Bidenomics: Far Less Than It's Cracked Up To Be

Veep "Deep Throat" Harris brags about Bidenomics.  Others wonder how much she has to brag about.

While the prevailing post-payrolls narrative has focused on the divergence between the soggy headline payrolls print (which at 187K not only missed expectations for a second consecutive month, but was the lowest number since Dec 2020), and the stronger than expected hourly earnings (which beat expectations only because hours worked dropped again to 34.3, a level last seen in the pre-covid days) and the drop in unemployment rate (which brings us even further from the Fed's year-end dot plot target of 4.1%, 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....

In the "revisions" category, there's this:

 

...Payrolls for every month in 2023 have been revised lower....

Then there's the "new business-created jobs" thing:

...In other words, most if not all job "gains" were as a result of the BLS assuming that newly "birthed" "businesses created at least 280K new jobs, a number which is not based at all on observable facts but is a regression to some historical trendline which only the BLS is privy to.

Oh, but there's MORE!!

...one look at this month's adjustment and it's literally a shocker: you will not hear anyone from the Biden admin or associated economist cheerleaders mention this, but the BLS reported that in July the number of full-time jobs plunged by 585,000 to 134.274 million,...

Wait..........what???  You thought jobs were up, right?

Well, they are........counting part-time/side-hustles.

...how did the BLS get an increase of almost 300,000 employed workers? Simple: it was all in the surge of part-time workers. In July, the number of part-timers exploded by almost one million - 972K to be precise ...

People get side-hustles because the main hustle isn't paying enough to meet the spending--or because they don't have a main hustle and they need cash.  Think inflation has something to do with that?

...going back to a quantitative read of the data, we look at the number of multiple jobholders - those workers who have to work more than one job at a time to make ends meet. In July, that number surged by 118K, and at 8.113 million was just shy of the pre-covid record hit in July 2019...

We'll leave the summary to the nation's real-news source, the Babylon Bee:

...White House Says Bidenomics So Successful The Average American Has Twice As Many Jobs As They Had Two Years Ago...

On the way to having nothing and liking it!