(ThyBlackMan.com) Biden can help his VP save Democracy, by doing something he said he always does and that is, he “Tells America the Truth.” President Joe Biden used the words, Honesty, Justice, and the Truth in his address to Americans, and especially to American voters, from the oval office, on 7/24/2024. He said, “When you elected me to this office, I promised to always level with you, to tell you the Truth.” There is no attempt here, to embarrass, Mr. Biden. Showing our President, he can help save our Democracy, and grow our economy is our honest and noble objective. It is a fact, the Democratic Party promotes, through the Biden administration, a flawed economic policy based on LIES about our unemployment rates, which oppresses and hurts ALL American workers.
Additionally, former president Trump has two times, in 2015, when he came down the escalator, in New York city, and now, in 2024 in Milwaukee at the Republican National Convention, identified economic immigration as a sore spot, in our national body of politics, saying economic immigration, as it is currently being rolled out is a major grievance of American workers, regardless of what elitist Democrat politicians think. Mr. Trump should not be ignored, as he sees this complaint as a key to his election to the presidency in November. Vice President Harris will be wise, not to turn her back on working-class Americans; and not forthrightly address what American labor sees as a legitimate grievance.
We are dealing with significant interconnected issues, economic immigration and the reality of our unemployment rates. The assertion, we have a full employment economy, based on the U-3 category unemployment rate of 4.3% for July, is misleading. In truth, we do not have a full employment economy. Given that reality, President Biden holds the key to Vice President Kamala Harris’ success, in the November presidential election. He could, if he desired, declare his administration will no longer follow the precedent set by the Clinton administration, and will now, agree with the nation’s economists, who since 1994, have recognized the U-6 category rate, which is 7.8% for July, as the most comprehensive measure of our nation’s unemployment situation. President Biden’s claim that the U-3 rate, at 4.3%, was the most comprehensive, used that assertion, in part, to support an immigration policy, that has allowed millions of economic immigrants to flood across our borders.
We call upon Mr. Biden to follow the advice of economists and admit U-6 is the most comprehensive rate of our unemployment situation. By doing this, our President clears the deck, so to speak, and unties his Vice President’s hands. Vice President Kamala Harris needs to be able to freely speak about the economy, which is the key to winning this election. So, Mr. Biden can give her that opportunity by releasing her, to tell the nation, what is the Real unemployment rate, as understood by economists. An economic plan based on the actual unemployment rate will lead to a stable and growing economy. This approach effectively challenges the issues of economic immigration, inflation, job creation, racial division, and America’s apprehensions about its future, both internationally and domestically.
President Joe Biden and his administration are free to promote what he and his administration sees, as the most comprehensive unemployment rate, just as the Clinton administration embraced, and wrongly promoted the U-3 category rate of unemployment, as being comprehensive. Mr. Biden can opt to follow economists who established the U-6 category rate of 7.8% for July, as the Real and most comprehensive unemployment rate, as a result of redoing the categories of the Chart of Alternative Labor Underutilization, in 1994. And Mr. Biden’s administration can make this decision without having to get approval from Congress, just as the Clinton administration didn’t need Congressional approval, to promote the U-3 rate as being comprehensive.
In doing this, Mr. Biden comes into agreement with his economic team, who never viewed the U-3 category rate, as being comprehensive of our Unemployment Situation. Here is what they said back in 2021, regarding his use of U-3 and viewing it as being comprehensive.
Janet Yellen, President Biden’s Secretary of the Treasury, on February 18, 2021, in an interview on CNBC, commenting on the nation’s January unemployment rate said, “We have an unemployment rate that if properly measured in some sense, is really close to 10%.” The U-3 category rate, Biden’s official jobless rate, for the month of January flashed 6.3%, while the most comprehensive, and real unemployment rate, U-6 was 11.1%.
Lael Brainard, the former Vice Chair of the Federal Reserve, and President Joe Biden’s current Director of his National Economic Council, stated in an article on February 24, 2021 in the Wall Street Journal the following: “When we take into consideration the more than 4 million workers who have left the labor force since the pandemic started, as well as misclassification, the unemployment rate is close to 10 percent currently—much higher than (Biden’s) headline unemployment rate of 6.3 percent.”
Biden’s former Chair of the Council of Economic Advisers, Dr. Cecilia Rouse, on April 2, 2021, on the White House web site, stated, she felt the March unemployment rate was around 9 %, rather than the 6% official unemployment rate Biden was touting. The real unemployment rate, the U-6 category rate, clocked in at 10.7%.
Jerome Powell, the Chairman of the Federal Reserve at the Federal Reserve Open Market Committee news conference on January 27, 2021, said, “The real unemployment rate is close to 10 percent (for December) if you include people that have left the labor force.” At that time, the U-3 official rate was 6.7%, and the U-6 rate was 11.7%.
Confirmation by the Biden administration of the U-6 category rate, at 7.8%, as being comprehensive of our Unemployment Situation, with an African American unemployment rate that averages 2.7% higher over the Real rate, at 10.5%, allows Vice President Kamala Harris to say, it is time to abandon the past mischaracterizations of our economy and look to the future. We must grow the Real economy!
If we are not going to go backwards economically, as Vice President Kamala Harris likes to say, on the campaign trail, she has to adopt an economic plan to expand our economy and create Jobs on a long-term basis. With diversity as our strength, the economy should work for everyone. We know, I mean the Biden administration knows how to create Jobs, knowing higher interest rates tend to lead to layoffs. So, any anxiety over Job losses can be assuaged.
When we look at the Covid 19 recovery engineered by the Biden administration, it was primarily done through Consumer Spending. If we take the politics out of the pandemic recovery completely, and just look at how the money was spent, by the federal government, we get an idea of how to duplicate the process of Job creation and not just duplicate it, mind you, but chart a historical course, to make it more efficient. We know over 10 million Jobs were created, in a consistent manner, over a few years, and we know the federal government spent trillions doing it. These are the facts. So how was the money spent, and Jobs created?
The Covid 19 pandemic showed us, we have a relatively simple economy, when it comes to growing Jobs, unlike some other nations. The consumer powers about 70% of Job creation in our economy. Simply put, that means Consumer Spending money is responsible for 7 out of every 10 Jobs created in our economy. The age group, beginning at 55 plus years are responsible for about 40% of the spending done, in our capitalist economy. Baby Boomers are the largest population within that group of consumers. Click on the article at the link, that will show how a 10%, $25,000 Baby Boomer Consumer Tax Cut will create millions of good paying Jobs over the long term –
https://thyblackman.com/2024/07/28/it-is-crucial-vice-president-kamala-harris-emhoff-consider-the-grievances-of-american-workers-and-commit-to-growing-the-real-economy/.
Finally, “Let us hear the conclusion of the whole matter,” to make such a Tax Cut a reality, President Joe Biden must do something he states, he always does, “level with Americans,” and tell them the Truth about our unemployment rates.
Staff Writer; James Davis
Question? Comment? One may use this email address; MrDavis@ThyBlackMan.com.