(ThyBlackMan.com) It is time for Democrats to put their economic house in order. American workers, professional, union, blue-collar and working-class Americans, but especially Black Americans need President Biden to clarify his policy, when it comes to undercounting our Job rates, which will lead to undercounting coming layoffs. After interest rate hikes, by the Federal Reserve, attempting to bring inflation under control, the nation “will experience an Economic Downturn,” which could lead to our 3rd Recession, in 15 years.
No one really knows for sure if a Recession is imminent, but there is no question we will have an Economic Downturn, meaning layoffs will occur. Here are the factual numbers; judge for yourself, if we are likely to go into a Recession resulting in extended layoffs. Out of the 12 times the Federal Reserve (Fed) has hiked interest rates, since 1945, to control inflation, like it is doing now, each time the economy went into a Recession. When the Fed brought interest rate hiking to a stop – only one time out of the 12 times did the layoffs stop, also. So, do the math. That means there were 11 times, out of the 12, the layoffs continued once they started, leading to a deeper Recession.
The unemployment rate in those 11 times continued to rise one percent or more, creating more than a million additional layoffs. The probability is exceptionally high; there is over a 90% chance this will happen, this time around, that layoffs will continue to rise, predictably hurting American families, including women who head households with children.
We want to know the answer to the question, of why Mr. Biden insists upon, such an economically devastating policy. In totality, undercounting Job rates, and layoffs hurt Black Americans more severely, than any other worker group. There is a simple reason. Black Americans, as a worker group, continuously have the highest unemployment rate, in the history of this nation, since records have been kept.
It is, and it should be our desire, as major supporters of the Democratic Party, that Mr. Biden provide American workers, including African Americans, professional, blue collar, union, and working-class Americans everywhere, a level playing field, by ending the practice of undercounting Job rates. It seems only right, and just, that he would want to do this for us as VOTERS, who have supported him and the Democratic Party.
We are simply asking Mr. Biden, and Democrats to have the courage, to own up to the TRUTH about our Job rates. Everything, economically for Black Americans, is on the line, as they are traditionally the first worker group to experience layoffs, as the economy turns down. Perhaps, in the future, every time Democrats, like former President Obama, Rep. Clyburn, and Rev. Jesse Jackson appeal to us to vote Democratic, our response; “E-N-D Undercounting Our Job Rates,” should become our mantra!
There is just “no positive upside” to this disastrous policy for African Americans, and American workers all over this nation, especially as our economy declines with increases in interest rates. Can anyone see how undercounting our Job rates improves our economic condition? American workers are getting a bad deal, from the Biden-Harris administration. “They” actively suppress, or hold our Job rates, artificially low through undercounting them, in their effort to win an election. By doing this, “they” work against the best interest of ALL American workers.
It is singularly, his decision. President Joe Biden does not need the approval of Congress, and he needs no additional legislative power to change his official rate of unemployment to what economists have established as the Real rate of unemployment, 6.7% for July, pulled from the U-6 category, taken from the Table of Alternative Measures of Labor Underutilization, and not the president’s 3.5%, U-3 category rate.
The U-3 rate was never intended to be viewed, as being comprehensive of our Job Situation. By using the U-3 rate, as his official rate, and actually “knowing it is not comprehensive,” President Biden turns U-3 into, nothing less, than “a political Job rate.” Knowing it isn’t comprehensive, and a misleading political rate, and arrogantly selling it, as the real Job rate, which is not disputed, he politicizes our Job Situation, right before our eyes. Thus, the Department of Labor’s reputation, as an honest broker of Job information, as an institution, is put in jeopardy, and compromised every month, by the Biden-Harris administration, Democrats, and Rep. Steven Horsford of Nevada, Chair of the Congressional Black Caucus (CBC), who supports this awful policy through the Caucus’ silence.
As recently as July 20, 2023, in a speech in Philadelphia, President Joe Biden touted his U-3 unemployment record saying, “Unemployment is below 4%. The longest stretch of unemployment below 4% in the last 50 years.” What he said wasn’t the truth. The real Job rate was 6.9% for June, the referenced month he is speaking of in that speech.
It is coincidental, that Mr. Biden, and his team chose to have him say this, in Philadelphia, or was it? (Another president, another long-term policy, in another time, and another Philadelphia come to mind). Is Biden, and the Democratic Party, promoting laying down a long-term policy of leaving this inaccurate, and vile policy, of undercounting our Job rates, each month, in place? That would be very unfortunate for American workers, everywhere.
What can we do? You can ask Mr. Biden, and Democrats to E-N-D this policy, now. You can choose to beneficially help, every working-class American, by publicizing this deceitful Democratic Party policy. You can click on the link and watch the video.
Willian Penn said this, and it rings true, today; “Right is right, even if everyone is against it, and wrong is wrong, even if everyone is for it.”
Fight for the TRUTH about your Job rates, which is the right thing to do, like our justice system is fighting the lies of Trump, and Republicans in our court system. American workers will surely WIN. Our winning, will force the Biden-Harris administration, and Democrats to deal with, and fix the Real economy, this time, using the Real Jobless rate of 6.7% for July, which will increase. At the end of the day, What is Wrong with that; What is wrong with, counting all the unemployed, and Fixing the Real Job rate economy, Mr. President?!
Staff Writer; James Davis
Mr. Davis is a Financial Analyst. His articles are about relating facts in a usable, truthful, and understandable way. That way, WE ALL WIN. James is, the author of three books, among them, “The Fix This Time,” Boost Your Retirement Income! Simultaneously Create Jobs and Spur Economic Growth (https://www.amazon.com/dp/B00MI3PD2M). Reach out to James @ his blog https://thefixthistime.com.
Question? Comment? One may use this email address; MrDavis@ThyBlackMan.com.
