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the key
"The second-largest employer last year was the government. And they're
back on the same track again this year. There is no GDP generated by
government jobs,"

from https://www.foxbusiness.com/media/former-home-depot-ceo-clears-smoke-bidens-deceptively-correct-jobs-report

Former Home Depot CEO clears the smoke from Biden's 'deceptively
correct' jobs report
The US added 206,000 new jobs, a third of them being in the government

Bob Nardelli, Steve Moore caution against overstating jobs created in
Biden jobs report
Economic experts are sounding the alarm on the Biden administration's "deceptively correct" June jobs report, warning Americans that the labor
market is not as "bright or rosy" as Democrats want voters to think.

"I call that number, Cheryl, deceptively correct. As you pointed out,
every month it gets adjusted. So the 206,000 jobs, again, Steve [Moore]
is right. The second-largest employer last year was the government. And
they're back on the same track again this year. There is no GDP
generated by government jobs," former Home Depot CEO and former Chrysler Chairman Bob Nardelli said Friday, setting the record straight during an appearance on "Maria Bartiromo's Wall Street."

JOBS REPORT: ONE-THIRD OF THE 206K ADDS IN JUNE WERE IN GOVERNMENT

"Inflation is like carbon monoxide. It's the silent killer that's
creating job problems in the quality of life. It is pervasive. People
are still using dynamic pricing, Steve, to your point, and we're
continuing to suffer under reckless spending. It's causing these
problems in our economy. It's stressing the fault lines in our economy.
And whoever gets in that white House next year is going to be hit with a wrecking ball to try and pull this back," Nardelli continued.


bob nardelli home depot biden jobs
Former Home Depot CEO Bob Nardelli is pictured next to President Biden. Nardelli joined economist Steve Moore during an appearance on "Maria Bartiromo's Wall Street" and assessed June's better-than-expected jobs
report. (Fox News / Fox News)

FreedomWorks senior economist Steve Moore supported Nardelli's
eye-opening assessment, arguing that he does not "buy" the Biden administration's characterization of the U.S.'s "hot" job market.

TWO-THIRDS OF AMERICANS ARE FALLING BEHIND, CAN'T MAKE ENDS MEET

"I think we've definitely shifted into a lower gear," Moore warned on
Friday. "I'm not saying we're headed to a recession, but I am saying the economy is slowing down a lot, and we're seeing that both in some of the
GDP numbers and also in the employment numbers."


"I'm not saying we're headed for a recession, but I am saying the
economy is slowing down a lot."

- Economist Steve Moore
Huntington Private Bank chief economist Olu Omodunbi says the jobs
report shows a slowing in the labor market on 'The Claman Countdown.'video
Did the jobs report put a September rate cut on the table?
Huntington Private Bank chief economist Olu Omodunbi says the jobs
report shows a slowing in the labor market on 'The Claman Countdown.'

Moore continued, exposing a "particular problem" within the Biden administration's highly touted jobs report.

TWO-THIRDS OF AMERICANS ARE FALLING BEHIND, CAN'T MAKE ENDS MEET

"If you look over the last about 14 or 15 months, the biggest employer
or the biggest source of new jobs has come from government and health
care. And my goodness, we have a federal government that's running a $2 trillion deficit. They shouldn't be hiring workers. We should be
dramatically reducing government employment," he said.

"So we want to see more of the people… making things in the American
economy getting jobs, but that just isn't happening. So I don't view
this as [a] bright or rosy picture with the labor market right now."

◀︎▶︎
Image 1 of 2
June's job report indicated that the U.S. economy added about 206,000
jobs in June. Pictured above is a breakdown of where the new jobs are
going according to sector. | Fox News

As the FOX Business show pointed to in the Friday segment, the White
House recently announced they are extending overtime protection for 1
million salaried workers who make less than $43,888 a year. The target
salary is up over $8,000 from the previous salary minimum, with another increase scheduled on January 1 to raise the threshold to $58,000.

Nardelli pushed back on the administration's new policy, arguing that
this is not an "appropriate way" to increase the standard of living for American families.

"This is not equitable in that if you have a lower skilled job, why are
they going to get paid more than someone with higher skills? Because
they're both working a couple of hours of overtime? So again, I'm not
sure this is equitable, and I'm not sure this is an appropriate way to
increase the standard of living for our families today. I think there
are other things we should be doing," Nardelli said.

CLICK HERE TO READ MORE ON FOX BUSINESS

"To Steve's point, we got to pull back on this reckless spending. We got
to get inflation under control."


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herbivore678
4 hours ago

Under the Obama Administration they changed the calculations for
unemployment and the "jobs" number, to make more favorable results. One
change was to begin counting part time rather than just fulltime jobs.
If you dive into the numbers, the Biden administration has lost over
500,000 fulltime jobs ...

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huntington-smythe873
3 hours ago

That's true, so Obama wouldn't look like the dud he was. You had to be
paying attention to know what was going on. Obama was coming in at 20%
and the new calculations had him at about 8%. As if.


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2 replies


Leave_The_Plantation
3 hours ago

Is anyone really surprised?

Libs literally have nothing to 'tout' as an accomplishment with Biden so
they lie ... it's what Libs do, it's who Libs are


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bsnj
4 hours ago

Just like taking oil out of reserves to lower the price of gasoline is
wrong, creating government jobs to create the illusion of increased
employment is wrong. The problem for the American voters is that this
deception will not be shown on most of our media outlets.


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drwds
3 hours ago

I have to point out that the deception and dishonesty is from the Democrats.


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4 replies


usaf463050
3 hours ago

You:

Just like taking oil out of reserves to lower the price of gasoline is
wrong.

People were screaming about the cost of gas and that the president
should do something so he did. It was the only thing a president can do
in hopes of lowering the price of gas.

American oil companies are producing mor...

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8 replies

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pickupurweapon-followme
4 hours ago

So 1/3 of the 206K new jobs are taxpayer funded gov't jobs?

That isn't just 'not helping'

the economy, it's actually a draw on it; making things worse!


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joey5491
4 hours ago

The fact that government economists continue to tell us "...5 outta 4
taxpayers have trouble with math" should provide ample insight into all
this, don't you think???


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1 reply


unilateral
4 hours ago

"We're from the government. We're here to help." - Ronald Reagan, the
8 most frightening words in the English language


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Jack_Kemp_fan
4 hours ago

Keynesian economists all think (because John Maynard Keynes told his
friends in the UK government) that government spending by itself is its
own stimulus. But as Nardelli points out here, government does not
create GDP. It is a service, and I would argue a mostly negative one.
Keep in mind, Econ...

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3 replies


topsecretcorvettedocuments
4 hours ago

The government is creating more jobs because those already working for
the government are not doing their jobs. Why should they? They are
protected by their union.


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semmas53
4 hours ago

Unions have no business being in Gov't. anyway. Most people don't have a "union" to protect them.


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5 replies


Randall Horton
4 hours ago

And DEI.


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millertime89
4 hours ago

Let's also not forget that these jobs could be part-time and second jobs.

Those categories also indicate a weaker market


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imsmarterthanyou873
4 hours ago

Never forget how many jobs are required to be added to make a "good"
economy. It's more than 200,000.


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blacktrumpsupporter
3 hours ago

It's funny how everyone touts these jobs numbers as something magical.
GDP doesn't go up when jobs are created. It goes up when jobs are filled
so, I don't care if a billion jobs are created, if no one is filling
those spots, then the nation loses.


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👌DemusStultus👌
4 hours ago

Propping up the economy with government spending is not sustainable.

Government jobs add nothing.


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arienne22
3 hours ago

I actually had a former co-worker (now unemployed) tell me that creating
more government jobs actually increases government revenue paid because government workers pay income taxes.


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Jalano
4 hours ago

"We should be dramatically reducing government employment..."

Government jobs do not add to a country's wealth, they subtract. Job
growth through more government hiring is deceptive. Such things can be
done merely to advance a political narrative. Those jobs are held by
real people. When the "new jo...

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Alotta.Anger
3 hours ago

You are correct government jobs are like parasites on the economy. The
deliver NOTHING towards the GDP and I wish more people understood that
simple things. We need to understand Gross Domestic PRODUCTS vs Gross
Domestic Service.


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jones_jones
1 hour ago

SO we should remove all the government spending on defense and health
care so the economy can thrive? Did you know that those 2 items are
actually 40% of our total economy? What do you think would happen if
that suddenly stopped?

I will give you a hint: Massive long term economic depression.


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rightside178
3 hours ago

Never thought I’d live long enough to see that people don’t need or want
a job to survive.

No need to though when the Fed, State, Local governments and crybabies everywhere provide a check or handout for them.

And yes, many of my fellow business owners know that we’re already in a recession and the c...

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