On Friday, Joe Biden addressed the August jobs report, which demonstrated a drastic decline in economic health. He was posed with difficult questions regarding the state of the economy, however, he evaded providing clear answers.
Unemployment rose to 3.8% in August, unexpectedly. Nonfarm payrolls increased by 187,000 in August; however, this number is subject to revision by the Biden Administration next month.
The unemployment rate rose sharply in August, as the summer of 2023 neared a close with a job market in slowdown mode.
Nonfarm payrolls grew by a seasonally adjusted 187,000 for the month, above the Dow Jones estimate for 170,000, the U.S. Bureau of Labor Statistics reported Friday.
However, the unemployment rate was 3.8%, up significantly from July and the highest since February 2022, and nonfarm payrolls estimates for previous months showed sharp downward revision. That increase in the jobless level came as the labor force participation rate rose to 62.8%, the highest since February 2020, just before the Covid pandemic declaration.
A more encompassing unemployment measure that counts discouraged workers as well as those working part-time for economic reasons jumped to 7.1%, a 0.4 percentage point increase and the highest since May 2022.
CNBC’s Rick Santelli voiced strong disapproval of the Biden Administration’s substantial revisions to payrolls.
CNBC's Rick Santelli on the jobs report: "The deterioration is large. The significantly large revisions make me nervous….how much we've slowed over the last several plus months." pic.twitter.com/FT5t2LnOXD
— RNC Research (@RNCResearch) September 1, 2023
When reporters posed questions about why so many Americans are living paycheck to paycheck, and the pay-to-play/bribery scandal involving his son Hunter, Biden turned away without providing a response.
This raises further questions as to why Biden should be paid a $400,000 annual salary while the rest of the country continues to suffer under his economic policies.
“Why are so many Americans living paycheck to paycheck?”
“Why did you interact with so many of your son’s foreign business partners?”
“Will you give your bank records to Congress?”
Biden walks away as he is being asked:
"Why are so many Americans living paycheck to paycheck?"
"Why did you interact with so many of your son's foreign business partners?"
"Will you give your bank records to Congress?" pic.twitter.com/BKZwqMWVem
— Greg Price (@greg_price11) September 1, 2023
Under the Biden administration, the US economy has suffered greatly. Inflation, unemployment and living paycheck to paycheck are all issues that have plagued citizens.
Additionally, Americans lack sufficient savings and are struggling with credit card debt; this has resulted in the nation becoming a debtor.