INGRASSIA: ‘Kamalanomics’ Has Produced Woefully Bad Economy – Millions More Jobs Going To Illegals Than Native-Born Americans

Americans Are Desperately Waiting For The Greatest Jobs President Ever To Return To The White House

Last week’s jobs report by the Bureau of Labor Statistics presented an absolutely nightmarish scenario for Joe Biden and Kamala Harris.  Based on the report, the economy lost over 438,000 full-time jobs, continuing a harrowing trend of paltry job growth since mid-June of last year.  Outside of government services, virtually no new jobs were created whatsoever.  Perhaps most distressing of all, a staggering 1.3 million native-born American jobs, across every demographic group, have been lost over the past year.  Meanwhile, 1.2 million jobs have been created for foreign-born workers, a significant portion of these being illegal laborers, who have flooded our country to the tune of tens of millions as a result of the catastrophic immigration policies of Joe Biden and Kamala Harris.

See E.J. Antoni’s original X post here.

These troublesome reports have reverberated across the national economy.  As of Friday’s closing, all three of the Nasdaq Composite (-2.5%), the S&P 500 (-1.7%), and Dow Jones Industrial Average (-1%) experienced their worst week in over a year, resulting in trillions of dollars being wiped out in the biggest market sell-off of the year.  What is more, the Bureau of Labor Statistics (BLS) reported a measly 142,000 new jobs were added to our economy in August, an exceedingly mediocre figure, but which only tells part of the story.  Most of those jobs, based on a deep dive into the data, were in government services or to foreign workers – in other words, effectively part time work, at best, and not in industries that add real value to the gross domestic product.  Speaking of GDP, the overall economy decelerated to an abysmal 0.6% growth in the third quarter of this year – compare that with the 4.6% growth experienced during the third quarter of 2019, when the economy was humming along – adding record numbers of jobs every quarter – under the Trump presidency.

Bad as these numbers are, they are poised to get much worse over the next quarter as signs of a recession loom large.  Later this month, the Federal Reserve will likely cut interest rates by either a quarter or a half of a percentage point – in a last-ditch attempt to stimulate a lackluster economy out of recessionary waters.  This boost is especially needed in light of the bleak jobs report, which removed jobs that were mistakenly added in July and June because the government overcounted.  What accounts for the overestimation? Clearly politics: to help make the Biden-Harris jobs record seem much better than it is, which, to be fair, is a daunting task indeed.

But the truth of things has a way of revealing itself in time, which is why Jay Powell will likely cut the federal funds rate by the more aggressive 50 basis points later this month.  This will almost certainly exacerbate the still-rampant inflation that erodes the value of our dollar, affecting everything from the price of groceries, like eggs and milk, to gasoline, to housing.  The tradeoff for more inflation to artificially boost economic growth is of course one that is infected with political bias – the Federal Reserve is working hand-in-glove with the Biden-Harris administration to delay the pain of the recession, which many economists believe has already come, until after November 5^th, to try to again help Kamala.

But even with that handicap, Kamala’s promise of price controls, central bank digital currencies (CBDCs), and massive taxation will likely be sufficient to send investors – both institutional and mom and pop – running for the hills, and, hopefully, into Donald Trump’s corner.  This remains true, even despite the mainstream media’s vain attempt to contrive a narrative that a few lunatic “business leaders” – far from a representative sample of corporate America — have come out in support of Harris.  Far from embodying America’s business community at large, Kamala’s coterie is a slipshod sampling of corporate misfits: a community led by the harebrained Mark Cuban (who, on X, has a reputation of being the “dumbest billionaire in America”) and LinkedIn-founder Reid Hoffman, who is financing the lawfare against Donald Trump that has done irreparable damage to our criminal justice system — and country.

But the true sentiment of America’s top investors, economists, and business leaders and innovators was on full display at the Economic Club of New York conference held this past week in Manhattan, where the 45^th President spoke about reviving the American Dream through grand new plans like major infrastructure projects and rebuilding America’s manufacturing base.  The President also discussed implementing tariffs on Chinese and other imports, cutting corporate tax rates down to 21% from 35%, and slashing taxes on tips and social security payments, both of which have become fan favorites on the campaign trail this election season.

But the American Dream will be put on an indefinite halt – and likely killed off for good, if Kamala Harris, with her neo-Marxist policies, is permitted to sweep herself into the Oval Office.  At which point, the kind of instability now observed in this week’s devastating job metrics will be sent into overdrive.  The road to serfdom will be paved by Kamalanomics, which is the agenda of Bidenomics, which has already triggered a recession that the mainstream media is starting to begrudgingly come around to, on steroids.  Kamala Harris and Joe Biden, in sharp contrast with Donald Trump, would not know how to create a job if their lives depended on it.  They are government bureaucrats at heart — sharing the socialist mentality and overall perspective to job creation of an administrator or bureuacrat, not an entrepreneur.

Kamala Harris does not think concretely, much less creatively.  She cannot conceptualize what steps it would take, in the real world, to revitalize our once robust free enterprise system, that has now fallen behind adversaries like China, India, and Brazil – in just a few short years.

This explains the shocking disappearances of hundreds of thousands of jobs from the August BLS report.  And these losses are not, as the New York Times and Economist took pains to euphemistically code on Friday, due to a “cooling” labor market, or the mere result of an “autumn chill” – but due to a recession, whose signs are everywhere.  One could well argue that we’re only starting to feel the pains of a recession now, in the fourth year of the Biden administration, because President Trump’s labor market – the sheer number of jobs he created in real industries – was so strong that it offset the sharpest edges of Bidenomics, which is finally, finally showing its ugly head now.

In short, President Trump in certain ways is the victim of having done too good a job in his first term – off whose coattails the Biden administration rode, taking undeserved credit for a much stronger economy that belonged entirely to his predecessor.  To the extent Biden can stake a claim in this economy’s performance, it would be the record-setting inflation, ruined supply chains, anemic growth, and even high unemployment — by some estimates, close to 9%.

Any benefits — now quickly vanishing — should accrue to Donald Trump, who made good during his first term on his then campaign pledge to become “the greatest jobs president that God ever created” – God was so good to him and the country that Biden unduly profited from it three and a half years after Trump stepped out of public life! Though now, at long last, the chickens are coming home to roost – and regular Americans are feeling the pain.

Even with the millions of jobs being created for illegal aliens and foreign born workers generally, at the expense of American laborers, labor force growth rates under Biden and Harris have still not caught up to the pre-pandemic trend under President Trump, according to the analysis of E.J. Antoni, an economist for the Heritage Foundation.  The revisions to the Bureau of Labor Statistics’ jobs report underscores this trend – when government statisticians overestimate the number of jobs added to a particular sector, the difference between the higher expectations and the reality usually indicates something quite grim.  If companies are not reporting job additions, either they lack the resources to hire new employees, or, more likely than not, have gone kaput and shut their doors altogether.

Even with the millions of jobs being created for illegal aliens and foreign born workers generally, at the expense of American laborers, labor force growth rates under Biden and Harris have still not caught up to the pre-pandemic trend under President Trump, according to E.J. Antoni, an expert economist, market analysis.

If a company does not timely report back to the Bureau, and that trend becomes widespread across the economy, usually that points to something more sinister afoot than simple absentmindedness on part of employers.  Perhaps the in-house reporter for a company cannot report back because his job no longer exists – in other words, the company went insolvent.  Government jobs, which have been the most significant driver of growth in the Biden-Harris economy, are fueled by government spending – if government revenue, funded by the taxpayer, is inadequate to expand the size of some agency, the Treasury can simply print more money to cover the difference.  But that bit of economic voodooism is not shared by private companies, who deal in the real world, and are thus inevitably forced to engage in layoffs if costs outweigh total revenue.  That, in a nutshell, is what is being seen with these revisions to the BLS’s report, and more broadly, speaks to the incredible fickleness of the American system of free enterprise, now under siege by radicals who have overtaken our government and are doing everything in their power to manage this country’s decline to ruin.

The United States of America, once the beacon of freedom and prosperity the world over, increasingly resembles a third-world nation, with crumbling infrastructure, inefficient services, and a banana republic-like justice system that is more obsessed with persecuting political opponents than cracking down on violent crime.  A justice system that forfeits its principal duty to preserve private property, the necessary ingredient of free enterprise, will have catapulted the society it governs down a very dark and ruinous course, one that may already be beyond repair – but surely will under a Kamala Harris administration.

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