Hispanic Americans reported that the current economy is "excellent." Not even one respondent. Nada.
For Americans with jobs, the soaring Biden Inflation spike makes it difficult for workers to maintain their present lifestyles, let alone move upward.
As the Wall Street Journal reports, wages after inflation have now fallen for all seven months of Biden’s tenure in office.
Consumers face a massive rise in prices for everything from coffee to gasoline.
The CPI Consumer Price Index recently rose to 5.4%, the highest level since 2008, and the core PCE Price Consumption Expenditure index hit the highest percentage growth rate since the early 1990s.
This historic inflation is only exacerbated by the trillions of dollars that President Biden, Speaker Nancy Pelosi, and Sen. Chuck Schumer, D-N.Y., borrow and spend.
All of this has created a bitter sequel to the era of Stagflation and national malaise in the 1970s.
America’s cities are paralyzed by violent crime under Biden once more, only adding to the 1970s déjà vu our nation seems to be experiencing.
For example, this holiday weekend was incredibly bloody in Chicago.
More than 50 people were shot, including six children in a 12 hour span in the Windy City.
In Biden’s America, layering this specter of inflation upon an already unstable and polarized society raises the odds of a truly ungovernable country.
Historically, inflation leads to societal breakdowns. That degradation leads to the rise of horrible political reactions such as Peronism in Argentina and Nazism in Germany.
The stakes, therefore, are sky-high.
Time for Republicans on the Hill — and those running for office — to find the resolve to stand tall against the Biden agenda.
Specifically, these politicians must recognize that Biden’s poll numbers reveal a politician in free-fall.
They should stop cooperating with his proposed policies, stat.
GOP elected officials must especially hold the line by refusing any increase in the debt ceiling.
If they do, we have a chance to apply an economic tourniquet to stop the Biden bleeding until we can elect an America First majority to Congress in 2022 and a president in 2024.
Then, we can truly restart the populist economic nationalist agenda of diffused prosperity for American workers.
Steve Cortes, a former Trump presidential advisor, commentator, and financial expert, co-hosts "Cortes & Pellegrino" on Newsmax. Read More Here.