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Pre-Election Jobs Crash - Peter St Onge, Ph.D. · Brett Keane and Eve Show

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  Just in time for the election last Friday, Kamala turned in a
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  catastrophic jobs report. In short, as my colleague EJ and
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  Tony put a quote, the US labor market is turning into a temp
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  agency for foreign workers and government bureaucrats.
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  So first the numbers. According to the Bureau of Labor
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  Statistics, jobs grew last month by 12,000.
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  That was against expectations of 100,000.
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  And note, it takes at least 150,000 jobs just to cover
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  population growth. So 12 is down a full 240,000
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  jobs from last month pre revision, and it takes
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  unemployed Americans to 7 million.
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  Meanwhile, as always, previous months were revised down by a
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  total of 112,000 jobs. Of course they do this because
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  media does not report the revisions the way they report
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  the original, apparently fake numbers.
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  And it suggests that last week's 12,000 is in fact deeply
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  negative. Whereas private sector jobs, the
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  only jobs that actually produce anything, fell for the first
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  time since 2020 when the pandemic was in full swing,
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  dropping 28,000 and 46,000 in manufacturing.
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  So how did we get to a 12 gain government jobs which grew like
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  gangbusters, up 40,000 to another record high with no sign
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  of slowing. In fact, government payrolls
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  have risen by over a million since Joe Biden and his sidekick
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  took office. Just the past year America has
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  lost over 50,000 manufacturing jobs, but we gained nearly
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  500,000 government workers. It's a Biden Harris miracle.
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  It's worth noting that government workers are paid
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  nearly twice what regular Americans make, so 109,000
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  versus 59. And also note, Joe and Kamala
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  dumped nearly a trillion into green energy boondoggles in the
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  so-called Inflation Reduction Act, which should have pumped
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  manufacturing jobs even if the companies will go bust in a
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  couple years. Taxpayer expense.
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  Meanwhile, government spending surged at a 9.7% annual rate
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  going into the election because elections do not buy themselves.
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  And yet apparently the collapse of the actual productive economy
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  is even overwhelming those trillions in bulk growth.
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  Zooming out, despite the government jobs, the green
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  handouts, the federal trillions, labor force participation, which
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  is the percent of Americans who are either working or seeking
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  work, fell again, stuck millions below the pre pandemic trend.
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  Why? Well I've mentioned in recent
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  videos how native born Americans are being wholesale replaced by
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  imports. In just the past year, native
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  born workers have lost 800,000 jobs entirely replaced by
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  migrants. Finally, job composition.
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  Once again we lost full time jobs in droves, replaced by part
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  time gigs that historically are done to make ends meet.
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  That comes to 1.3 million lost full time jobs in the past 18
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  months alone. So you lost your 9:00 to 5:00,
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  but you get to drive for DoorDash and Uber.
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  So that's two new jobs. It is another Biden Harris
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  mirable. Now some of the carnage will be
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  the Hurricanes. But the BLS household survey
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  showed an even harder drop in jobs 370,000, despite assuming
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  half a million hurricane impacted jobs are still working.
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  Also know Wall Street analysts had expected 100,000 with the
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  Hurricanes. Yet here we are at 12 Olivet
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  government. So what's next?
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  Brought to buy unchained.com stocks rallied on the carnage
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  since at this point financial markets are essentially starving
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  dogs looking for a Fed rate cut, and week jobs numbers lead to
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  Fed rate cuts. As for the elephant in the room,
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  this is really bad number for Kamala.
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  Meaning the mainstream media will do everything they humanly
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  can to pin it on hurricanes. A new episode of the podcast
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  just went up. Check it out of Spotify, Apple,
• 3:38
  Google, wherever you enjoy your podcasts.
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  OK, we'll be watching. See you next time.