Joe Biden Must Think Bidenomics is a Bust: He Rarely Mentions it Anymore

By Robin Itzler

Editor's Note:  This is one of the commentaries selected from Robin's weekly newsletter Patriot Neighbors. Any cartoons appearing will have been added by me.  If you wish to get the full edition,   E-mail her at PatriotNeighbors@yahoo.com to get on her list, it's free.  RK

 

For the first time since December 2022, the monthly jobs report showed very few GOVERNMENT jobs – only 8,000 of the 175,000 new non-farm jobs reported for April. Did the Bureau of Labor Statistics play with the numbers since each month there were complaints that most jobs were coming from the government and/or government-related industries? 

Your guess is as good as ours. Still the April report was below the 240,000 estimates from the Dow Jones consensus. Where did most of the 175,000 jobs come from?  Health care 56,000. transportation & warehousing 22,000, social assistance 31,000, retail 20,000.   

The global outplacement and business executive coaching firm Challenger, Gray & Christmas announced that U.S. based employers cut 64,789 jobs in April.  Bidenomics is doing such a great job with the economy that the Biden team has STOPPED mentioning Bidenomics. Let’s look at some recent Bidenomics successes:

• Bristol Myers Squibb (pharmaceutical) – Announced it will reduce its headcount by 6 percent – 2,200 employees. Byju’s (edtech) – Said goodbye to approximately 500 employees from sales, marketing and teaching roles.
• Google (technology) – While the company reported fantastic first-quarter earnings, it also laid off about 200 employees from its “Core” teams. Core units are responsible for building the technical foundation behind flagship products and for protecting users’ online safety. Don’t worry – those jobs didn’t disappear. Googles hired in India and Mexico where salaries are much lower.
• Southwest Airlines (aviation) – Announced it will end 2024 with 2,000 fewer employees. Details were not provided. Tesla (electric vehicles) – Thousands of employees were let go from across different departments. With challenges in sales and competition, the goal is to reduce their overall workforce by about 10 percent.
• Whirlpool (major home appliances) – Has laid off about 1,000 employees worldwide due to declining sales.
• A “Restaurant Apocalypse” Is Starting to Sweep Across America, and That Is Really Bad News for the U.S. Economy
• Red Lobster Closes Almost 50 Locations Around U.S.
• Yellen: We Can Likely Be Fiscally Sustainable with ‘Higher Ratio of Debt to GDP’
•  Will soaring inflation be the death knell for Biden’s reelection hopes?
•  New report: Trucking industry firm finds a transition to ‘electric’ semis hikes operating costs as much as 114%
•  Biden 2.0 -- Be Afraid, Be Very Afraid -Stephen Moore  May 14, 2024 -Could a second Biden term be more injurious to the economy than his first term? It seems unimaginable given the first three years gave us 20% inflation, a $2,000 loss in average real incomes for the middle class, 6 million added illegal immigrants, a war on American energy that has caused gas prices to rise by more than 40% to $3.64 a gallon, the collapse of our many major cities, another $6 trillion added to the national debt, the unaffordability of new homes, and the chaos on college campuses.......... Tax rates on investment up to 70%.......$2 trillion in new debt spending..........A "net zero" energy policy.......An end to state "right-to-work" law....... The antitrust assault against Silicon Valley............ Could American businesses and families survive getting smashed by these gale-force winds of another Bidenomics hurricane in 2025 without capsizing the ship of state? I wouldn't bet on it.

And we're shocked why he no longer talks about how wonderful his economic vision of America is? It's a election killer.