Five-Alarm Fire! - Stunning New Report Report Should End Biden's Presidency

Hey, ladies and gentlemen, this is Carmine Sabia for Explain America

and Joe Biden is bragging about the new jobs report, but he might want to stop real quick

Before we get started, please make sure you like, comment, share, and subscribe

Those little things really help us out, and they help our channel continue to grow. You know, the media and the liberals are all talking about Fox News host Larry Kudlow

actually praises Biden's jobs report, and he tells conservatives to stop slamming it

Yeah, that's part of what he said. But then he told you what's behind the numbers

He told you the truth about what's going on with the economy. He told you about how people can't afford to live in this country anymore and make ends meet

They want to show you this jobs report, and they want you to pretend that you don't see

what you see with your own eyes, that you're not paying twice as much for groceries now

than you paid when Trump was in office. I know I am, okay? They want you to pretend that your wages are suddenly enough to cover your expenses

I know people making a fortune that are having a struggle to survive

So what he's talking about here, and when he gets into the real numbers

you're going to hear in the beginning he's going to be sounding like he's praising Biden. Then he's going to get to the reality of it

I want you to hear it, and then I want you to give me your opinions. Please remember to like, comment, share, and subscribe

It really helps us out. I'm Carmine Sabia for Explain America. We love you guys

God bless you. Take care, everybody. So, all right, let me talk a little bit about that

We had a blowout jobs report. More than twice the consensus expectation

Now, I know many of my conservative friends are trying to drill holes in this report

But you know what, folks? It is what it is. It's a very strong report

Not every economic stat should be viewed through a political lens. I've been in this business a very long time

And sometimes you just have to throw away the ballot box and just recognize the numbers

They are what they are. This was a very strong report. 353,000 gain in non-farm payrolls, a very big number

Prior two months, revised up by 126,000, another big number. And the bottom line here is more Americans are working

And that is a good thing, no matter what your party registration is

Also a good thing. Worker wages continue to improve. Average hourly earnings for production workers, aka middle class blue collar folks

they're up 4.8% over the past 12 months. And you know what

Their rate of productivity, that is output per hour, a very important economic efficiency and growth indicator

Well, productivity rose 2.7% last year. That's a good number. So the workforce is earning its pay hike

Plus, over the past three months, inflation-adjusted real wages increased by 4.5%

So typical working families got a nice real wage boost for a change

Unfortunately, over the duration of Joe Biden's presidency, real average earnings are still down 2.4%

That's the affordability crisis that I've been talking about so much. Not even a good jobs report in January can erase that affordability problem

Through December, which is the latest data, showed that real average weekly earnings have actually fallen almost 5

over the course of Mr. Biden's presidency. That's why the recent tip poll shows that 44% of Americans are still living paycheck to paycheck

It's the affordability crisis. January's very good jobs report does not erase the fact that food prices up over one third

gasoline up nearly 30%, and the overall CPI up nearly 18%. A lot of big government Biden spending is behind all these numbers

Over the past year, for example, while nominal GDP is up $1.5 trillion

federal debt has increased $2.5 trillion. That is a lot of spending and borrowing

Last year's budget deficit was $2 trillion. This year is probably going to be over $2 trillion

So despite low unemployment and a resilient job market, the Bidens are still running a roughly 8% deficits to GDP number

which is unheard of in a peacetime recovery. Government spending in the new fiscal year is already up 8.5%

Now, there are some glitches in the January jobs report. For one, the small business household survey did decline

31,000 after falling 683,000 in December. That's not good. None of this job euphoria jives, by the way, with proliferating layoff reports

Challenger Gray, well, they report over 82,000 layoffs in January, over 23,000 of that coming from the financial industry

another 16,000 from the tech sector and over 6,000 from food producers

So the good number is the good number, but we will see if it is sustainable throughout the year

Meanwhile, a word to Wall Street. The Fed may not cut interest rates again in my lifetime

And that is my risk