Clearing the Air; Ex-Home Depot CEO Dissects Biden's Jobs Report
The labor market is not as "bright or rosy" as Democrats want voters to believe, according to economists who are raising concerns about the Biden administration's "deceptively correct" June jobs report.
I refer to that number as deceptively correct. It is modified each month, as you have noted. Thus, it is correct once more on the 206,000 jobs. The government was the second-largest employer in the previous year. And this year, they're back on the same path. In an appearance on "Maria Bartiromo's Wall Street," former CEO of Home Depot and Chrysler Chairman Bob Nardelli corrected the record on Friday, stating that government jobs do not contribute to GDP.
"Inflation and carbon monoxide are similar. The silent killer is the source of problems with employment and living quality. It is all-encompassing. People are still using dynamic pricing, and our economy is still being negatively impacted by careless spending. These issues with our economy are the result of it. It is highlighting the cracks in our economy. And in an attempt to turn this around, whoever wins the presidency the following year will take a wrecking ball to their home," Nardelli went on.
The White House just stated that they are extending overtime protection for one million salaried workers who make less than $43,888 annually, as the FOX Business show mentioned in the Friday episode. With another rise planned for January 1st to boost the barrier to $58,000, the goal wage has increased by more than $8,000 from the prior income minimum.
Rejecting the administration's new approach, Nardelli contended that it is not an "appropriate way" to raise American families' standards of living.
"This is unfair because someone with a lower skill level job shouldn't be paid more than someone with a higher skill level, right? Due to the fact that they have both put in a few hours of overtime? Again, I'm not sure this is fair, and I'm not sure this is the right approach to raise our families' current quality of life". Nardelli remarked, "I believe there are other things we should be doing." - More here
For more insight from Mr. Nardelli, watch this video from two years ago.