The U.S. labor market is not as “bright or rosy” as the Biden administration wants Americans to believe, according to economic experts who dropped a reality check on the June jobs report.
Former Home Depot CEO Bob Nardell and FreedomWorks senior economist Steve Moore joined a chorus of economic expert voices in calling out the Biden administration’s “deceptively correct” June jobs report.
“I call that number, Cheryl, deceptively correct. As you pointed out, every month it gets adjusted. So the 206,000 jobs, again, Steve [Moore] is right. The second-largest employer last year was the government. And they’re back on the same track again this year. There is no GDP generated by government jobs,” Nardell, a former Chrysler Chairman, said in an appearance on “Maria Bartiromo’s Wall Street.”
(Video Credit: Fox Business)
“Inflation is like carbon monoxide. It’s the silent killer that’s creating job problems in the quality of life. It is pervasive. People are still using dynamic pricing, Steve, to your point, and we’re continuing to suffer under reckless spending. It’s causing these problems in our economy. It’s stressing the fault lines in our economy. And whoever gets in that white House next year is going to be hit with a wrecking ball to try and pull this back,” Nardelli continued.
Moore agreed, saying he did not “buy” the Biden administration’s depiction of the nation’s “hot” job market.
“I think we’ve definitely shifted into a lower gear,” he noted. “I’m not saying we’re headed to a recession, but I am saying the economy is slowing down a lot, and we’re seeing that both in some of the GDP numbers and also in the employment numbers.”
“If you look over the last about 14 or 15 months, the biggest employer or the biggest source of new jobs has come from government and health care. And my goodness, we have a federal government that’s running a $2 trillion deficit. They shouldn’t be hiring workers. We should be dramatically reducing government employment,” he said.
“So we want to see more of the people… making things in the American economy getting jobs, but that just isn’t happening. So I don’t view this as [a] bright or rosy picture with the labor market right now,” Moore contended.
Nardell called out the Labor Department’s newly announced plan to raise the salary cap for receiving overtime pay, expanding overtime protection for 1 million salaried workers making under $43,888 a year.
“This is not equitable in that if you have a lower-skilled job, why are they going to get paid more than someone with higher skills? Because they’re both working a couple of hours of overtime? So again, I’m not sure this is equitable, and I’m not sure this is an appropriate way to increase the standard of living for our families today. I think there are other things we should be doing,” Nardelli said.
“To Steve’s point, we got to pull back on this reckless spending,” he added. “We got to get inflation under control.”
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida. Powers also contributes to BizPac Review.
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