Feeble Jobs Report

What's More Feeble? Biden/Harris Economy or Biden?

Wow. The unemployment report came out this morning; without government jobs, there would be no jobs at all. This is a pitiful report. “Storms sideline workers” is the WSJ headline. How many storms did they have in Seattle? California? Oklahoma? Two hurricanes in the South for sure. One area of the country.

It hasn’t even started snowing yet.

Boeing is on strike, but that’s one company. Several industries are still experiencing layoffs, even though left-wing pundits say we have a “soft landing.” I think we know what is soft in the White House.

What we have is a mini-Stagflation. It’s not like Jimmy Carter’s late 1970s stagflation but I can hear a faint echo.

If it wasn’t for government spending, this economy would be sputtering to a halt. The growth of government jobs has been a primary driver of employment.

• That is unsustainable

• It’s a terrible economic policy since it increases government spending.

The effect of government spending on gross domestic product (GDP) is zero, or very close to zero. GDP defines our standard of living and how much our economy is growing.

The above is a point of much dispute among academic economics professors. I will let you guess which side believes the government is an engine of growth.

Here is the problem with that argument. Where’d you get that dollar to spend?

• Taxes

• Debt (which is a tax on the future earnings of citizens)

• Fees

The government can “create money” but there is an opportunity cost to money creation. The government cannot create the virtuous flywheel that runs and consistently creates economic growth. Only private industry can do that.

Harris doesn’t believe in private industry. Biden doesn’t know what he believes anymore. Trump does believe in private industry and from the looks of the cabinet he will have private industry people in spots where they can cut the size and scope of government, unleashing American ingenuity and innovation.

Here was my Halloween costume yesterday. 95% of the people who saw me loved it. I live in a purple area of Las Vegas.

Polymarket odds tightened yesterday. It all comes down to Pennsylvania. Get out and vote for Trump. Even if you don’t like him, the people around him so far are pretty pretty good. The fact that he is privately financing his transition also shows he means business this time.

My guess is if he gets elected, in the first year of his presidency, the spending on government jobs will crater. There will be a lot of bureaucrats in Washington DC looking for work.