(ThyBlackMan.com) While many pundits see this presidential election as a binary choice, between Trump and Biden, that is just not true. There is a third choice. That third-choice concerns policy. Not only does the Democratic Party have a flawed leader, but the party also has a flawed national economic policy based on lies about our unemployment rates. Right now, if the Biden-Harris administration embraced the unemployment rates endorsed by economists; the most comprehensive, and the Real rate of Joblessness at 7.4% for June, with a black rate of 10.1%, they, and any reasonable person would easily conclude the major political parties should be advancing economic plans to grow the Real economy. Obviously, Biden should shift the emphasis of his presidential campaigning away from himself, and his age and speak directly about growing the Real economy, advocating a 10% Consumer Tax Cut.
By shifting attention away from himself, Biden brings back to the Democratic tent Black American voters and workers and adds Baby Boomers in large numbers as potential supporters. Baby Boomers would be the most logical group for such a tax cut. Additionally, Biden and Democrats will set up a show down in the Republican House of Representatives, that they will win, as the President nobly advocates the passage of a Consumer Tax Cut to end the current Economic Downturn or our third Recession in 16 years. The consumer tax cut will show a contrast between the two political parties; one party who wants to advance a consumer tax cut to grow Jobs, and the other party who’s only interested in tax cuts for billionaires, millionaires and corporations. This referendum will become the object of national attention and discussion, and not Mr. Biden.
If you watch this linked video, Senator Elizabeth Warren explains the anatomy of an Economic Downturn, based on the Federal Reserve (Fed) raising interest rates to control inflation. Notice the question Senator Warren challenges the Federal Reserve chairman Jerome Powell with; that question being, “What economic policy is planned to put the millions of displaced workers back to work.” Of course, the Fed, and Warren knows this, does not by constitutional statue create legislation to address Joblessness. That is the obligation of Congress and the Biden-Harris administration.
Following is that link:
Here is the problem with Joe Biden, and Kamala Harris’ economic policies, and indeed the Congressional Black Caucus’ policies also, as an extension of the Democratic Party. They misrepresent what economists identify, as the Real economy, and the real unemployment rate. To be specific, Biden and Democrats, when they use the U-3 category unemployment rate, Biden’s 4.1% rate for June, fail to explain to the public, that that rate is not the most comprehensive. So, logically the Biden-Harris administration does not give us a true picture of the real economy. The Congressional Black Caucus (CBC), chaired by Representative Steven Horsford of Nevada, whether they want to be viewed this way or not, as the premier political organization representing the interest of Black Americans, is ignoring the fact, Biden and Democrats, by misrepresenting the economy, are severely hurting Black Americans economically. The misrepresentation of the true economy is toxic to African American workers, when it comes to Biden’s economic policies, as blacks endure a Great Recession, while economic immigrants by the millions cross our borders.
That toxicity is showing itself, in rising African American unemployment, which Joe Biden, Kamala Harris, Democrats, certain main street and main streaming media outlets are now having difficulty hiding, such as the New York Times, CNN, the Joe Scarborough Morning Show, the MSNBC network, Al Sharpton’s Politics Nation, and the Philadelphia Tribune, who all support Biden’s agenda. The Bureau of Labor Statistics (BLS) reported the nation’s unemployment, the U-3 category rate, which the Biden-Harris administration dishonestly promotes as being comprehensive of our unemployment situation, increased in June to 4.1%. The Real unemployment rate, the more comprehensive rate, the U-6 category rate, which economists view as being comprehensive of the nation’s Job situation stayed at 7.4%, showing African American workers are languishing in a Great Recession at 10.1%. That is just the TRUTH of the matter. Biden and Democrats have never denied they are not undercounting our unemployment rates. They do it; we accept it, and we don’t hold them accountable.
If there is any skepticism about the Biden-Harris administration undercounting our unemployment rates, for “factual evidence” go now to the article at this link: https://thyblackman.com/2023/10/06/president-joe-biden-and-democrats-undercount-our-job-rates-as-a-recession-looms/).
Additionally, Investopedia, a highly regarded financial information site, which has won awards for financial content, and best business practices wrote a piece titled, “U-3 vs. U-6 What’s the Difference?”
Click on this link for their viewpoint: (https://www.investopedia.com/articles/investing/080415/true-unemployment-rate-u6-vs-u3.asp).
Democrats need to acknowledge; they are misleading American voters by falsely representing the U-3 category rate, as being comprehensive of the nation’s unemployment situation, when it is not. The Biden-Harris administration says, our unemployment rate is 4.1%, when the real rate is almost twice that at 7.4%. And the Black rate, which averages 2.7% higher over the Real rate is 10.1%.
A Fresh Economic Vision for America and American Workers is Needed – A 10% Consumer Tax Cut to grow our economy, on a long-term basis is Doable. Consumer Spending is a proven means or method to grow Jobs, and our economy. We saw Consumer Spending work in real-time as the nation recovered from 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).”
The Tax Cut for Families with Children stood out as being remarkably effective and showed us a Consumer Tax Cut works, and is doable. 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.
The Real Job rate of 7.4% 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 and Biden and the Democratic Party. 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, and 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.
The Democratic Party’s pathetic and never-ending lies about our economy are going to cause them to lose this presidential election. The leaders of the Democratic party are acting like elites, who are out of touch with their coalition, and are completely blind to this, due to their arrogance. They are just not properly representing working-class Americans, especially African American voters. Joe Biden, Kamala Harris, Democrats and the CBC, you have an opportunity to tell the TRUTH about our unemployment rates, take it, count all the unemployed, and work in our best interest.
Staff Writer; James Davis
Question? Comment? One may use this email address; MrDavis@ThyBlackMan.com.
