August 02 2024
The latest data from the U.S. Bureau of Labor Statistics paints a bleak picture for the Harris-Biden economy. Unemployment surged to 4.3% last month, the highest since October 2021, sparking fears of an impending recession.
A breakdown of the numbers reveals just how bad the Harris-Biden economy has been for Americans:
- Over the past 12 months, 1.2 million native-born Americans lost employment, while 1.3 million foreign-born workers found jobs.
- Since July 2023, the number of people working multiple jobs has skyrocketed by 311,000 and 558,000 more Americans are now forced to work part-time jobs for economic reasons.
The devastating unemployment rate, significantly higher than the expected 4.1%, caused markets to spiral on Friday morning. Economist John Lonski told Fox Business, “I’m beginning to smell a recession coming into view…this jump by the unemployment rate, my goodness, 4.3%, this is up sharply from not long ago.”
Kamala Harris, however, insists that "Bidenomics is working."