(ThyBlackMan.com) A successful free-market economy, and our Democracy requires markers. These markers are integrity, (the Truth), and time-honored principles. The greatest economic opportunity lies ahead of the United States, not behind her, to become economically stronger. America’s military, and domestic obligations requires the United States to be strong, and effective economically.
Our opportunity to excel economically is based on our principles of honor, integrity, justice, and (the Truth), as we forge ahead. When capitalism works, America prospers. Speaking on behalf of American workers, professional, blue collar, union, and working-class Americans everywhere, we call upon the Biden-Harris Administration to honor the marker called, integrity, and stop undercounting our unemployment rates, saying his 3.7% U-3 rate is comprehensive of our Job Situation when he and the Democratic Party know, it is not. Indisputable and clear evidence has been offered to show the Real Unemployment rate for November is 7.0%, U-6, with a Black American rate of 9.7%, the highest of any worker group.
A 3.7% Job rate economy is radically different from a 7.0% Job rate economy, especially as we observe in real-time our economy slowing, as the Federal Reserve (Fed) actively tightens credit through higher interest rates to quell inflation, which leads to putting us out of work. There is no denying the Democratic Party, former Presidents Clinton, Obama, and now President Biden who wants to sustain this awful policy, are the culprits in the Job rate undercounting scam (click on the article at the link for more understanding: https://thyblackman.com/2023/10/06/president-joe-biden-and-democrats-undercount-our-job-rates-as-a-recession-looms/).
With integrity as our guide, “it is time” for Biden and Harris to end this scam. Biden got it right when he said, in Colorado on November 29th, “American people are tired of being played for suckers.” Let us abandon this deceptive scheme. Let us take a better direction and adopt a consumer Tax Cut to grow our economy and Jobs over the long-term. Consumer Spending is a proven means or method to grow Jobs, and our economy once the interest rate hikes end, and the layoffs begin to increase. We saw Consumer Spending work in real-time during the Covid 19 Downturn. Giving money to consumers, on which Consumers pay little or no taxes, is a tax cut. “We have to first understand and internalize that,” as that is what we experienced during the Covid 19 recovery, the government giving us “money (remember the $2,000-stimulus check on which we paid no taxes).”
Politicians lie and disguise the names of things – it’s called misinformation, and disinformation. They called our tax cuts, stimulus payments, and tax credits. The end result is, they took money from the U. S. Treasury, and gave money “directly,” to us, and we spent it, and created growth and Jobs. Joe Biden, Kamala Harris, and those in the White House want us to forget that, and look the other way, and disregard (the Truth). The numbers do not lie. The Tax Cut for Families with Children stood out as being remarkably effective.
It caused a gust of growth, and job creation, during the Covid 19 Economic Downturn. Using Democrats’ figures, roughly $15 billion monthly in TAX CUTS started going out with 170 days left in 2021, as the Tax Cut to Families with Children programs got underway in July and ended on December 31st, 2021. It resulted in $529 million a day being given to, and spent by consumers, every day, on average. What Congress did was, front loaded money to Families with Children, based on the number of children, Internal Revenue Service records showed they had, and sent them a check, which they spent, creating Jobs, or put another way – demand for goods, and services.
1.091 million JOBS were created in July, 483,000, in August, (in spite of the onset of the Delta variant), and 379,000 JOBS, in September during the peak of the variant. However, Republicans, objected to a direct tax cut going to that group of consumers, “Families with Children,” even though the principle of giving consumers “a direct tax cut,” as you can see, resulted, in consumer-spending expanding our economy, and creating millions of Jobs. Nevertheless, and fortunately for us and the GOP, there is another suitable Consumer group to which a tax cut can be given.
We at the end of the day, have to fact check Democrats. We have to ask ourselves, as rational, reasonable, and intelligent people, are the Biden-Harris administration, Democrats, and Rep. Steven Horsford of Nevada, the chair of the Congressional Black Caucus (CBC), really working in our best interest? Why do they relentlessly pursue this scam of undercounting our unemployment rates, which has no upside at all, for American workers? They traffic in red herrings. (“If it looks like a duck, swims like a duck, and quacks like a duck, then it is a duck.”) Here is what Proverbs 12:22 says, about lying and liars when it comes to our unemployment rates, as practiced, by the Biden-Harris administration, and Democrats.
“Lying lips are abomination to the LORD: but they that deal truly are his delight.”
American workers, professional, blue collar, union, and working-class Americans everywhere, need Biden, Democrats, and the CBC to stop lying immediately and “deal truly with us,” and embrace (the Truth), and the Real Job rate of 7.0% for November, as established by economists. The Real Job rate of 7.0%, which will increase as the increase in interest rates is digested by the economy, justifies the need for a Consumer TAX CUT, as discussed above. Such a Tax Cut will definitely lead us to a soft landing. Baby Boomers are the most suitable group for the tax cut, and should be acceptable to all parties, including the GOP. Let us look at the reasons why, this is a smart move for our economy.
1) The 10%, $25,000 Baby Boomer Consumer Tax Cut will be deficit neutral and is about half as much as the Families with Children Tax Cut, reducing the chance of reigniting inflation. The Covid 19 recovery demonstrated, when you give a direct tax cut to consumers, who make up approximately 70% of your economic activity, you will create Growth, and surplus revenues, making the tax cut deficit neutral.
Don’t take my word for it, let’s look at the numbers. The Treasury Department reported, the U.S. government posted a $119 billion budget surplus in January 2022. It was the first, in more than two years, due to strong growth in tax receipts as the pandemic declined.
2) The age group, beginning at 55 plus years, are currently responsible for approximately 40% of consumer spending in our economy. Baby Boomers are the largest homogeneous population, within that group of consumers. Consumption DATA shows, low-and middle-income Americans are more likely than wealthy earners to spend benefits, from the government immediately, and stimulate economic growth, creating millions of JOBS. Retirees are a major voting bloc nationally, and many are experiencing financial stress.
There are more reasons beyond these, including the ways ALL businesses, and corporations, yes, even Wall Street, will organically benefit from an expanding economy, based on Consumer Spending. “It is time,” for the Biden-Harris administration to “Deal Truly,” with America, and American workers, everywhere. We, many of us, lifelong Democrats must now face (“an uncomfortable truth”), and it is about Joe Biden, Kamala Harris, and our party, “the Democratic Party.”
That truth is, “When the Biden-Harris administration and the CBC understate (lie about) our unemployment rates, which leads to under-reporting our layoffs, (what Biden and Democrats are doing), as a Recession looms, they are not in any way, delivering for us, and America, nor working-class American families across the USA, including Black American workers. It is what it is. We, Voters, must Stop being silent “SUCKERS,” as Biden himself implies.
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.