As job growth slows and the labor force participation rate “flatline[s],” it’s no wonder Americans aren’t feeling the Biden economy.
For the second month in a row, job growth missed economists’ expectations amid downward revisions over the previous two months. Unemployment ticked up for Hispanic Americans and veterans in July, while the U.S. shed thousands of manufacturing jobs. Americans are working fewer hours while their weekly incomes continue to be trounced by inflation — and the threat of a recession remains on the horizon.
“Bidenomics” is making things worse for American families. For just the second time ever, the U.S. was stripped of its top credit rating, while interest rates are at their highest levels in 22 years and Americans are saddled with debt. Additionally, the nationwide average for a gallon of regular gas has increased for 17 straight days, up 30 cents/gallon from a month ago and $1.44/gallon since Biden took office.
Meanwhile, real wages are down by three percent and prices are up by 16.6 percent; just 30 percent of Americans say their income is keeping up with inflation.
That’s “Bidenomics.”
