Tag Archives: #Economics

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Make no mistake about it: this is exactly what the left want!

Photo at closest gas station to my house, taken on February 2, 2022.

On February 2, 2022, I took the photograph to the right at the mini-mart/gas station closest to our farm, about 2½ miles away, because the price of regular unleaded gasoline had just jumped to over #3.00 per gallon. It had been $2.999 for a while previously.

Photo at closest gas station to my house, taken on February 25, 2022.

Well, $3.139 didn’t last long. 23 days later, it was up 24¢ per gallon.

Earlier on Friday, I saw the price up to $3.699, and took a photo, at the Kroger on Bypass Road in Richmond, Kentucky, and tweeted it out. But, in the interest of journalistic integrity — whatever that is! — I thought that I ought to check at the same station as I had for the other two photos, and yup, sure enough, it was $3.699 there as well.

The math is simple: $3.699, up from $3.199, 56¢ per gallon, in just thirty days, is a 17.84% increase. That’s not the inflation rate, which is normally figured out by month, year-over-year, but a 17.84% increase in a month! Even if gasoline stayed absolutely flat until February of 2023, that would be a 17.84% increase in fuel year-over-year. With the Russian invasion of Ukraine, does anyone here think that gasoline prices will remain flat?


Look what has happened to inflation since January of 2021, which is when President Donald Trump left office, and Joe Biden replaced him. Inflation had skyrocketed well before the Soviet Russian invasion of Ukraine, well before Vladimir Putin had even hinted that such might happen. The year-over-year inflation rate was 6.2% in October of 2021.

Photo at closest gas station to my house, taken on March 4, 2022.

Don’t think that this isn’t intentional. While the Biden Administration doesn’t really control inflation, and doesn’t control oil prices, President Biden’s policies have been, since the very first day of his administration, when Mr Biden revoked the permit for the Keystone XL Pipeline. Mr Biden wants all new automobiles and personal trucks sold in the United States to be zero-emission by 2035.

Of course, very few people actually want zero-emission vehicles, which means plug-in electric cars, at least they don’t want them enough to buy them. In 2020, the plug-in electric vehicle market was 1.8% of all new car sales. In 2021, the total electric vehicle market in the United States was 4%, but that includes hybrids as well as plug-in only.

But if the price of gasoline skyrockets, the left can hope that the increased gasoline costs will drive more people to buy plug-in electrics!

The February inflation numbers are scheduled to be released on Thursday, March 10th; it’s difficult to imagine that they wouldn’t be worse than January’s. The Federal Reserve had been contemplating raising interest rates, to cool down the economy, to tamp down inflation, but if inflation continues the way it has been going, the Fed won’t be increasing interest rates, the ‘invisible hand’ of the free market will do that.

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Bidenflation If inflation was 'only' 7.5%, what items went up less than that to counterbalance those which increased more?

We recently reported on the price of a gallon of milk in the Bluegrass State, and how it had increased 121.21% since President Trump left office. Grocery prices in general have risen. We also noted that January inflation, year-over-year, rose 7.5%, which was higher than the average hourly wage increase of 5.7%. Two days ago, I tweeted that regular gasoline had jumped 20¢ per gallon.

Now comes The Philadelphia Inquirer:

Utility bills are soaring in the Philly region and so is customer outrage

Peco gas bills are up 38% from last year. PGW’s are up 17%. “I have never paid this much for heat in the winter.”

by Andrew Maykuth | Sunday, February 27, 2022

Also see: Pa. electricity prices will be rising by as much as 50% this week. Here’s how you can save.

Byron Goldstein closely monitors the energy usage at his Glenside home. So when he got a $651 bill from Peco Energy for combined electric and gas usage in January, 37% more than the $477 he paid the previous January, he knew something was off.

Goldstein discovered that Peco’s gas supply charge skyrocketed since January 2021, accounting for most of the increase. Goldstein, 74, was unsatisfied by the company’s response to his phone calls, so he filed a formal complaint to the Pennsylvania Public Utility Commission, urging the state regulator to roll back Peco’s “outrageous and irresponsible” price increase.

He was not alone. Across the Philadelphia area, thousands of utility customers opened their bills in recent weeks to learn that the cost of heating their homes had soared much more than the 7% inflation rate. Social media platforms lit up with posts from unhappy customers, directing their wrath at energy companies, regulators, and politicians.

“I have never paid this much for heat in the winter,” wrote a Philadelphia resident posting on Nextdoor.com, where several threads contained hundreds of comments venting about the price increase.

There’s more at the original, but it needs to be noted: these price increases came before the Russian invasion of Ukraine.

According to charts in the Inquirer original, natural; gas prices are actually significantly lower now than they were in 2008, but they’ve jumped significantly this winter:

The price has indeed gone up: A typical Peco customer who used 150 hundred cubic feet (ccf) of gas was billed $171.25 in January, up 38% or $46.90 from January 2021, according to PUC data. A Philadelphia Gas Works customer who used the same amount of gas was billed $261.71 in January, up 17% or $37.91 from a year ago.

Electricity bills also went up in Pennsylvania on Dec. 1, though not as much as gas bills.

With price increases like these, just how real does that reported 7.5% inflation rate feel?

The Inquirer reported, last December, that cable television and internet service rates from Comcast have increased, as have prices from AT&T and SlingTV.

The Wall Street Journal reported that NBC had a 42% drop in viewership for the 2022 Winter Olympics in Beijing, compared to the 2018 games in Pyeongchang, South Korea, something I attribute to NBC’s ‘free’ coverage being dominated by curling and other lower-interest events, while the events people are most interested in, ice skating and Alpine skiing, were being shown more often on Peacock, an internet streaming service which, naturally, has a subscriber fee. That’s just more money out of people’s pockets, or they miss out, a form of inflation that goes unaccounted.

The obvious question, at least to me, is: if inflation was ‘only’ 7.5%, what items went up less than that to counterbalance those which increased more?

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Bidenflation! The price of a gallon of milk has increased 121.21% since Joe Biden became President

Photo by Dana R. Pico, © January 4, 2022. Free use is granted, with appropriate credit. Click to enlarge.

In 2020, back when Donald Trump was President of the United States, a gallon of milk at the Kroger on Bypass Road in Richmond, Kentucky, was 99¢ per gallon. In 2021, the price had increased to $1.29 per gallon, in the same store.

Then, on January 4, 2022, I took a photo of the increased price, to $1.79 per gallon, and posted it on Twitter. That was a pretty big jump, 38.76%, but I at least hoped that the price would remain stable.

Photo by Dana R. Pico, © February 23, 2022. Free use is granted, with appropriate credit. Click to enlarge.

Well, I might have hoped that, but my hopes have been quickly dashed; a gallon of 1% milk, at the same store, even in the same dairy case, is now $2.19 per gallon, a 22.35% increase in 50 days! Milk has risen, in the same store, 121.21% since the end of 2020, since the end of President Trump’s term, since Joe Biden has moved into the White House.

121.21%!

We had previously noted that the January year-over-year inflation rate was 7.5%, higher than economists’ guesstimates, the highest in 40 years, and higher than the average hourly wage increase of 5.7%.

It’s one thing to see that statistics printed in The Wall Street Journal, and something entirely different to see them, in yellow and red cardboard signs, as you are reaching in to buy a gallon of milk.

The average working stiff might not read The Washington Post, might not pay attention to the statistics as given on finger-blackening newsprint or a flickering monitor screen, but he’s likely to have noticed how everything has gotten more expensive.

On September 16, 2016, Heather Long, then with CNN, published “Problem: Most Americans don’t believe the unemployment rate is 5%,” noting that, despite the ‘official’ U-3 unemployment rate, people believed that unemployment was much higher, around 9% or more, which I pointed out was close to the U-6 unemployment rate at the time. And no matter what the official ‘numbers’ are, when a gallon of milk has gone up 121.21% in just over a year, inflation certainly feels higher than 5.7%

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Bidenomics: Inflation is at a 40-year high, and wages are growing far more slowly than prices

I am old enough to remember the late 1970s and early 1980s. The United States was stuck in what some called ‘stagflation,’ with stagnant economic growth coupled with high inflation. Former Governor Ronald Reagan (R-CA) used what he called the ‘misery index,’ the total of the inflation and unemployment rates to hammer President Jimmy Carter right out of office in the 1980 election.

Christopher Rugaber of the Associated Press wrote an article entitled,[1]Article titles in newspapers are more commonly written by the papers’ editors than the authors, so Mr Rugaber may not have written the article title. in The Philadelphia Inquirer, U.S. inflation might have hit a 40-year high in January: Economists have forecast that when the Labor Department reports January’s inflation figures Thursday, it will show that consumer prices jumped 7.3% compared with 12 months ago, saying:

    Economists have forecast that when the Labor Department reports January’s inflation figures Thursday, it will show that consumer prices jumped 7.3% compared with 12 months ago, according to data provider FactSet. That would be up from a 7.1% year-over-year pace in December and would mark the biggest such increase since February 1982.

Well, the unnamed economists got it wrong: it was 7.5%!

    Prices climbed 7.5% in January compared with last year, continuing inflation’s fastest pace in 40 years

    High inflation is undermining a robust recovery, testing policymakers at the Federal Reserve and White House

    By Rachel Siegel and Andrew Van Dam | Thursday, February 10, 2022 | 8:32 AM EST

    Photo at closest gas station to my house, taken on February 2, 2022.

    Prices continued their upward march in January, rising by 7.5 percent compared with the same period a year ago, the fastest pace in 40 years.

    Inflation was expected to climb relative to last January, when the economy reeled from a winter coronavirus surge with no widespread vaccines. Today’s new high inflation rate reflects all the accumulated price gains, in gasoline and other categories, built up in a tumultuous 2021.

    In the shorter term, data released Thursday by the Bureau of Labor Statistics also showed prices rose 0.6 percent in January compared with December, same as the November to December inflation rate, which officials revised upward slightly.

    As with previous months, higher prices reached into just about every sector of the economy, leaving households to feel the strain at the deli counter, shopping mall and just about everywhere else.

There’s more at the original.

That photo, taken by me on Groundhog Day? On Tuesday, February 8th, 87 Octane regular gasoline was up to $3.259 per gallon locally.

President Reagan, who defeated President Carter by a large margin, saw the Republican Party lose a significant number of seats in the 1982 elections as inflation remained high and recession struck.

    Sharp inflation has undermined an otherwise robust recovery. The economy has rebounded remarkably since plunging into recession almost two years ago. Over the past 12 months, the U.S. economy has added nearly 7 million jobs and average hourly earnings have climbed 5.7 percent. The overall economy has shown relative resilience to new waves of the coronavirus, and stocks have bounced back from their volatile start to 2022.

If wages have risen 5.7%, but inflation is at 7.5%, it’s pretty simple: American workers are falling behind, are becoming poorer in relative terms.

    High inflation has left an indelible mark on the economy, including the highest price increases for housing, food and energy that many workers have ever seen. And questions loom about how or whether policymakers will be able to rein prices back in without slowing the recovery or even causing another recession. The answers will have enormous implications for policymakers at the Federal Reserve and in the Biden administration.

That has always been the problem, and was a large part of the problem that faced Presidents Carter and Reagan; the halting of inflation meant a recession.

The timing is different this year: we are not in a recession, but if there is one, after the elections, and it persists into 2023 and 2024, it could encourage the voters to throw the Democrats out of the White House. The Republicans will point out that the economy was strong, with very low inflation, during President Trump’s term, prior to the COVID-19 outbreak and the government’s draconian response to it, much of it ordered by state governors rather than the President.

The President doesn’t really control the economy — no one does — but he normally gets either the credit for a good economy or the blame for a bad one. Come election day, I will be very happy to see Joe Biden get the blame for a bad economy!

References

References
↑1 Article titles in newspapers are more commonly written by the papers’ editors than the authors, so Mr Rugaber may not have written the article title.
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Governor Andy Beshear hurts the poor in Kentucky

Steve Beshear, the former Governor of the Commonwealth of Kentucky, has a guesstimated net worth of $1.5 million. Mr Beshear spent almost his entire adult life in politics, and:

is an American attorney and politician who served as the 61st governor of Kentucky from 2007 to 2015. He served in the Kentucky House of Representatives from 1974 to 1980, was the state’s 44th attorney general from 1980 to 1983, and was the 49th lieutenant governor from 1983 to 1987.

He ‘suffered’ through an interregnum when he finished third in the Democratic primary for Governor, and he spent twenty years practicing law with Lexington’s prestigious firm of Stites and Harbison. Briefly put, Mr Beshear led a reasonably privileged lifestyle in the Bluegrass State’s second largest city.

The former Governor’s son, Andy Beshear, wound up leading a similarly privileged lifestyle, able to attend Vanderbilt University, the only private school in the Southeastern Conference, current estimated cost of attendance $80,546 per academic year, and then the University of Virginia School of Law, current estimated cost of attendance for out-of-state students $91,704 per academic year.

In 2005, he was also hired by Stites and Harbison. No ambulance-chasing for the younger Me Beshear.

The younger Mr Beshear was elected state Attorney General in 2015, and subsequently Governor in 2019.

When the COVID-19 pandemic, or panicdemic as I sometimes call it, arose in early 2020, Governor Beshear issued draconian executive orders which shut down much of the ‘non-essential’ businesses in the Bluegrass State. Fifteen days to flatten the infection curve, we were told!

View from Natural Bridge, October 23, 2021. Photo by Dana R Pico. Click to enlarge.

Fast forward to this autumn. The Pico family visited Natural Bridge State Park on Saturday, October 23rd. It wasn’t a long visit, in that we didn’t have much time, so we took the skylift to the top of the bridge, from which I took the photograph.[1]Photos copyright by Dana R Pico. May be freely used with proper attribution.

When one of my Twitter friends replied, “I am surprised more leaves haven’t turned yet!” I resolved to return in two weeks to repeat the photo. So, we returned on Sunday, November 7th, and I got the photo, which will appear further down.

We had more time on Sunday, so while we took the skylift up, we decided to hike down Balanced Rock Trail, which ends not at the bottom of the skylift, but at Hemlock Lodge, the park’s hotel, gift shop and dining room facility.

Signs on the doors to Hemlock Lodge. Photo by Dana R Pico. Click to enlarge.

And Hemlock Lodge is where we found these signs on the doors, requiring masks for entry. Well, we didn’t have masks with us, and entered anyway, quickly discovering that the signs were mostly honored in the breach by park visitors, though employees did wear the infernal things.

What we also found was that the once-thriving restaurant was closed to dining! There were two ladies working therein, who would get carry-out orders. I asked them why the place was closed, and was told that the facility had been shut down due to COVID-19, and that was in March of 2020. Most of the staff had been laid off, and now, twenty months later, they still were not back.

Natural Bridge State Park is located in the Red River Gorge geological area, and straddles Powell and Wolfe counties in Kentucky. These are two very poor counties:

  • Powell County: The median income for a household in the county was $25,515, and the median income for a family was $30,483. Males had a median income of $26,962 versus $18,810 for females. The per capita income for the county was $13,060. About 18.90% of families and 23.50% of the population were below the poverty line, including 31.00% of those under age 18 and 20.00% of those age 65 or over.
  • Wolfe County: The median income for a household in the county was $19,310, and the median income for a family was $23,333. Males had a median income of $23,859 versus $18,952 for females. The per capita income for the county was $10,321. About 29.90% of families and 35.90% of the population were below the poverty line, including 50.20% of those under age 18 and 26.70% of those age 65 or over.

As much as people hear about jobs going begging for people, much of that is in suburban and urban areas; rural eastern Kentucky is not like that. When Governor Beshear — a Democrat, of course — shut down so much of the state parks, he put people out of work that had fewer prospects for finding something else.

View from Natural Bridge, November 7, 2021. Photo by Dana R Pico. Click to enlarge.

For restaurant workers? There’s Miguel’s Pizza, right across State Route 11 from the entrance to the state park, but it offers lower wages and doesn’t have state employee benefits. Governor Beshear, reared in wealthier Lexington, the scion of a prominent family, doesn’t really understand what he has done to rural Kentuckians, or, if he does understand, he doesn’t really care.

This has been the problem with the Patricians all along: they are so wrapped up in their own little worlds that they have lost any concept of what it is like for the plebeians. For the well-to-do, well, heck, two weeks to flatten the curve was nothing, they could handle it!

But for the working class, two weeks without their jobs isn’t nothing; it’s two weeks without bills getting paid. Governor Beshear doesn’t understand that, and doesn’t want to understand that.

References

References
↑1 Photos copyright by Dana R Pico. May be freely used with proper attribution.
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Good news from the Bluegrass State

This is great news on the opening day of COP26

Governor Jim Justice (R-WV) is a bit of a scumbag, owing millions of dollars to the Commonwealth of Kentucky for violations at his old, closed down coal mines here, money he hasn’t paid. Well, now he’s going to start to make it right, and to do so, he’s going to reopen four coal mines in the Bluegrass State, to do the required strip mine reclamation work, and produce coal to help pay for it.

    Official: Companies will hire workers, resume production at four Kentucky coal mines

    By Bill Estep | November 1, 2021 | 3:32 PM EDT | Updated: 3:40 PM EDT

    Companies tied to West Virginia Gov. Jim Justice plan to resume coal production at several surface mines in Eastern Kentucky, including two where state regulators argue Justice missed deadlines to finish reclamation, according to the president of the companies.

    Jim Justice’s son Jay, president of the Justice Companies, said companies have begun work to start producing coal at the Bevins Branch and Beech Creek mines in Pike County, the Bull Creek mine in Knott County and the Infinity mine in Harlan County.

    When all four are up and running, they will employ 120 people in mining jobs and another 30 in support positions, Jay Justice said.

There’s a lot more at the original, but the important part that I see is that 150 jobs will be created, and the left should be pleased: coal mining jobs are normally good paying union jobs!

Eastern Kentucky has become a very poor region as the coal mining industry slowly waned; 150 new jobs will certainly be welcome. More, coal mining creates downstream jobs, for the railroads and trucking, to haul the coal that is produced.

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Heather Long gets a promotion

Heather Long first came to my attention when she was an economics reporter for CNN. She wrote, on September 16, 2016:

Problem: Most Americans don’t believe the unemployment rate is 5%

by Heather Long | September 6, 2016 | 3:18 PM EDT

Heather Long

Americans think the economy is in far worse shape than it is.The U.S. unemployment rate is only 4.9%, but 57% of Americans believe it’s a lot higher than that, according to a new survey by the John J. Heldrich Center for Workforce Development at Rutgers University.

The general public has “extremely little factual knowledge” about the job market and labor force, Rutgers found.

It’s another example of how experts on Wall Street and in Washington see the economy differently than the regular Joe. Many of the nation’s top economic experts say that America is “near full employment.” The unemployment rate has actually been at or below 5% for almost a year — millions of people have found jobs in what is the best period of hiring since the late 1990s.

But regular people appear to have their doubts about how healthy America’s employment picture is. Nearly a third of those survey by Rutgers believe unemployment is actually at 9%, or higher.

Republican candidate Donald Trump has tapped into this confusion. He has repeatedly called the official unemployment rate a “joke” and a even “hoax.”

There’s more at the original.

I noted, at the time — in a post that is locked up, with so many others, in a file that’s stuck in my server somewhere when I got this site ‘fixed’ from some real technical problems — that what Americans believed, that unemployment was “actually at 9%, or higher,” was correct, if you looked at U-6 rather than the ‘official’ U-3 unemployment rate.

    • U-1: Persons unemployed 15 weeks or longer, as a percent of the civilian labor force
    • U-2: Job losers and persons who completed temporary jobs, as a percent of the civilian labor force
    • U-3: U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate)
    • U-4: Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers
    • U-5: Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force
    • U-6: Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force.

NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.

The August, 2016 U-6 rate was 9.6%, which I said was right in line with American’s perception of it. Interestingly enough, with the current ‘official” unemployment rate of 4.8%, U-6 currently stands at 8.5%, while we have employers going begging for workers.

As it happened, Miss Long followed me on Twitter not due to any of my brilliant economic articles, but because I responded to one of her sunset over Manhattan Twitter photos with one of sunset between the olive trees in Tuscany. Hey, I’ll take that.

Search and rescue volunteer, Nate Lair, drives a boat through downtown Beattyville after heavy rains led to the Kentucky River flooding the town and breaking records last set in 1957. March 1, 2021
Alton Strupp / Louisville Courier-Journal

In February of 2017, while still with CNN, Miss Long wrote a series about Beattyville, Kentucky, a place called the “poorest white town in America” from 2008 to 2012. While I don’t live in Beattyville, I do live in the next county over, and my nephew, Nate Lair, lives outside the town and is a volunteer fireman and rescue worker there.

I did get some photos of the Beattyville Wooly Worm Festival last Saturday!

My younger daughter wanted me to get the baby goat. I didn’t.

But I digress.

One of the things I really liked about Miss Long was that, in reading her articles, I couldn’t tell what her political positions were. From a few of her tweets concerning the Defiant Girl statue, facing down the bull on Wall Street, I could tell that she was a strong supporter of more women moving into the financial and technical fields, but whether she is a Democrat or Republican (or independent), liberal or moderate or conservative, I really do not know. To me, that’s the mark of a good journalist, as opposed to journolist.[1]The spelling ‘journolist’ or ‘journolism’ comes from JournoList, an email list of 400 influential and politically liberal journalists, the exposure of which called into question their … Continue reading

That’s about to change:

    Heather Long to join Washington Post Opinions as editorial writer and columnist

    By WashPostPR | Monday, October 25, 2021 | 12:10 PM EDT

    Announcement from Editorial Page Editor Fred Hiatt, Deputy Editorial Page Editors Karen Tumulty and Ruth Marcus, and Manager of Editorial Talent and Logistics Nana Efua Mumford:

    We are delighted to announce that Heather Long will be joining the Opinions section as an editorial writer and columnist, focusing on economic policy, the future of work and other topics. This is something of a homecoming for Heather, who was deputy editorial page editor of The Patriot-News in Harrisburg, Pa., when the paper won a 2012 Pulitzer Prize for writing about the Penn State/Sandusky child abuse scandal.

    Since joining The Post in 2017, Heather has reported and written brilliantly on how economic trends and policies — and more recently, a pandemic — affect real people across the country. In 2020, she helped coin the “K-Shaped Recovery,” and in 2021, she recognized the “Great Reassessment of Work” taking place as the deep psychological impact of the pandemic caused people to quit jobs, retire early and seek something very different in their careers. She has won two SABEW “Best in Business” awards and twice been a finalist for the Gerald Loeb Award for breaking news.

    As a member of the Post editorial board, Heather will become the lead writer on economics, business, inequality, labor and related issues, taking the place of Charles Lane, who assumed chief foreign-policy duties when Jackson Diehl retired in August. On our op-ed page, she will join Catherine Rampell (recent winner of first prize in commentary in the Online News Association awards), Megan McArdle and Helaine Olen to comprise one of the liveliest economic teams anywhere. In time we hope to take full advantage of Heather’s proven broadcasting skills as well.

    Heather grew up in Virginia and Pennsylvania, graduated summa cum laude in Economics and English from Wellesley College, earned two Master’s degrees as a Rhodes Scholar at Oxford and worked at an investment firm for a couple of years before joining the Patriot-News from 2009 to 2012. She was an opinion editor and columnist for The Guardian in 2013-2014 and senior reporter and editor for CNN from 2014-2017.

    Heather is finishing some reporting projects and hopes to join us Dec. 1.

And thus I will be able to discern whether Miss Long is a liberal or conservative, and how close to the ends of that spectrum she is. But even if it turns out that her political views are rather far from mine, knowing that she actually understands business and economics, will have me continuing to pay attention to what she writes. My congratulations to her.

References

References
↑1 The spelling ‘journolist’ or ‘journolism’ comes from JournoList, an email list of 400 influential and politically liberal journalists, the exposure of which called into question their objectivity. I use the term ‘journolism’ frequently when writing about media bias.
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President Biden wants to ‘legalize’ 11 million illegal immigrants, when 17½ million Americans can’t find the jobs they need If you voted for Joe Biden because he was a nicer guy than Donald Trump, then you also voted for this

According to the Bureau of Labor Statistics, there were 158,659,000 Americans with jobs in January of 2020, but only 150,031,000 in January of 2021. That’s a loss of 8,628,000 jobs. Despite the “civilian noninstitutionalized adult population” increasing from 259,502,000 to 260,851,000, or 1,349,000 souls, the labor force, meaning people who are either working or looking for work, decreased by 4,295,000, meaning that over four million people got too discouraged to look for work. The “not in labor force” adult population increased by 5,643,000 people, from 95,047,00 to 100,690,000.

The total number of unemployed, even by the BLS U-3 measure, leapt from 5,796,000 to 10,130,000, or 4,334,000.

The “official” unemployment rate was reported to be 6.3%, which doesn’t sound too bad I suppose, but, quite frankly, I see U-3 as a way to under-report to the American people just how bad the economy is. Former Secretary of the Treasury Steve Mnunchin thought that U-5, “Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force,” was the better number to use.[1]Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work … Continue reading I prefer U-6 as the best number, which includes everyone in U-5, plus those who are employed part-time, but want full-time work and cannot get it.

U-5 currently stands at 7.4%, while U-6 is a whopping 11.1%.

Doing the math, U-5 reports 1,768,000 people who want jobs, but have been too discouraged to look hard, while U-6 tells us that there are roughly 5,950,000 people who are working part-time only because they can’t find full-time work.

And that’s why this story from The Philadelphia Inquirer pisses me off so much:

Biden, Democrats unveil bill that would overhaul path to citizenship for millions

by Alexandra Jaffe, Associated Press | February 18, 2021 | 3:48 PM EST

WASHINGTON — President Joe Biden and congressional Democrats proposed a major immigration overhaul Thursday that would offer an eight-year pathway to citizenship to the estimated 11 million people living in the U.S. illegally.

The legislation reflects the broad priorities for immigration changes that Biden laid out on his first day in office, including an increase in visas, more money to process asylum applications and new technology at the southern border.

It would be a sharp reversal of Trump administration policies, and parts are likely to face opposition from a number of Republicans. Biden has acknowledged he might accept a more-piecemeal approach if separate major elements could be approved.

“We have an economic and moral imperative to pass big, bold and inclusive immigration reform,” said New Jersey Democratic Sen. Bob Menendez, one of the lead sponsors of the bill, in unveiling it Thursday.

There’s more at the original, but the obvious question is: if we have roughly 17,850,000 Americans who want full time jobs but either can’t find anything but part-time, or can’t find work at all, why would we ‘legalize’ 11,000,000 illegal immigrants to compete with them?

Is there any way that isn’t utter madness?

President Donald Trump probably never saw the economic collapse over the COVID-19 restrictions coming, but he had what he called an “America First” policy. He would never have agreed to make it easier for non-Americans to compete with actual American citizens for jobs, but that’s what his successor is doing. Under President Biden, we will have more Mexicans and Guatemalans and Venezuelans getting jobs that would otherwise have gone to people born in this country, to people who are real American citizens.

And if you voted for Joe Biden, because Donald Trump was an [insert slang term for the rectum here], and Mr Biden was such a nice guy, then you also voted for this!

References

References
↑1 Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.
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President Biden acts like he cares about working Americans, but that’s all it is: an act.

This is the kind of thing that pisses me off about Joe Biden being President. Looking at the January unemployment numbers, he said:

The unemployment numbers are from data collected in the middle of the month, normally before the 20th, meaning before he signed the executive order that threw 11,000 people out of work on the Keystone XL Pipeline!