Smokin' Jobs Report - American Economy, American People Keep Getting It Done

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...from Simon Rosenberg:

Friday, October 6th - The October Bureau of Labor Statistics monthy jobs report is out and it’s another good one:

336k net new jobs, 119k more w/upward revisions, for a total of 455k new jobs - smokin’!

Average hourly earnings up 0.2% in October and 4.2% over the past 12 months. With inflation now at 3.7% over the past 12 months, real earnings over the past year remain firmly in positive territory.

The Atlanta Fed’s GDPNow livecast is showing the Q3 GDP number coming in at 4.9%. We will get the real number later this month but this is very encouraging.

With this new data our monthly jobs tracker clocks in at:

33.8m jobs - 16 years of Clinton, Obama

13.9m jobs - 32 months of Biden

1.9m jobs - 16 years of Bush, Bush and Trump

Biden's 13.9m jobs are more than 7 times as many jobs as were created in the 16 years of the last 3 Republican Presidencies, combined. Since 1989 and the end of the Cold War, the US has seen 50 million new jobs created. Remarkably 48 million of those 50 million jobs - 96% - were created under Democratic Presidents. Essentially all of them.

Biden's economic track record has been so very good:

Best economic recovery from COVID in the G7

GDP growth has been on average 3% in Biden’s Presidency, 3 times higher than Trump. No recession on the horizon

7 times as many Biden jobs in 32 months as last 3 GOP Presidents combined over 16 years. Rs averaged 120k jobs per year, 10k per month over 16 years - a truly terrible record. This past month was the equivalent of almost 4 years of job growth under the last 3 R Presidents

Inflation has come back down to pre-pandemic levels - bouncing around between 2 and 3% now

Lowest unemployment rate in peacetime economy since WWII

Lowest poverty/uninsured rates ever

Very elevated wage gains and new business starts. Worker satisfaction is at an all time high. Real earnings were up in 2022, real wages are back in positive territory

1.4 job openings per unemployed person - an amazing stat - while declining still well below historic norm. Remains a very good time to find a job

Domestic oil production is on track to set records in 2023, and we are making huge gains with non-carbon-based energy production

Historic investments in our future prosperity (infrastructure, CHIPs, climate, health care)

more...

https://www.hopiumchronicles.com/p/a-smokin-jobs-report-american-economy

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1. c'mon, DU

...don't just pump energy into cynical threads gaslighting on the economy with no receipts.

Let's share the unprecedentedly good economic news about the Biden economic recovery sucesses - which is plentiful if you look for it.

C'mon. Don't make this weird.

There are at least three threads open talking down the economy, and folks are eating up gaslighting that comes with zero reference to any of the economic progress we've seen, most without any reciepts at all.

The economic discussion on this board is worse than twitter.

[triron]

2. Strange behavior.

[Sympthsical]

4. Do you want a discussion or Only Happy Thoughts?

Sounds like OHT. Well, go for it. There's nothing stopping that.

Economic reality for people is what it is. When it comes to the economy, people don't feel a certain way because of the headlines. Their feelings are generated by how their bank accounts feel at the end of the month. If housing costs are rising, food cost increases are sticking, and other expenses are making life a paycheck to paycheck experience, all the Best Headlines in the world aren't going to make them suddenly go, "Oh, you're right. My life is much better than I'm experiencing! Thank you, headline writers!"

I'm loving some of the stuff I'm reading, because it just reminds me, "There's a reason some people really shouldn't be allowed anywhere near our party's political operation." From "I've never seen inflation!" (which just totally blows my mind that someone can say that out loud) to "Well, my family's fine - I don't know what people are complaining about."

The problem is, this "Let them eat all of the cake!" attitude is politically dangerous to us. When you are browbeating people to say words and express feelings they do not feel or experience, you're not creating a positive political environment - you're breeding resentment.

"C'mon, fuckers. Smile more!" is not the political posture anyone should be taking - ever - in public life when people are feeling stressed.

And yet somehow, some think this is a legitimate approach? Ok.

I'm going to pay attention to what's going on in people's lives if it's all the same. More than that, I'm going to think about political approaches and messaging that addresses what people are dealing with without dismissing or diminishing their lived experiences.

Because actually being good at politics is a thought now and then.

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5. this is clear, concise evidence of economic progress

...what ANY president is actually capable of, but this one accomplished.

Not silliness like making good on the price of eggs, or controlling speculators who set oil prices based on future projections, any other nonsense that people expect the WH to accomplish for them.

This is what I call major economic progress. Things that are actually within the power of legislators and the WH to control or affect. Your mileage may vary.

But, do go on. I'm being rude.

Maybe provide us with another one of those accounts people post about what several discontented randos on reddit are saying about their personal financial situation.

[Sympthsical]

8. Cake for everyone

I'm sure it'll make a hell of a banner.

Just enjoy the picnic. No need to browbeat others to attend if they're not feeling it.

You can't force people to be happy if they're not. It would be weird to attempt it.

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9. how much of the economic progress have you brought to folks attention here?

...like the president said, the people who found work are sure appreciating the jobs situation.

You're obviously intent on downplaying it in favor of some anecdotal strawman about some individuals who are finding it hard to make ends meet. That's not something new to this president's term.

What is new is this administration's economic legislation which is creating opportunities in the nation for economic growth, remedies which are already showing real progress in employment, as well as in the inflation rate.

Republicans voted for NONE of it; offered zero economic initiatives to address the downturn caused by THEIR party and president.

President Biden came into office at the height of an economic catastrophe brought on by the last administration's indifference and incompetence. He took a reeling economy and set the nation back on track for a productive economic future.

I provided the proof above. You have responded with misleading and diverting rhetoric about things which aren't actually within the power of politicians to control; all the while dismissing and down playing real economic news in favor of anecdotal grousing.

It's as good as if the cynicism directed at this president and party is intended to obscure the actual economic numbers in favor of these cynical complaints against the very successful Bidenomic initiatives and remarkably improving Biden economy. It seems no accident that they come with zero citations of actual economic numbers.

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President Biden @POTUS Oct 6, 2023
My dad used to say that a job’s about lot more than a paycheck.

It’s about being able to look your kids in the eye and say: Honey, it's going to be alright.

With today’s report, 336,000 more Americans can say that – and mean it.

[Sympthsical]

10. There are several separate questions in this

1. It's not really my job or my goal to bring attention to anything here. It's a small corner of the internet with a few dozen active people. If my interest were in activism or acting as a political agent, my efforts would not be in this realm. I'm here to make conversation while I take breaks from working on various things at my desk.

2. I don't get the constant Twitter spam. I don't read it. It's not an argument. It's spam. Especially when spread across many posts and threads the way it is. It's not enlightening. Just idly irksome, because then I have to do all this extra scrolling. I read the news most mornings. I don't need Twitter's reader's digest simplified version of events, thanks. I certainly don't care about anyone's hot takes about it when I don't know who they are. In a discussion, I prefer people use their own words and thoughts, not copy and paste them from others. It's a weird little Matrix thing by humans to outsource AI responses because they can't or won't compose their own.

3. You then make a slew of accusations, putting acts and words into my mouth, and generally accusing me of not being peppy enough, I guess?

I am not a political operative. I am under no obligation to happy things up and spread the Good News like I just graduated from missionary school and must now go harangue people door to door. I speak to my experiences, what I see, what I perceive. I read the good headlines and the bad. When I see the economic poll numbers, I try to use my knowledge - both experienced and studied - to discern why people feel the way they do and what might be a good approach to change these things.

I don't do propaganda, because no one is paying me to do that. Now, if someone wants to cut me a check to do that, let's talk. Otherwise, as a private citizen, I'll discuss my thoughts and feelings in a manner I wish.

If that is unacceptable, ignore is right there. But I won't be browbeat into saying or believing things I do not, and I would argue that I actually care about the Democratic Party's fortunes far more, because I would rather us have effective political messaging that reaches people where they're actually living rather than internet and social media narratives to make partisans feel better.

But I realize people make different choices about that.

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11. lawd

...still zero receipts behind all of this cynicism.

Absolutely zero economic data provided.

Absolute sophistry about the economy. No actual accounting of the economic condition of most Americans before and after this president took office.

It's an economic argument based on projection, alone.

Not informative of anything but your own cynicism, and a huge dearth of knowledge of the actual economic condition of the nation.

Reminds me of what I've seen on the cable network news.

If I'm 'happy-talking,' it should be fair to see this as this gloom-casting.

[Scrivener7]

12. Well said.

[DemocraticPatriot]

3. BUMP! THANKS for posting this--

I had not yet seen the actual numbers anywhere...

[BootinUp]

6. K&R

[usonian]

7. What REALLY matters is that Joe has proven that trickle down economics was always a lie.

Even if people don't read Nobel Prize winning research, which puts the lie to trickle down, they see results.