Based Underground is now a conservative news aggregator AND curated newsletter.
(Mises)—The American economy is not all right. But to see why, you need to look beyond the dramatic numbers we keep seeing in the headlines and establishment talking points.
Take, for instance, the latest jobs report. For the third month in a row, the American economy added significantly more jobs than most economists had been expecting—a total of 303,000 for March. On its face, that’s a good number.
But as Ryan McMaken laid out over the weekend, things don’t look as strong when you dig into the data. For instance, virtually all the jobs added are part-time jobs. Full-time jobs have actually been disappearing since December of last year. In fact, as McMaken highlighted, “The year-over-year measure of full-time jobs has fallen into recession territory.”
Also, most of these new part-time jobs are going to immigrants, many of whom are in the country illegally. There has been zero job creation for native-born Americans since mid-2018. While immigrants are not harming the economy by working, the scale of new foreign-born workers has papered over the employment struggles of the native-born population.
Further, government jobs accounted for almost a quarter of those added—way above the standard ten to twelve percent. Just like with government spending and economic growth, government hiring boosts the official jobs number while draining the actual, value-producing economy.
Some economists, like Daniel Lacalle, argue that the US economy is already experiencing a private-sector recession but that government spending and hiring are propping up the official data enough to hide it.
A recession is inevitable, thanks to the last decade of interest rate manipulation by the Federal Reserve—and especially to its dramatic actions during the pandemic. The recession-like conditions in full-time jobs is further evidence that Lacalle is right.
But jobs numbers are only part of the story. The stock market has been fluctuating a lot recently, not because of changing consumer needs or the adoption of some new technology, but based on what Federal Reserve officials are saying about what the central bank will do this year.
At the same time, prices are still high. And they continue to rise at a rate that frustrates even some of President Joe Biden’s biggest economic cheerleaders. Our dollars are worth about 20 percent less than they were four years ago, with no prospect of that trend reversing. That hurts.
But instead of addressing this economic pain, much less their role in creating it, members of the political class are still pretending everything is great. They’re even gearing up to make things worse by, for example, sending even more of our money to the Ukrainian government. All to prolong a war it’s losing, not because of a lack of money, but because of a lack of soldiers.
And at home, President Biden is scrambling to put the brakes on energy production and to transfer money from the working class to his base of college graduates, all before he’s up for reelection in November.
Predictably and appropriately, the establishment’s head-in-the-sand economic strategy is coinciding with a notable decrease in support for the Democrats—the establishment’s preferred party these days. President Biden is behind in the polls in six of the seven swing states and is losing support from working-class and nonwhite voters.
The political establishment and its preferred candidates deserve to lose support, not only for failing to acknowledge America’s economic problems but for causing them in the first place.
Sound off about this article on The Economic Collapse Substack.
Angel Reese Slammed After Bragging About COVID Vaccinations – ‘Waiting for the Next One to Come Out’
by Western Journal
When young people say dumb things, those who know better tend to err on the side of grace. After all, let them make their mistakes. On the other hand, when those young people emerge as athletic stars and then build a platform from which to spew nonsense in a way…
Sylvester Stallone Survived an Abortion: “I Was Brought Into the World by Accident”
by Life Site News
Sylvester Stallone, known for his roles in Creed and Rocky, opened up about surviving an abortion attempt. His daughters, Sophia and Sistine Stallone, host the Unwaxed Podcast. They interviewed their father about his new Netflix documentary, “Sly.” During the episode, they discussed Stallone’s childhood, something that is addressed in the…
‘What the F***’: Joe Rogan Destroys NYT Headline Warning About Dangers of Constitution
by Daily Wire
Podcaster Joe Rogan absolutely destroyed a recent New York Times headline that warned about the dangers of the U.S. Constitution, suggesting that there’s no amount of “gaslighting” the news organization could do to make him see their side. During “The Joe Rogan Experience” podcast, Rogan and his guest evolutionary biologist,…
What Do They Know? Russia Increases Daily Gold Purchases by 700%
by Sponsored Post
In a significant move, Russia’s Finance Ministry has announced plans to allocate 8.2 billion rubles ($92 million) each day for gold and foreign currency purchases until October 4, the nation’s Finance Minister announced. “The amount of funds allocated for purchases of foreign currency and gold totals 172.9 billion rubles,” the…
CNN Data Guru Says Trump Will Win if He “Outperforms His Current Polls by Just a Single Point”
by Jason Cohen, Daily Caller News Foundation
(DCNF)—CNN senior data reporter Harry Enten said on Friday that former President Donald Trump will win the November election if he can slightly surpass his current poll projections. Vice President Kamala Harris is leading Trump by just 0.2% in the top seven battleground states, according to the RealClearPolling average. Enten,…
New Jobs Report Shows Millions of Americans Lost Jobs to ‘Foreign-Born’ Workers, F/T Work Yields to P/T
by Red State
Trying to nail down Joe Biden or Kamala Harris on the number of jobs they’ve “created” — the government does not create jobs; it can create economic conditions that can lead to job creation or job losses — during the last disastrous three-and-a-half years is like trying to nail Jell-O…
Putin Avoids ‘Kursk Trap’ as His Troops Poised to Take Pokrovsk
by SHTF Plan
President Putin has continued to downplay Ukraine’s major Kursk invasion, which has resulted in Russian territory occupied by Kiev forces, and has instead maintained that capturing and holding all the Donbas in eastern Ukraine remains the goal. “We have to deal with these thugs who made it into Russia,” he…
Leaked Army Advisory Warns of Migrant Gang Violence in Major Cities
by The National Pulse
A threat advisory issued by the U.S. Army to Department of Defense (DOD) personnel across the country warns the Venezuelan gang Tren de Aragua (TdA) has established a significant foothold in multiple American cities and poses a serious danger to local, state, and federal law enforcement. The document—designated as Controlled…
Are You Ready for the Big Steal … Again?
by Richard Blakley, WND
(WND)—The 2020 election was a mess. Only the gullible and self-deceived believe Joe Biden legally obtained more votes than any presidential candidate in U.S. history. If this were true, Democrats would have beaten their drums concerning this “historic” vote, like the pig in the old Valleydale Sausage commercials, but even…
YouTube Uses DOJ Allegations to Justify Axing Tenet Media’s Channel Without Due Process
by The Federalist
The widely used video platform YouTube removed Tenet Media and related channels from its services on Thursday after the Justice Department accused the company of partaking in a secret Russian influence operation. The revelation comes days after the Biden Department of Justice (DOJ) announced the seizure of nearly three dozen…
Has Anyone Noticed That We Know More About Yesterday’s School Shooter Than Crooks?
by Hot Air
The mainstream media has already done a deep dive into the bizarre details of the perpetrator of yesterday’s school shooting, and we have gotten more media availabilities from law enforcement on the events than we have yet gotten from July 13th’s attack on Donald Trump and the three other victims…
Strong Dad Engagement Programs Are Funding the Fight for Fatherhood to Save the Fatherless
by Caldron Pool
“The men the world is raising are not the men the world needs.” No man is born an expert on fatherhood. Good fathers are taught through blunt advice, wise counsel, observation, experience, and their environment. This is why responsible fatherhood programs are saving lives, and why we should be talking…
Ex-CNN Analyst Says Commiela Harris “Has More Riding On” the Debate Than Trump, She’ll Be “More Nervous”
by Jason Cohen, Daily Caller News Foundation
(DCNF)—Former CNN political analyst Chris Cilizza said Friday he believes that the upcoming presidential debate holds more significance for Vice President Kamala Harris than it does for former President Donald Trump. Trump and Harris are slated to compete in their only scheduled presidential debate on ABC News on Tuesday. Cillizza…