Charles Payne Says Biden-Harris Admin Displayed ‘Massive Indifference To Americans’ By Not Halting Strike
'This adds up very, very quickly'
Charles Payne and others expose hidden problems with 'booming' jobs report, Peter Doocy presses White House about disappointing economic statistic
The Bureau of Labor Statistics released the July jobs report on Friday – which massively surpassed expectations. Total nonfarm payroll employment increased by 528,000 in July, when it was forecast to add 250,000 jobs.
The Biden administration and left-leaning media basked in the jobs report that appears impressive at first glance.
President Joe Biden said on Friday, "Today’s jobs report shows that the economy added 528,000 jobs in July. More people are working than at any point in American history. That’s no accident, it’s results."
Vice President Kamala Harris gloated, "This morning’s jobs report shows our economy added 528,000 jobs in July, and the unemployment rate matches the lowest it’s been in more than 50 years. More people are working than ever before. We have more to do, but today’s jobs report shows we are making significant progress."
However, Charles Payne and others poured cold water on President Biden's "booming" jobs report.
Payne noticed that "black Americans are sinking in the midst of the jobs boom."
In July, there were 39,000 fewer black Americans in the labor force and 68,000 fewer black Americans employed.
"I get this stuff is only newsworthy when GOP is in the White House but some care all the time," he added.
Citing Household Survey Data from the Bureau of Labor Statistics, Payne noted that full-time jobs dropped by 71,000, while part-time jobs increased by 384,000, and people who held multiple jobs rose by 92,000.
\u201cHousehold Survey\nFull Time -71,000\nPart Time +384,000\nMultiple Jobs +92,000\u201d— Charles V Payne (@Charles V Payne) 1659708224
The report also found that there were 279,000 fewer people who were self-employed.
\u201cSelf Employed dropping like a stone the past year.\u201d— Frog Capital (@Frog Capital) 1659721317
Federal Reserve Economic Data revealed that 433,000 Americans are working two full-time jobs – which is an all-time high.
\u201c433,000 Americans now working 2 full time jobs.\nThat is an all time high.\u201d— Frog Capital (@Frog Capital) 1659720907
Just The News reported, "This trend of the economy dropping full-time jobs while adding second and part-time jobs has been accelerating since March."
Many people suggest that the surge in part-time jobs and people getting multiple jobs is because they are facing soaring inflation month after month. In July, inflation hit 9.1% – the highest in more than 40 years.
Despite the Biden administration insisting that the country is not in a recession, key economic statistics suggest otherwise.
According to CNSNews, "The number of Americans not in the labor force – no job and not looking for one – climbed above the 100,000,000 mark again, settling at 100,051,000 in July. That's a 239,000 increase from June; and it follows an increase of 510,000 from May to June, when the number rose to 99,812,000."
\u201cOver 100 million people who 'can' work are not.\n1,016,000 people have left the labor force since March of this year.\nThese people still consume, but now are not producing.\nBy definition, this creates inflation.\u201d— Frog Capital (@Frog Capital) 1659788544
The BLS announced that real average hourly earnings were down 3.6% year-over-year for June.
\u201cReal average hourly earnings down 3.6 percent over the 12 months ending June 2022 https://t.co/QOcqVIX8kK #BLSdata\u201d— BLS-Labor Statistics (@BLS-Labor Statistics) 1658272200
Brownstone Institute president Jeffrey A. Tucker said, "We are living through the longest consecutive month-by-month decline in real personal disposable income since 1959, and it is combined with a most recent 16% increase debt service as a percent of that same income stream. Translation: dramatic moves toward personal impoverishment."
The Wall Street Journal pointed out, "The labor-force participation rate—or the share of adults working or seeking a job – ticked down to 62.1% in July from 62.2% a month earlier."
"While the economy has recovered all the jobs it lost since February 2020, there are still 623,000 fewer people in the workforce, a factor that has pushed up wages due to a demand for workers that is well above the number of available workers," the outlet added.
Before the pandemic, the participation rate was 63.4% in February 2020.
The BLS defines the labor force participation rate as "the number of people in the labor force as a percentage of the civilian noninstitutional population," and "the participation rate is the percentage of the population that is either working or actively looking for work."
New York Times economic reporter Ben Casselman wrote, "The labor force participation rate actually fell slightly in July, a discouraging sign for those hoping the strong labor market would bring workers off the sidelines. Participation ticked up slightly among prime-age workers, but remains below its May peak."
Former Federal Reserve insider Danielle DiMartino said, "Warning in the weeds: Labor force participation rate AND wage growth falling most among those who benefited the most from the post-pandemic stimulus spending."
On Friday, Fox News White House reporter Peter Doocy confronted White House Press Secretary Karine Jean-Pierre about the declining labor participation rate.
Doocy asked, "The labor force participation rate is at its lowest level of the year now. Why do you think that is?"
Jean-Pierre replied, "So, participation actually ticked up."
Doocy interjected, "It declined 0.1 percentage points to 62.1 percent — the lowest level of the year."
Jean-Pierre responded, "So it actually ticked up for prime-age workers, when you look at 25 to 54, and for workers 65 and plus. The tick down this month was actually about teenagers. And it’s important to keep in mind that the labor force participation rate has bounced back relatively quickly compared to its pace in the past. So we have seen an uptick in the labor force."
\u201cKJP: "So, participation actually ticked up and for--for--"\n\nDoocy: "It declined 0.1 percentage points to 62.1%, the lowest level of the year."\n\nKJP: "So, it actually ticked up for prime-age workers...The tick down this month was actually about teenagers."\u201d— Curtis Houck (@Curtis Houck) 1659726920
'Stop pimping black people': Fox Business host Charles Payne slams Democrats who say student debt cancellation is 'racial justice'
Fox Business host Charles Payne went off on progressive lawmaker Rep. Pramila Jayapal (D-Wash.) on Monday after the congresswoman tweeted that student loan debt cancellation is a "racial justice" issue.
"Where's the racial justice?" Payne demanded on "Fox & Friends" after noting that student loan debt is held in large portions by Asians, Hispanics, and white people. He observed that wealthy, college-educated people stand to disproportionately benefit from student loan forgiveness, which is a priority for progressives.
“Progressives have hijacked the pain and suffering of black Americans for everything that they want to push," Payne said. "It's despicable; it must stop now."
"I’m gonna say something very vulgar to the progressives: Stop pimping black people, okay?” he continued, calling federal student loan cancellation "nonsensical" and "unfair" since taxpayers are being asked to pay other people's debts.
“Listen, it’s an economic disaster. It’s a farce,” he said. “You can’t tell me on one hand we are going to help people go to college and on the other hand tell me college doesn’t pay for it itself. You can’t have it both ways. One has to be correct.”
Watch:
The Department of Education extended the pandemic-era moratorium on student loan repayment last week, permitting an estimated 43 million Americans until August 31 to put off loan payments without accruing additional interest. There is an outstanding $1.6 trillion in U.S. student loan debt owed to the federal government, but the Biden administration is refraining from collecting on that debt with record-high inflation squeezing Americans' pocketbooks.
Far-left Democrats have demanded that Biden go further and act to cancel U.S. student loan debt. In March, Jayapal and other progressive Democrats sent a letter to the president asking him to extend the repayment pause through the end of the year at least and writing that restarting payments "will financially destabilize many borrowers and their families, and will cause hardship for many who could not afford repayment."
"As your administration works towards rebuilding a more equitable and just economy, it should use its administrative powers to address this crisis and permanently relieve the millions of borrowers struggling with this debt," they wrote.
On Saturday, Jayapal tweeted that student debt cancellation is a "racial justice" issue, in addition to "gender justice" and "economic justice."
Student debt cancellation is racial justice. \n\nStudent debt cancellation is gender justice.\n\nStudent debt cancellation is economic justice.— Pramila Jayapal (@Pramila Jayapal) 1650133140
Payne challenged Jayapal's claim Monday, noting that black people only make up 4.8% of the people she represents in Washington's 7th Congressional District.
"Who is she really helping in her district? 73% white, over 60% graduation rate, more than double the national average. It is a gift to her white donors," Payne asserted.
"One more thing ... Who are her donors? Try Microsoft, number one donor. You know how many black people work for Microsoft? You can go down to the next train station and find more. Three percent are managers — It's one of the largest corporations in the world!" he continued. "Now here's the problem: They keep saying well, black people have more of a percentage, you know, it's harder to pay it back. That's not the college loan. That's society. That's Microsoft. That's progressive corporations who will write a check to a bogus organization and buy six million dollar house instead of really hiring people, training people. They're the ones who don't believe in black people, Microsoft, the people progressives are protecting," he said.
"The whole thing is a sham."
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