(Editor's note: The following opinion column does not constitute an endorsement of any political party, or candidate on the part of Newsmax.)
The release of the August jobs report last week brought great news — if you’re a foreign-born worker.
While it wasn’t so great overall, it was devastating if you were a native-born U.S. citizen.
The Bureau of Labor Statics reported that fewer jobs were added to the economy than were initially estimated. The U.S. added 142,000 nonfarm jobs, which were 23,000-short of predictions, while the unemployment rate fell 0.1% to 4.2%.
It was, despite the small dip in unemployment, a lackluster report. It was even worse when looking deeper at the types of actual jobs "created," according to E.J. Antoni, a public finance economist at The Heritage Foundation.
"All of the net job growth in Aug was part-time employment (+527k), while full-time jobs plummeted (-438k)," he reported. Therefore, "we're hemorrhaging higher-paying jobs w/ benefits and replacing them with multiple part-time ones - these higher payroll numbers are a sign of impoverishment, not growth."
But wait! There’s more!
Small businesses, the true job creators in a free market, capitalist society, are struggling to keep their heads above water in this Bidenomics economy, according to Alfredo Ortiz, president of Job Creators Network.
He reported that "countless small businesses that never make the news shut their doors because they can’t compete in this economy. U.S. retailers have closed more than 3,000 locations in 2024, according to CBS News."
But what of the 142,000 jobs "created" last month?
"Half of new positions were created in the unproductive government or quasi-government healthcare and social services sectors," Ortiz noted.
Now for the jaw-dropper. The report indicated that the job market was especially disastrous for native-born American workers.
The household survey attached to the monthly jobs report revealed that during the last 12 months, employment for U.S.-born workers fell by 1.3 million, to 129.7 million jobs, while employment for foreign-born workers skyrocketed by 635,000, to 31.6 million.
Greg Price, communications director for the State Freedom Caucus Network, observed that "Two stats are everything you need to know about the August jobs report," and listed them as:
"Jobs for native born Americans over the last year: -1.3 million," while
"Jobs for foreign-born workers over the last year: +2 million."
Also:
"Full time jobs: -438,000," and,
"Part times jobs: +527,000"
To top it off, the August job numbers came two weeks after the Biden administration revealed that 818,000 fewer jobs were added to the economy from April 2023 through March this year than were initially reported.
Factor in inflation and , "consumers are tapped out," said Ortiz.
"Credit card debt is at an all-time high, and the savings rate is at an all-time low. Families have faced approximately $28,000 in additional costs under this administration."
As a result, we don’t need to wait for government reports or TV pundits and economic number-crunchers to report the pulse of the economy.
We need only to check the heartbeat of America — the people.
We need only ask the man who just lost his job because his employer went bust, and he’s now racking up high interest credit card debt to make ends meet.
Or ask that struggling single mom who now has to decide whether to buy groceries or pay the rent at the end of them month.
Or finally ask the American-born, American-bred worker who lost his chance of a job to a foreign-born employee who was willing to work for lower wages.
These are the people and those are the stories former President Donald Trump may want to hammer home at tomorrow’s ABC presidential debate, which will be simulcast on Newsmax and Newsmax 2.
He may also want to question Vice President Kamala Harris, who he’ll be meeting on the debate stage, about this recent statement: "That is called Bidenomics, and we're very proud of Bidenomics!"
This is the reality of every American living outside the Washington, D.C. Beltway, and these are the stories they can all relate to.
“To paraphrase William F. Buckley Jr.,” Ortiz said, “I’d rather take the pulse of the economy from the 40 people I encounter on the street than the Beltway elite.”
Those 40 randomly-selected people are, after all, the true economic experts — they live and breathe it — each and every day.
Michael Dorstewitz is a retired lawyer and has been a frequent contributor to Newsmax. He is also a former U.S. Merchant Marine officer and an enthusiastic Second Amendment supporter. Read Michael Dorstewitz's Reports — More Here.
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