(ThyBlackMan.com) American voters have to pressure Vice President Kamala Harris, if they wish to see a change in the policy of undercounting the unemployment rates of American workers. Mr. Biden has adopted an unfavorable policy, overlooking the Real and most comprehensive unemployment rate of 7.9%, as calculated by economists, favoring instead the U-3 category unemployment rate, which ticked down to 4.2% for August. This decision was made, without clear justification, or an explanation, for the preference of U-3, as a comprehensive measurement of our monthly job situation.
The Biden-Harris administration and the Democratic party, and we as members of the party by extension, given we did not have a say, in the decision to undercount our own and the unemployment rates of fellow American workers, by going along with this scam are prioritizing the interest of “the party,” and the election of Vice President Harris, above our own best interest, as workers. That is exactly what we are doing, by silently accepting this unethical policy.
The Democratic party leadership abandoned what economists have determined is the Real and most comprehensive monthly unemployment rate, which is the U-6 category rate of unemployment, and that rate for August ticked up to 7.9%, almost two times Biden’s rate. They arbitrarily did this, without explaining, or giving specific reasons why they think U-3 is comprehensive of our monthly Job situation. They are additionally determined to make this inequitable and terrible policy permanent, affecting future workers. The Department of Labor, respected reputation as an institution is being devalued to perpetuate this scheme. And this policy primarily benefits economic immigrants, as the Democratic leadership is saying with a 4.2% unemployment rate, we have a full employment economy when we don’t.
Vice President Harris herself, without Congressional approval or involvement, can reverse the policy of undercounting our unemployment rates. We as voters, and American workers, deserve the Truth about our unemployment rates. Democrats have not been transparent, when it comes to the issue of undercounting our unemployment rates. That needs to change. African American workers, who as a worker group with the highest unemployment rate, averaging 2.7% higher over the real rate of unemployment of 7.9%, have an unemployment rate of 10.6% for August. The 10.6% unemployment rate places Black Americans squarely in a Great Recession, which they have been experiencing for the last four months, without any monetary relief; many along with others, are working two Jobs to make ends meet. Here is something you should understand, the Biden-Harris administration does not deny, they are undercounting our unemployment rates leading to underreporting our layoffs.
This is a relatively simple issue, and the points of this issue are well documented. Democrats and Biden, beginning with the Clinton administration, supported by the Obama administration and embraced by Republicans, embarked upon a strategy of undercounting or underreporting unemployment rates, in 1994. Why they did this – you will have to ask them. But good luck with that, as there is not a single person within the Democratic party, who is willing to take credit for coming up with this scam. Go to this link, if you really want additional evidence, these people did this, and remember, they are people, like you and I, and not gods. These are facts also, and not hearsay: https://thyblackman.com/2024/08/18/kamala-harris-economic-policy-the-truth-behind-undercounting-unemployment-rates/.
It is important to know how we got here. That is where we are right now economically. Here is a video where Senator Elizabeth Warren clearly lays out for us how we got here. The Federal Reserve, having raised and kept interest rates high to slow inflation, is now shifting its focus to employment as its tight money policy has slowed Job creation, and to its satisfaction, reduced the rate of inflation. However, lowering the price of money or decreasing interest rates is not a Job Creation plan, as Warren makes clear in this video, you are about to see and many of us have come to realize, also. After the Great Recession of 2008, Congress allocated to the Obama administration $885 billion in recovery funds to help lift us out of that recession, and the Federal Reserve radically reduced interest rates; the end result was not a great Job Creation economy, but a slow growth economy, which allegedly is one of the reasons, although there are many others, former president Donald Trump came into power.
Watch the video.
The video ended with the Fed not giving us an answer regarding a Job Creation plan. Having viewed the video, it would not be wrong to ask what is the actual economic recovery plan of an incoming Harris administration, if she should win the presidential election? The Federal Reserve is not responsible for creating legislative economic recovery plans, as Senator Warren implied in the video, when she asked Fed Chairman Jerome Powell what his plan is, for putting laid-off Americans back to work. Nevertheless, what Vice President Harris is offering, if you go to her web site are a series of 3rd party programs, just as the Obama administration did, which is typical of the Democratic party. Third party programs, which are the mainstay of the Democratic party, characteristically lead to slow economic growth, as experienced under Obama and are inadequate, when what is needed is a comprehensive economic recovery plan.
During the presidential debates, former president Donald Trump once again made it clear, economic immigration is a major issue. With the real Job rate at 7.9% and African Americans at a Great Recession rate of 10.6%, what is needed is a comprehensive plan to grow Jobs. Additionally, all American workers are vulnerable to economic immigrants taking Jobs, as millions, have crossed our borders under the Biden-Harris administration, will work for cheaper wages.
Focusing on Vice President Harris, as African American voters primarily vote Democratic, it is important to understand Black American voters deserve much better policies, when it comes to the Democratic party, and they are just not getting treated right. It’s the Truth. Did you know that 54 years of third-party programs, which is the mainstay of the Democratic party, such as $25,000 assistance to first time home buyers, and startup tax deductions for small businesses from $5,000 to $50,000 have not worked to lift Americans out of poverty – we are as a nation still impoverish after these programs have come and gone.
Remember, the 3rd party program of weatherization of houses to help low-income homeowners? Third party programs, which sound good on paper and do not work most of the time, once you get to the fine print, have served to keep the Democratic party in power and make its party bosses, like Barack Obama, Nancy Pelosi, Chuck Schumer, Jim Clyburn, and Maxine Waters, just to name a few, very wealthy. And now, the Democratic party is adding, “an in your face scam,” of undercounting our unemployment rates, and undercounting our layoffs, while opening our borders to millions of economic immigrants, “Trump said 20 million, during the presidential debate (fact-check it yourself),” making all American workers, not just Black Americans vulnerable, to economic immigrants taking our Jobs, as we face a third Recession in 16 years.
What has worked, and this policy was forced upon the Democratic party, due to Covid 19? 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, Vice President Harris has to say, before we vote her into office, she will not continue the vile policy of undercounting our unemployment rates. There is no incentive for her to say it after being elected, is there?
Staff Writer; James Davis
Question? Comment? One may use this email address; MrDavis@ThyBlackMan.com.