More government jobs maintain ‘low unemployment’
Early Friday morning (8:30am EDT) the U.S. government’s Bureau of Labor Statistics released its report for June 2023 with its good news: “Employment continued to trend up in government, health care, social assistance,” and bad news “Employment continued to trend up in government, health care, social assistance, and construction” dichotomy. In other words, thanks mainly to government expansion and its hunger for workers, paid for by constantly increasing taxes and constantly increasing government debt, unemployment remains at 3.6% where it has more or less been since March, 2022. Other than that, hiring slowed more than anticipated, with 209,000 jobs added rather than the 240,000 expected.
Whoops!
Responding to the report, President Joe Biden (D) crowed:
This is Bidenomics in action: Our economy added more than 200,000 jobs last month — for a total of 13.2 million jobs since I took office. That’s more jobs added in two and a half years than any president has ever created in a four-year term…
That’s Bidenomics — growing the economy by creating jobs, lowering costs for hardworking families, and making smart investments in America.
O-o-h, presidents create jobs, not entrepreneurs; optimistic business people. Now I get it. Do you? Bidenomics = more government; higher taxes for diligent workers plus open borders.
In response to the June 2023 labor report, the stock market initially wavered at the opening but eventually all the major indexes closed slightly down. As did the rate for the U.S. 10-year Treasury note. As did the U.S. dollar index.
But gold prices shot up. So thanks but definitely no thanks to President Joe Biden (D) and his Bidenomics.
And buy gold before the price increases even more!
Image: White House