Friday's jobs report revealed accelerating weakness in the US economy. Just 142,000 jobs were added last month, below expectations. Half of the new jobs were created in the unproductive government or quasi-government health and human services sector.
The number of Americans with second jobs is at a record high of 8.2 million. The number of unemployed people has increased by 1 million so far this year.
Last month's job creation figures were revised downwards by a large margin again. When these revisions are included, the number of jobs created over the past three months averages just 116,000, a paltry figure.
The weak job creation came on the heels of a downward revision by the Bureau of Labor Statistics. 818,000 jobs Eliminating these fictitious jobs would confirm what JCN and industry observers have long argued: that the labor market is much weaker than the top-line figures suggest. (Related: Bob Rubin: 818,000 Job Revision: Incompetence or Deception?)
Despite lengthy arguments from liberal commentators, it turns out that ordinary Americans were right in their perception of the economic malaise: To paraphrase William F. Buckley Jr., I'd rather take my economic pulse from the 40 people I meet on the street than from the Washington elite.
This weakened economy is the result of nearly four years of misguided policies by the Biden-Harris Administration, including historic inflation, over-regulation, and anti-energy regulations. High interest rates have made it expensive and impossible for small businesses to get the loans they need.
Consumers are running out of cash. Credit card debt is at an all-time high and savings rates are at an all-time low. Households are roughly $28,000 There will be additional costs under this administration.
Small businesses are struggling to survive in this environment, according to the Job Creators Network's national SBIQ. vote Two-thirds of small businesses say the current economic situation may force them to close.
Exhibit A is Subway, which is 100% franchise-owned, meaning that all Subways are small businesses. I had to call Emergency franchise meeting over plummeting sales and profits.
The underlying reason is that sandwich shops simply can't be profitable in the Biden-Harris economy: Inflation, high energy costs and regulation have caused Subway's key input costs (meat, cheese, vegetables, electricity and labor) to rise dramatically.
Subway operates on notoriously thin profit margins and has no choice but to pass its costs on to customers in the form of higher prices for subs, but there's a limit to how much the average American is willing to pay for a turkey sandwich, and at that price, customers decide they'd rather make it at home.
Subway has tried promotions to make up for this loss in revenue, but the profits have evaporated. They are in a lose-lose situation. Their business model no longer works in an environment that is unfavorable to small American businesses.
For every Subway, countless small businesses that don't make the news close because they can't compete in this economy. U.S. retailers plan to close more than 3,000 stores by 2024. To CBS News.
Harris' anti-small business policies will destroy our collapsing job market and American economy.
She wants to repeal the Tax Cuts and Jobs Act that small businesses have relied on as a lifeline during these difficult times, she plans the largest tax hikes in American history that would freeze investment and economic growth, and she wants to expand Biden's labor and environmental regulations, including implementing joint employment rules that would destroy the franchise system.
The only way to reverse the decline of the U.S. job market and economy is to elect a pro-growth conservative on Election Day, repair the damage with a Biden-Harris Administration, and bring about a Main Street revival. There is still time to save affordable lunches.
Alfredo Ortiz is CEO of Job Creators Network, author of “The Real Race Revolutionaries,” and co-host of the Main Street Matters podcast.
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