Today’s jobs report shows the Great American Pay Cut continued in October.
This was the worst jobs report of the year in terms of jobs created, the unemployment rate rose, and the labor force participation rate fell. The jobs report also showed a “very clear slowdown in wages” with year-over-year nominal wage growth at 4.7%. The latest inflation number was at 8.2%, and in fact, the consumer price index has been at or above 5% for 17 straight months. That means real wages have shrank every month since Biden and Democrats passed their $1.9 trillion stimulus.
Under Joe Biden and Democrat control of Congress, real wages have fallen, prices are up, and real income is lower. That’s why 75% of Americans say the economy is in a recession – it is for them.
