Economy On The Brink

The stock market fell dramatically yesterday and is down even more today. It could just be profit-taking.

But the market is a predicting mechanism, and there is a growing consensus that the economy is not growing but slowing. Keep in mind that many families are hanging on by their fingernails.

The latest figures on the health of the economy were released this morning. The experts predicted that 175,000 new jobs would be created in July. Instead, we got 114,000 new jobs. The unemployment rate was expected to stay flat at 4.1%. Instead, it went up to 4.3%.

The bad news doesn’t end there. Once again, job creation for June and May was readjusted to be lower than previously reported.

Here’s another factor that is getting very little attention: An examination of job creation under the Biden/Harris administration shows that most of the job growth has been in healthcare and government at all levels. Growth in those two areas is not how you remain a superpower.