(ThyBlackMan.com) If you listen to the “60 Minutes” interview recently aired on Sunday, September 18th, you hear President Biden doubling down, on his policy of undercounting the Job Rates of working-class Americans, leading to under-reporting our layoffs, which hurt Black Americans a lot more, than other worker groups, because blacks have the highest Jobless Rate.
When ask about the economy, without being prompted by Pelley, the “60 Minutes,” interviewer, Mr. Biden says yes, the unemployment rate is 3.7%. So, if the August unemployment rate of 3.7% isn’t comprehensive (which it isn’t), of our Job Situation, then what the president did, amounts to disinformation. He, on behalf of the White House, advanced a disinformation campaign, about our Job Rates. This is a tool of authoritarianism, being openly practiced, in our Democracy, on the popular “60 Minutes,” news program. Economists concede the most comprehensive, and real unemployment rate, for August is higher, at 7%, almost two times Biden’s 3.7% rate (more about that later).
There is no doubt within a few weeks, if not already happening, one of the main kitchen table conversations in black households across this nation, is going to be about layoffs; who is going to be laid-off? who is laying off? how to get unemployment income? and everything else, including tension and arguments, one can think of when a breadwinner loses a paycheck through a lay-off. Black Americans are the first laid-off systematically across this nation. Blacks, in a methodical, and organized fashion are let go first, by predominantly owned white businesses, as the economy turns downward.
We hope truth, and justice can be returned to the Department of Labor, after 28 years of absence surrounding the lies about our Job Rates. The scheme of undercounting jobless workers, including blacks started in 1994, with former President Clinton’s administration, and when Biden was a Senator. At the same time, there are blacks who have in the last 28 years, who continue to enjoy the rewards of renown, preeminence, and great income, who were in Congress too.
They may have, or should have been aware, of former President Clinton’s policy, of undercounting the Job Rates of working-class Americans, including Black Americans; they are, Delegate Eleanor Holmes Norton, Representatives Maxime Waters, Sanford Bishop, James Clyburn, Eddie Bernice Johnson, Bobby Scott, and Bennie Thompson. They were silent than, and continue to be silent even now, 28 years later, as they sit in Congress, about this awful policy, as American workers face a Federal Reserve determined to quell inflation through interest rate hikes, which usually causes a Recession and layoffs.
The policy of undercounting Jobless American workers, started in 1994, during the Clinton administration, has been used by every president since, and why not? It enhances the image of the party in power (PARTY over people), because of the low Jobless Rates project a better economy, than what is factually true.
The monthly official job rate published by the Biden-Harris administration, and republished by national, and local news outlets, gives the appearance, Biden’s 3.7% unemployment rate, taken from the U-3 category of the chart of Alternative Measurements of Unemployment (https://www.bls.gov/news.release/empsit.t15.htm) is the most comprehensive measurement of the nation’s unemployment situation. It is not, and President Biden, and Vice President Harris know this!
The U-3 category rate of unemployment was never meant to be viewed as being comprehensive of the nation’s unemployment situation because it is narrow in scope, as it measures a small worker group, hence, it will always flash a low rate. Economist, at the time the changes to the unemployment rates were done in 1994, agreed the most comprehensive of the category of unemployment rates is the U-6 category rate, the rate viewed today by economists as the real unemployment rate.
Disinformation from the Biden-Harris White House is rampant, when it comes to our Jobless Rates. They spread it daily in news conferences, interviews, like the one on “60 Minutes,” and through interacting with others who spread the disinformation further. As the stark realization of coming lay-offs cast a dark shadow across our communities, due to interest rate hikes by the Federal Reserve, do we have a 3.7% Jobless Rate economy, Biden’s U-3 official job rate or a 7.0% Jobless Rate economy, based on what economists say, is the most comprehensive rate, of unemployment, the U-6 category rate?
When Biden said Democracy is on the ballot in the 2022 elections, it was a very wise statement. However, Capitalism, as an economic system, which the United States uses, as its economic engine, is also on the ballot. Here’s how the President of the United States hurts American workers, including blacks. If you low-ball or undercount laid-off workers with a Job Rate lower (Biden’s 3.7%) than the REAL rate (7.0%), Joe Biden “WILLFULLY” COUNTS ONLY about 50% OF all LAID-OFF WORKERS. He omits 50% of blacks also, who have a 12.0% Job rate.
Democrats have to show Democracy and Capitalism works for American workers, including Black Americans. Mr. Biden, and indeed Vice President Harris, and others in his administration are purveyors of this odious policy, and they undermine the principles of Democracy, and justice, with this scheme. The scam of undercounting our unemployment rates, hiding our layoffs, as we face a 3rd Recession in 14 years, due to the Federal Reserve hiking interest rates, is just plain wrong.
For more details, you may want to click on the link to this article; Joe Biden is Mum on Undercounting the Layoffs of Working-Class Americans, Including Blacks.
President Biden does not need more authority, to change his official Job Rate of 3.7% (U-3) for August, and beyond, to the real Jobless Rate of 7.0% (U-6), recognized by economists, as the true rate of unemployment, just as the Clinton administration under which the scheme was originated, did not need added authority to start it. We all want the same thing I would hope, and that’s what is best for America, and Working-Class Americans, everywhere.
Staff Writer; James Davis
Mr. Davis is a leading expert and consultant in Financial Analysis and Social Dynamics. He is a graduate of Florida A. and M. University (FAMU), a former stockbroker, and a human rights activist who resides in Sanford, Florida. He was awarded the prestigious Governor Haydon Burns Scholarship to attend FAMU and while at FAMU was awarded the first Martin Luther King Scholarship. He is the author of three books, among them is “The Fix This Time,” Boost Your Retirement Income! Simultaneously Create Jobs and Spur Economic Growth (https://www.amazon.com/dp/B00MI3PD2M).
Mr. Davis can be reached through his blog @ https://thefixthistime.com. Email contact info is; JamesD@ThyBlackMan.com.
