{"id":1503211,"date":"2022-06-04T08:19:12","date_gmt":"2022-06-04T12:19:12","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1503211"},"modified":"2022-06-04T08:19:17","modified_gmt":"2022-06-04T12:19:17","slug":"bidens-economy-isnt-in-good-shape-and-the-white-house-wont-admit-it","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/bidens-economy-isnt-in-good-shape-and-the-white-house-wont-admit-it\/","title":{"rendered":"Biden\u2019s Economy Isn\u2019t in Good Shape, and the White House Won\u2019t Admit It"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbidens-economy-isnt-in-good-shape-and-the-white-house-wont-admit-it%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1503211&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Today\u2019s\u00a0<a href=\"https:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\">jobs report<\/a>\u00a0indicates the labor market is catching up with broader economic turmoil. The Labor Department announced 390,000 jobs were created in May, the fewest in over a year.<\/p>\n<p>The labor force participation rate remained at a depressed level of 62.3%, lower than earlier this year and well below the <a href=\"https:\/\/www.bls.gov\/opub\/ted\/2020\/labor-force-participation-rate-down-employment-population-ratio-little-changed-in-september.htm\" target=\"_blank\" rel=\"noopener noreferrer\">63.4% rate<\/a> before the pandemic. Nominal wage growth fell, and real wages continued to decline, with inflation growing about 50% faster than pay. <strong><a href=\"https:\/\/dailycaller.com\/2022\/05\/31\/opinion-recession-joe-biden-democrats-midterms\/\" target=\"_blank\" rel=\"noopener noreferrer\">(RELATED: DEL VILLAR: A Recession Would Spell Even More Bad News For Biden\u2019s Off The Rails Presidency)<\/a><\/strong><\/p>\n<p>Today\u2019s numbers come on the heels of yesterday\u2019s ADP private payrolls\u00a0<a href=\"https:\/\/adpemploymentreport.com\/\">report<\/a>\u00a0showing that U.S. companies created the fewest jobs last month since the pandemic began, while small businesses actually shed 91,000 jobs.<\/p>\n<p>President Joe Biden <a href=\"https:\/\/www.wcax.com\/video\/2022\/06\/03\/live-biden-remarks-may-jobs-report\/\" target=\"_blank\" rel=\"noopener noreferrer\">responded<\/a> to today\u2019s report by repeating his shopworn and misleading claim that his administration has presided over historic job creation. In reality, it hasn\u2019t created any jobs but merely backfilled some of those lost during the pandemic. There are still nearly\u00a0<a href=\"https:\/\/fred.stlouisfed.org\/series\/PAYEMS\">one million<\/a>\u00a0fewer people working in the country today than in February 2020.<\/p>\n<p>The labor market lags broader economic trends and will likely mirror them in the months ahead. Consider the stagflation that consumers and small businesses are already experiencing. The economy is <a href=\"https:\/\/www.cnn.com\/2022\/04\/28\/business\/gdp-recession-indicators\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">contracting<\/a>, the stock market is in <a href=\"https:\/\/www.nytimes.com\/2022\/05\/27\/business\/stock-market-bear-bull.html\" target=\"_blank\" rel=\"noopener noreferrer\">bear market territory<\/a> and <a href=\"https:\/\/www.cnn.com\/2022\/04\/05\/economy\/federal-reserve-brainard-inflation\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">inflation is out of control<\/a>, reducing living standards.<\/p>\n<p>Inflation disproportionately hurts small businesses, which don\u2019t have the purchasing power or preferential contracts as their big business competitors.<\/p>\n<p>Job Creators Network Foundation\u2019s latest SBIQ national <a href=\"https:\/\/monthlymonitor.jcnf.org\/\">poll<\/a>\u00a0of small business owners shows that their economic confidence has plunged to its lowest level on record.<\/p>\n<p>\u201cFood prices are slamming local restaurants,\u201d\u00a0<a href=\"https:\/\/www.wsj.com\/articles\/inflation-nashville-housing-prices-utilities-11654092482\">reports<\/a>\u00a0the Wall Street Journal this week. \u201cAt GrandDaddy\u2019s Hot Chicken, located in [Nashville], a single tender\u2014seasoned, fried and coated with a cayenne pepper blend\u2014costs $3. A year ago, it was $1.85.\u201d It\u2019s clear to any consumer or entrepreneur that inflation is far higher than the topline rate suggests.<\/p>\n<p>Small business owners can\u2019t simply pass these costs along to their customers, who are price sensitive. \u201cTechnically, I should have raised stuff a long time ago, but I can\u2019t, because people are not going to want to buy,\u201d says the restaurant owner, summing up the predicament facing small businesses nationwide.<\/p>\n<p>Small business owners are also getting squeezed on the labor side, having to offer higher pay to attract workers.<\/p>\n<p>Record-high gas prices <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">approaching $5 a gallon<\/a> are pinching pocketbooks and wreaking havoc throughout the economy. The Biden administration is responsible for this pain at the pump due to its <a href=\"https:\/\/barr.house.gov\/_cache\/files\/1\/7\/17ec008b-f7ea-49e6-b614-ea9b4dd12d6f\/16871653E745FF6D04D065F4E6DE8623.a-promise-kept-biden-s-war-on-energy-final-002-.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">ongoing war on traditional energy<\/a>. One small business owner in Georgia forwarded me an email from a prospective job candidate who declined the role due to the increased cost of her commute.<\/p>\n<p>This week, Gallup\u00a0<a href=\"https:\/\/news.gallup.com\/poll\/393176\/economic-pessimism-growing.aspx\">announced<\/a>\u00a0its consumer confidence index is at its lowest point since the Great Recession. Consumers have blown through their savings accrued during the pandemic and are taking on more debt just as it\u2019s getting more expensive with the Federal Reserve raising interest rates. Given our consumer-driven economy, these headwinds will likely continue the ongoing economic contraction.<\/p>\n<p>Then there\u2019s the supply chain crisis, headlined by the\u00a0<a href=\"https:\/\/www.zerohedge.com\/political\/biden-admits-he-was-awol-until-april-baby-formula-crisis\">74%<\/a>\u00a0shortage in baby formula. Biden and Transportation Secretary Pete Buttigieg have been AWOL on this issue that\u2019s putting enormous stress on families across the country. Buttigieg needs formula to feed his babies, but he\u00a0<a href=\"https:\/\/www.politico.com\/news\/2022\/05\/15\/infant-formula-shortage-buttigieg-00032574\">said<\/a> he\u2019s secured access to it. Meanwhile, mothers around the country are now <a href=\"https:\/\/kutv.com\/news\/local\/utah-mother-considers-buying-goat-for-fresh-milk-amid-baby-formula-shortage\" target=\"_blank\" rel=\"noopener noreferrer\">relying on goat\u2019s milk<\/a> imported from <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/05\/27\/operation-fly-formula-australian-product\/\" target=\"_blank\" rel=\"noopener noreferrer\">Australia<\/a>. This is third-world stuff.<\/p>\n<p>The Biden administration\u2019s response to this economic turmoil has been lackluster and counterproductive. What\u2019s urgently needed is an Operation Warp Speed for the economy, with all hands on deck to address these significant economic challenges.<\/p>\n<p>Congressional Republicans should pick up this mantle to bolster their chances of retaking the House of Representatives and the Senate in November.<\/p>\n<p>In practice, such a Manhattan Project commitment means pledging to do everything possible to increase oil and gas production and return the country to energy independence achieved under former President Donald Trump. It means ending reckless deficit spending that fuels the inflationary fire.<\/p>\n<p>It means making the Tax Cuts and Jobs Act permanent to give small business owners peace of mind that they won\u2019t face another cost shock in a couple of years. And it means incorporating the best practices of governors across the country who are closer to the concerns of ordinary people. Suspending the gas tax as Gov. Glenn Youngkin has\u00a0<a href=\"https:\/\/wjla.com\/news\/local\/glenn-youngkin-gas-tax-prices-relief-democrats-virginia-eileen-filler-corn-richmond\">proposed<\/a>\u00a0in Virginia is just one example.<\/p>\n<p>Real action rather than more rhetoric is the only way to return the nation to the shared economic prosperity it enjoyed between 2017 and 2019. It\u2019s the only way to prevent job loss stagflation, and potentially a recession in the months ahead.<\/p>\n<p><em>Alfredo Ortiz is president and CEO of Job Creators Network.\u00a0<\/em><\/p>\n<p><em>The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.<\/em><\/p>\n<p>Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact <a href=\"mailto:licensing@dailycallernewsfoundation.org\">licensing@dailycallernewsfoundation.org<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today\u2019s\u00a0jobs report\u00a0indicates the labor market is catching up with broader economic turmoil. The Labor Department announced 390,000 jobs were created in May, the fewest in over a year.The labor force<\/p>\n","protected":false},"author":489,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1503211","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1503211","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/489"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1503211"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1503211\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1503211"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1503211"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1503211"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}