LTP News Sharing:
As the Biden White House crows about better-than-expected numbers for new jobs, Jason Furman – the chief economist during the Obama Administration – worried about the details underlying an “uncomfortably hot jobs report.”
In a panel discussion about this precarious economic situation in the first segment of the “Fox News @ Night” program, Project 21 Chairman Horace Cooper pointed out that, for instance, the workforce participation rate went down at the same time as the unemployment rate. This is not typical behavior for a healthy economy:
In the summer, there are typically some seasonal increases in the number of people that end up getting hired. Those are not long-term jobs. And the other thing to look at is, if you wanted to see a robust job market, first you’d see a labor participation rate that would be increasing.
But you’d also see what we saw during the Trump Administration – where, say, groups like black Americans were setting records for low unemployment. Under Joe Biden’s tenure, what we’ve seen is that the black unemployment is expanding – not decreasing.
“This is stagflation!” Horace declared. “We have a little seasonal improvement. But long-term? That’s not where we’re headed.”
Liberal panelist Chris Hahn tried to explain away the shrinking workforce by claiming it was people retiring because – after the COVID crisis – they didn’t want to go back into the office. To Horace’s laughter, Hahn said the labor force contraction is “a good thing for the economy.”
“What about the blacks?” Horace asked, to no reply.
On another topic, New York City Mayor Eric Adams is protesting the influx of illegal aliens being bussed to the Big Apple by Texas Governor Greg Abbott in what host Shannon Bream reported was “a glimpse of what his state deals with on a daily basis.”
And while Adams spokesman Fabien Levy called these new New Yorkers “political pawns,” Horace applauded Abbott’s willingness to let the liberal city live up to the reputation it has built for itself. Addressing Levy’s comment in particular, Horace retorted:
Like how the city of New York wants to allow people who are not citizens of the United States – not even maybe lawful residents – to be able to vote? They’re not manipulating and using these people? They create themselves – New York City and even Washington, D.C. – as a sanctuary city?
The Good Book says: Be not deceived, a man will reap what he sows. If you want this welcome parade, then you should get your share of it.
Good on the governor for saying this is what you asked for – this is what you’re gonna get.
See Horace’s “Bream Team” appearance by clicking here.
Author: David Almasi