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
Jobs Revised Down!
Harris-Biden Labor Dept. lied Here is another reason not to believe government reports. Last week the Bureau of Labor Statistics (BLS) reported that the United States had a staggering 818,000 FEWER jobs in the year ended March 2024 than previously reported. That equals 68,000 FEWER monthly jobs than the Harris-Biden administration gleefully touted to the American public.
There were 115,000 fewer manufacturing jobs and 45,000 fewer construction jobs. Gee, why bother issuing reports? This was the largest downward revision in employment figures in 15 years! Many political observers believe that the Harris-Biden administration’s Department of Labor INFLATED the jobs numbers so they could pretend the economy was going well.
Then they admitted their mistake (when people were focused on the DNC convention and pro-Hamas protests) so that the Federal Reserve lowers interest rates. Lowering interest rates would pump more money into the economy SHORT TERM, allowing for some job creation just as the election season closes. The fact that it would cause MORE inflation later doesn’t concern the communist duo Kamala Harris and Tim Walz.
Are You Better Off Than You Were Four Years Ago?
In “Press Claims Inflation is Licked Because Consumers Are Refusing to Pay High Prices,” Jack Hellner shares how great things are today:
In 2020, credit card debt in the United States decreased by 9 percent from 2019, reaching $770 billion in the first quarter of 2021. In 2024, credit card debt is $1.1 trillion, up more than 50% in less than four years.
Credit card delinquencies have increased by over 100 percent from 4.1 percent in the fourth quarter of 2021 to 8.9 percent today.
The percentage of credit card debt that is over 90 days late is the highest since 2012.
Auto loan delinquencies have increased from 4.9 percent in the fourth quarter of 2021 to 7.9 percent this year which is a decade-long high. - Housing prices in 99 percent of U.S. counties are more UNaffordable than ever for the average American earner, according to a new report from the real estate data site Attom.
As of August 2023, the personal savings rate in the United States was 3.9 percent, which is well below the average of 8.9 percent over the last decade. - Auto insurance rates rose 2.6 percent in March and are up 22 percent from a year ago. Many people are dropping auto insurance because they can’t afford it.
More Americans are dropping home insurance due to rising premiums. According to a 2024 study from the Insurance Information Institute, 12 percent of Americans no longer have home insurance, which is up from 5 percent in 2019. This is the highest percentage of uninsured homeowners the group has ever seen.
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