Former Chrysler and Home Depot Chairman Bob Nardelli and FreedomWorks Senior Economist Steve Moore join ‘Maria Bartiromo’s Wall Street’ to discuss the June jobs report and revisions to the April and May jobs reports.
Economic experts are sounding the alarm over the Biden administration’s “deceptively accurate” June jobs report, warning Americans that the job market is not as “bright or rosy” as Democrats want voters to think.
“I call that number, Cheryl, misleading. As you pointed out, every month it gets adjusted. So 206,000 jobs, again, Steve [Moore] you are right. The second largest employer last year was the government. And they are back on the same track again this year. There is no GDP created by government jobs,” former Home Depot CEO and former Chrysler chairman Bob Nardelli said on the record Friday during an appearance on “Maria Bartiromo’s Wall Street.”
JOB REPORT: A THIRD OF THE 206,000 JOBS IN JUNE WERE IN THE GOVERNMENT
“Inflation is like carbon monoxide. It’s the silent killer that’s creating quality-of-life work problems. It’s pervasive. People still use dynamic pricing, Steve, to your point, and we’re still suffering from reckless spending .It’s causing these problems in our economy, it’s highlighting the fault lines in our economy, and whoever gets into that White House next year is going to be hit with a wrecking ball for trying to pull that off.
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 praised June’s better-than-expected jobs report. (Fox News / Fox News)
FreedomWorks senior economist Steve Moore backed Nardelli’s opening assessment, arguing that he doesn’t “buy” the Biden administration’s characterization of the “hot” US labor market.
TWO-THIRDS OF AMERICANS ARE FALLING BACK, CAN’T KEEP THEIR DEFENSE
“I think we’ve definitely shifted into a lower gear,” Moore warned Friday. “I’m not saying we’re headed for a recession, but I’m saying the economy is slowing down a lot and we’re seeing that in some of the GDP numbers as well as the employment numbers.
“I’m not saying we’re heading for a recession, but I’m saying the economy is slowing down a lot.”
Huntington Private Bank Chief Economist Olu Omodunbi says the jobs report shows a slowdown in the labor market in ‘The Claman Countdown’.
Moore continued, exposing a “particular problem” within the Biden administration’s much-guarded labor report.
TWO-THIRDS OF AMERICANS ARE FALLING BACK, CAN’T KEEP THEIR DEFENSE
“If you look over the last 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 has a $2 trillion deficit. dollars. They shouldn’t.” We need to dramatically reduce government employment,” he said.
“So we want to see more people … doing things in the American economy getting jobs, but that’s just not happening. So I don’t see that as [a] bright or rosy outlook with the job market right now.”
The June jobs report showed that the US economy added about 206,000 jobs in June. Pictured above is a summary of where new jobs are going by sector. | Fox News
As FOX Business noted in Friday’s segment, the White House recently announced it was expanding overtime protections for 1 million salaried workers who earn less than $43,888 a year. The target salary is up $8,000 from the previous minimum wage, with another increase scheduled for Jan. 1 to raise the threshold to $58,000.
Nardelli opposed the administration’s new policy, arguing that it is not an “appropriate way” to raise the standard of living for American families.
“It’s not equal in that if you have a lower-skilled job, why would they be paid more than someone with a higher skill? Because they’re both working some overtime? So again, I’m not sure That’s right and I’m not sure that’s an appropriate way to raise the standard of living for our families today, I think there are other things we need to do,” said Nardelli.
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“To Steve’s point, we need to pull back on this reckless spending. We need to get inflation under control.”