NATIONAL DATA: Unprecedented Real Wages Surge Under Trump Collapses Under Biden—Border Treason A Cause
A funny thing happened to the usual cheerleading that greeted the June job report [U.S. Economy Added 372,000 Jobs in June, Defying Slowdown Fears, by Lydia DePillis, NYT, July 8, 2022]. In fact several funny things: a continued Biden Rush at the southern border; record inflation numbers; and (despite the New York Times’ headlined prediction) a “slowdown” that everyone knows would be called a recession if the GOP were in power [GDP fell 0.9% in the second quarter, the second straight decline and a strong recession signal, by Jeff Cox, CNBC, July 28, 2022].
But the cheerleading was misplaced anyway, because as usual it missed the extent to which immigrants (legal and illegal, government data does not distinguish) are taking native-born Americans’ jobs.
According to the widely cited Survey of Employers, the economy added back 372,000 jobs in June. Average hourly earnings rose a 5.1% year-over-year [Y-O-Y], a level that in most years would translate to large real income gains. Unfortunately, with the latest CPI inflation running at 9.1%, Y-O-Y, average incomes are still falling behind in real, inflation-adjusted, dollars.
The result: the extraordinary 2017-2021 Trump surge in real incomes, attributable at least in part to his curtailment of immigration through executive action and low inflation, has dramatically busted under Biden, attributable at least in part to his unleashing immigration and monetary laxness.
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