Monday, July 11, 2022

BIDENOMICS - JOE BIDEN SAYS WE CAN ALL WORK TOGETHER FOR WIDER OPEN BORDERS TO KEEP WAGES DEPRESSED WITH MILLIONS AND MILLIONS OF ILLEGALS!

THERE IS NO GREATER DANGER TO AMERICA THAN

THE LAWYER INFESTED DEMOCRAT PARTY!


More Workers than Ever Are on the Sidelines
Unemployment rate doesn't include those
who've dropped out of the job market
Washington, D.C. (July 11, 2022) – A new analysis by the Center for Immigration Studies shows that over the last two decades the labor force participation rate of the U.S.-born has declined dramatically, particularly for men without a bachelor’s degree. Labor force participation measures the share of working-age people working or looking for work. The unemployment rate, which has returned to the pre-Covid level, only includes people who have looked for a job in the prior four weeks, and does not reflect the huge number of people who are not even looking for a job.
 
“The increase in people on the economic sidelines across the country is extremely troubling because non-work is associated with a host of social problems, from crime to opioid addiction,” said Steven Camarota, the report’s lead author and the Center’s Director of Research. He added, “tolerating widespread illegal immigration and allowing in so many legal immigrants to fill jobs makes it so easy for our country to largely ignore this huge problem.”
 
Among the findings, based on data from the Bureau of Labor Statistics:
 
  • Covid-19 exacerbated the long-term decline in labor force participation among U.S.-born Americans to some extent, but the falloff predates the pandemic. 
  • The share of working-age (16-64) U.S.-born Americans in the labor force — working or looking for work — in every single state was lower in the first quarter of 2022 than in the first quarter of 2000. 
  • But the falloff in work pre-dates the pandemic. In 40 states, plus the District of Columbia (D.C.), labor force participation of the U.S.-born (16-64) was lower in the first quarter of 2007, before the Great Recession, than it was at the peak of the expansion in the first quarter of 2000. 
  • Comparing the peak in 2007 and the peak in 2019, before Covid hit, shows a decline in labor force participation of the U.S.-born (16-64) in 43 states. 
  • Immigrants (legal and illegal), or the foreign-born, do not show the same decline in labor force participation. 
  • Of U.S.-born adults (18-64), without a bachelor’s degree, labor force participation was lower in the first quarter of 2019, even before the pandemic, than in the first quarter of 2000 in every state plus D.C., with an average fall-off of 5.5 percentage points. 
  • Among “prime age” men (25-54), who traditionally have the highest rates of work, labor force participation among the U.S.-born without a bachelor’s was lower in 2022 than in 2000 in 49 states plus D.C. 
  • If we go back to 1979, it shows that the decline is extremely long-term among prime-age men. From the peak of the expansion in 1979 to the peak in 2000, labor force participation for less-educated prime-age men declined in 47 states plus D.C. 
  • Among less-educated U.S.-born women, the picture is somewhat different, with labor force participation generally increasing until 2000. But since 2000 it has fallen in almost every state in a manner similar to men. 
  • Comparing 2000 to 2022 for U.S.-born prime-age women without a bachelor’s shows labor force participation declined in 47 states plus D.C.
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Majority of Americans Say They Are Worse Off Today Than a Year Ago

President Joe Biden speaks about the newly approved COVID-19 vaccines for children under 5, Tuesday, June 21, 2022, from the Roosevelt Room of the White House in Washington. (AP Photo/Susan Walsh)
AP Photo/Susan Walsh
JOHN CARNEY
0
3:21

More than half of Americans say they are financially worse off than they were a year ago, a survey released Monday by the Federal Reserve Bank of New York showed.

The New York Fed’s Survey of Consumer Expectations found that 36.1 percent of respondents said they were financially somewhat worse off than a year ago, up from 32.8 in May and 19.9 percent a year ago. Another 15.2 percent said they are much worse off than a year ago, u from 13 percent in May and 3.9 percent a year ago.

In total, 51.3 percent say they are worse off. That’s the first time in the history of the survey, which goes back to 2014, that a majority have said they are worse off.

Households have also become gloomier about the future. The share of people who say they expect to be much worse off financially a year from now rose to 13.6 percent, up from 10.8 percent in May and 4.6 percent a year ago. The share who expect to be somewhat worse off rose to 31.1 percent from 28.6 percent in May and 16.3 percent a year ago.

The survey also found that year ahead inflation expectations increased while expectations for the longer term decreased. Median one-year-ahead inflation expectations had consumers forecasting 6.8 percent price increases, up from 6.6 percent in May. That marks a new series high. The increase in short-term expectations was driven by respondents over age 60 and respondents with at least some college education, according to the New York Fed.

In contrast, median three-year ahead inflation expectations decreased to 3.6 percent from 3.9 percent. The decline in medium-term expectations was broad-based across education and income groups.

Median five-year ahead inflation expectations had been stable at three percent during the first three months of the year but have recently trended down slightly. In June, the five year expected inflation fell to 2.8 percent from 2.9 percent.

The median expected change in home prices one year from now fell sharply to 4.4 percent from 5.8 percent. This is the lowest reading of the survey since February 2021. The New York said the decline was broad-based across age, education, and income groups. The decline was largest in the West census region. This was the second-largest decline recorded in the survey.

The mean probability that the U.S. unemployment rate will be higher one year from now increased by 1.8 percentage points to 40.4 percent, its highest level since April 2020. The increase was driven by respondents with annual household incomes over $50,000, the New York Fed said.

The mean perceived probability of losing one’s job in the next 12 months inched up to 11.9 percent from 11.1 percent, but remains well below its pre-pandemic reading of 13.8 percent in February 2020. The mean probability of leaving quitting in the next 12 months declined to 18.6 percent, from 20.3percent in May. In February 2020, the mean probability of quitting stood at 22.2 percent.

NYT Poll: Only 1 Percent of Voters View Joe Biden’s Economy as Excellent 

Democratic presidential candidate Joe Biden speaks at the United Auto Workers (UAW) Union Headquarters in Warren, Michigan, on September 9, 2020. (Photo by JIM WATSON / AFP) (Photo by JIM WATSON/AFP via Getty Images)
JIM WATSON/AFP via Getty Images
WENDELL HUSEBØ
0
2:13

President Joe Biden’s economy is in desperate straits, a New York Times/Siena poll revealed Monday.

Only one percent of voters view Biden’s economy as excellent. Just nine percent said Biden’s economy is good. Twenty-nine percent said the economy is just fair, while the majority (58 percent) said the economy is poor.

Voters were also asked if the economy will be an important factor in their November midterm vote. Ninety-six percent said the economic conditions are important. Just two percent said economic conditions are not.

When voters were asked if inflation and the rising cost of living are important midterm factors in their voting preferences, 96 percent said they are. Only two percent said inflation is not relevant to their vote:

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