job market hot

The Job Market Mirage: Exposing the Illusion Behind Biden’s Report

EDITOR'S NOTES

Don’t be fooled by the Biden administration’s June jobs report—it’s a cleverly masked distortion. Former Home Depot CEO Bob Nardelli and economist Steve Moore are sounding the alarm: the addition of 206,000 jobs, with a third in the government sector, is not a sign of economic health. Instead, it’s a symptom of deeper issues. Inflation, reckless spending, and a growing public sector are eroding the quality of life and masking the real state of the economy. The so-called “hot” job market is nothing more than a dangerous illusion, hiding an impending economic downturn.

Economic experts are sounding the alarm on the Biden administration’s “deceptively correct” June jobs report, warning Americans that the labor market is not as “bright or rosy” as Democrats want voters to think.

“I call that number, Cheryl, deceptively correct. As you pointed out, every month it gets adjusted. So the 206,000 jobs, again, Steve [Moore] is right. The second-largest employer last year was the government. And they’re back on the same track again this year. There is no GDP generated by government jobs,” former Home Depot CEO and former Chrysler Chairman Bob Nardelli said Friday, setting the record straight during an appearance on “Maria Bartiromo’s Wall Street.”

“Inflation is like carbon monoxide. It’s the silent killer that’s creating job problems in the quality of life. It is pervasive. People are still using dynamic pricing, Steve, to your point, and we’re continuing to suffer under reckless spending. It’s causing these problems in our economy. It’s stressing the fault lines in our economy. And whoever gets in that white House next year is going to be hit with a wrecking ball to try and pull this back,” Nardelli continued.

FreedomWorks senior economist Steve Moore supported Nardelli’s eye-opening assessment, arguing that he does not “buy” the Biden administration’s characterization of the U.S.’s “hot” job market. 

“I think we’ve definitely shifted into a lower gear,” Moore warned on Friday. “I’m not saying we’re headed to a recession, but I am saying the economy is slowing down a lot, and we’re seeing that both in some of the GDP numbers and also in the employment numbers.”

“I’m not saying we’re headed for a recession, but I am saying the economy is slowing down a lot.”

– Economist Steve Moore

Moore continued, exposing a “particular problem” within the Biden administration’s highly touted jobs report. 

“If you look over the last about 14 or 15 months, the biggest employer or the biggest source of new jobs has come from government and health care. And my goodness, we have a federal government that’s running a $2 trillion deficit. They shouldn’t be hiring workers. We should be dramatically reducing government employment,” he said.

“So we want to see more of the people… making things in the American economy getting jobs, but that just isn’t happening. So I don’t view this as [a] bright or rosy picture with the labor market right now.”

As the FOX Business show pointed to in the Friday segment, the White House recently announced they are extending overtime protection for 1 million salaried workers who make less than $43,888 a year. The target salary is up over $8,000 from the previous salary minimum, with another increase scheduled on January 1 to raise the threshold to $58,000.

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