(ThyBlackMan.com) Because President Biden lies about our Job Rates, saying his 3.5% rate for September, is comprehensive of our Job Situation; that does not mean the real Job Rate of 6.7% “magically disappears,” along with a black unemployment rate, 5-6% higher over the real rate, at 11.7%, and rising faster than any other worker group. President Biden cannot lie the real rate of unemployment, away. The layoffs may be hidden, but they are just as devastating to American families, and women, who head households. Blacks are let go first, by predominantly white owned businesses, as the economy turns downward, due to the Federal Reserve raising interest rates to slow inflation.
Here’s how the President of the United States, supported by the Democratic Party, and specifically the Congressional Black Caucus, chaired by Joyce Beatty, U.S. Congressional Representative from Ohio, hurts working-class Americans. If you low-ball, or undercount the Job Rates of working-class Americans, which leads to under-reporting, or hiding their real lay-off rates, with a Job Rate lower – Biden’s 3.5% official rate for September, than the real Job Rate – of 6.7%, Joe Biden “willfully,” counts only, about 50% of all laid-off workers, with his official Job Rate of 3.5%. He “willfully,” does not include in his count, about 50% of blacks, who have the highest Job Rate at 11.7%.
Biden has said on many occasions, he is the President, who advocates for, and is indeed an ally of union, and working-class Americans. Mere words it seems, like the “I got your back,” slogan, from an experienced wordsmith. Our president is undermining working-class Americans at every turn. He works in our disinterest. His immigration policy, if you examine it more closely, has the potential of producing strike breakers, rather than strike supporters, when it comes to unions, who threaten or go out on strike. And many immigrants are willing to work for less than $15.00 per an hour, while working-class Americans are pushing for $15.00/hour, or more in wages in some parts of America.
Our eyes do not fool us. Biden, and Democrats are undercounting our Job Rates intentionally, hiding our layoff rates, as American workers possibly face a 3rd Recession, in 14 years. President Biden’s Job Rate of 3.5% isn’t comprehensive and is misleading. Biden, using disinformation, a tool used by authoritarian regimes like China, Russia, and Iran, is confusing us Americans about the true status of our economy. We’re already at a real jobless rate of 6.7%, and a real black rate, of 11.7%. And the Federal Reserve has yet to finish its regiment of interest rate hikes.
Everybody doesn’t – succeed and thrive when you lie, and willfully rig the game. It was not always this way. The policy of undercounting our Job Rates started with former President Bill Clinton’s administration, back in 1994. President Biden, however, is having an outsized affect upon the lives of Black Americans, and their families. It was Senator Biden, who drafted the Senate version of the 1994 Crime Bill, that negatively affected blacks, and was later reformed, by former President Trump. Now, its President Biden who’s advancing a scheme, which undercounts the layoff of American workers, hurting Black Americans, and their families more so, than any other worker group, as blacks are the first laid-off, as the economy collapses, due to higher interest rates.
The question is, why would the Biden administration hang on to a policy that American voters find objectionable, as illustrated by their comments and number of angry emojis in my earlier article, about this disgusting scam. It is pretty clear and unambiguous, the policy of low-balling our Job Rates hurts American workers, including Black Americans. For more details, you may want to click on the link to that article; Joe Biden is Mum on Undercounting the Layoffs of Working-Class Americans, Including Blacks.
Here is what I am simply saying. President Biden is supporting a former Democratic Party presidential administration scheme, that makes the party look better politically to American voters, because it projects a lower Job Rate. That is a bit juvenile, and unsophisticated. Can he, really be that simplistic, or are there other motives at work? Nevertheless, the Democrats are putting the party over people and the party over the TRUTH.
The monthly official Job Rate published by the Biden-Harris administration, and republished by national, and local news outlets, gives the appearance, Biden’s 3.5% 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.
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. Economists, 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. Yet, somehow U-3, the lower of the two category rates, became our official unemployment rate, with no one from the Clinton administration, or the Bureau of Labor Statistics taking credit for making it the official rate, in 1994.
Many of you may ask, what is the big deal, you have a few percentage points difference between the Biden official unemployment rate and the real Job Rate. Well, 3.5% shows we are looking at an economy that says for every 100 workers, on average, four American workers cannot find a suitable, full-time job paying a living wage, including women with children, who head households. In reality, the real Job Rate, 6.7%, is almost two times that rate showing seven American workers are out of work. When you consider Black Americans with a real Job Rate (11.7%), typically 5-6% above the real rate, of 6.7%, this would mean 12 Black Americans out of every 100 black workers are now, also unable to find a full-time job that pays a living wage.
The bottom line is, a 3.5% economy calls for a different policy approach than a 6.7% Job Rate economy, especially if that 6.7% Job Rate economy is deteriorating right before our eyes, as the Federal Reserve raises interest rates, quite possibly creating a Recession. That’s a major problem for our nation, going forward.
With Job Rates so low right now, you have got to wonder what’s wrong with Joe Biden and the Democratic Party’s insistence of supporting this ridiculous scheme of undercounting our Job Rates. Is it racism? Is it that much dislike, for working-class Americans, including Black American workers? And you have to wonder what is wrong with Black American voters, that they continually tolerate an organization, the Congressional Black Caucus, functioning in their disinterest, by not openly bringing this issue to Biden’s and Kamala Harris’ attention.
President Biden does not need more authority, to change his official Job Rate of 3.5% (U-3) for September, and beyond, to the real Jobless Rate of 6.7% (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.
