January’s jobs report smashed expectations and signals a turning point in the labor market where job creation catches up with broader economic conditions. The report shows 130,000 jobs created, the unemployment rate falling to 4.3%, and labor force participation rising.
Economic growth last quarter was above 4% and is projected to be 4% again this quarter. The Dow Jones recently reached 50,000, as I predicted last fall. And gas prices and inflation are low.
Now workers are starting to feel the benefit in terms of associated job creation and wage growth. The jobs report shows workers’ real wages continuing to significantly rise, a stark contrast to their declines during the Biden administration.
An added bonus: Parasitical federal government jobs continue to decline, falling 34,000 last month and more than 10% since Donald Trump took office. Government jobs too often padded previous employment reports when the relevant metric should be productive private-sector job creation.
Strong labor-market, economic, and financial-market growth doesn’t happen in a vacuum. It’s the result of good public policy that empowers Main Street over big government.
Exhibit A is last year’s Republican tax cuts. These tax cuts prevented the largest middle-class tax hike in history from occurring. They empowered small businesses by restoring and making permanent 100% immediate expensing and locking in a 20% deduction on earnings. These tax cuts are game changers for job creators, incentivizing them to expand, hire, and raise wages.
Despite delivering one of the most consequential tax cuts in modern American history, however, Republicans are somehow trailing Democrats on the issue of taxes, according to new Fox News polling. Even though every single Democrat voted against them.
This isn’t just backwards. It’s political malpractice fueled by a media ecosystem that has abandoned facts in favor of Democratic talking points. Voters have been told again and again — by headlines, by cable news panels, by progressive activists masquerading as journalists — that Republicans are the party of “tax breaks for billionaires.”
In reality, these are middle-class tax cuts that actually make the tax code more progressive.
A stronger economy, rising 401(k) balances, and higher living standards will help blunt the impact of this misinformation and convert some independents. But small businesses and conservatives have a responsibility to spread the word to right this polling wrong.
Every small business with a tax-savings story needs to speak up in their communities, with their employees, and on their social media, explaining how these tax cuts have helped them survive and thrive. That’s the least they can do in return for these tax savings.
Meanwhile, conservatives need to start singing from the same page on these uniting economic issues. A strong opportunity, affordability, and standard-of-living message, combined with a focus on deporting violent criminals and sanity on culture issues, is the winning approach Republicans need to boost their polling and hold onto Congress this fall.
The first step is connecting the dots between small-business tax cuts, job creation, and affordability.
Alfredo Ortiz is a contributor to The Daily Caller News Foundation, CEO of Job Creators Network, author of “The Real Race Revolutionaries,” and co-host of the Main Street Matters podcast.
15 months. That is how much time we have left until Arizona can elect a new governor, and it couldn’t come soon enough.
Since taking office in 2023, Katie Hobbs has been a complete disaster. The heights of her corruption have certainly been well documented. From her illegal use of public resources to solicit money for her inauguration, to an alleged pay-to-play scheme between Hobbs and an Arizona group home that donated to her inauguration, to shelling out $700,000 to a company owned by the brother of the now-former Office of Tourism Director to create a new state logo, Hobbs has proven that the people of Arizona are her lowest priority. And there are no signs that will change any time soon.
In the latest reveal of her efforts to turn her office into a jobs program for her political friends, it was discovered that Hobbs handed out nearly $600,000 in taxpayer money to a former Democrat politician and her assistant for two newly created jobs. These just add to the long line of other phony baloney jobs Hobbs has created so that her buddies can get paid six-figure salaries to sit around and do nothing on your dime. In fact, just last year, she added six new jobs in the newly created Office of Resiliency (whatever that is), four new employees in the Office of Tribal Relations, and three new in-house attorneys, to name a few. All total, Hobbs has increased executive employment costs by over 50%!
With all these new government jobs, you would think Arizona must be leading the way in the nation for job creation, but no. It’s just the opposite…
The U.S. Department of Labor revealed, as part of its preliminary annual benchmark revisions to national nonfarm payroll figures, that the department’s initial job creation numbers were overestimated by as much as 30%. Approximately 818,000 fewer jobs than the figure of 2.9 million touted by the Biden administration were actually created.
As reported by Forbes, the metrics taken from March 2023 to March 2024 estimated by the Deptartment of Labor at 2.9 million for the year, or 242,000 per month on average, were reduced to 174,000 per month or approximately 2.08 million.
Joint Economic Committee Vice Chairman Rep. David Schweikert (R-AZ) said in a statement, “This significant downward revision from BLS confirms what we’ve known since January 2021: that the U.S. economy is much weaker than President Biden and Vice President Harris have been selling.”
“This administration’s excessive spending, outrageous tax hikes, and burdensome regulations added over the last 3.5 years have made life much more difficult for American families than before the pandemic. Yet Biden and Harris have continued to peddle the narrative that the economy is robust because of ‘record-breaking’ job growth. Now, we know that the job gain estimates last year were notably overstated by more than 800,000 in yet another example of how badly the Biden-Harris administration has failed the American people.”
According to the announcement, the preliminary estimate of the upcoming annual benchmark revision is part of usual practice within the department and revisions are common. Another such revision took the Biden administration by surprise in 2022 when the Federal Reserve Bank of Philadelphia corrected the estimate for the Second Quarter that year from an estimated one million down to just 10,500 jobs per The Post Millennial.
This is crazy LMAO
Biden bragged about creating over 1 million new jobs in Q2 of this year. A new audit of the data by the Federal Reserve Bank of Philadelphia shows it was actually only 10k.
Despite past experience with the fickle nature of federal jobs estimates however, in an election year, President Joe Biden has repeatedly boasted his administration’s job creation.
BREAKING: 818,000 jobs that the Harris-Biden administration claimed to have “created” aren’t actually there, according to the Bureau of Labor Statistics.
Just a day before the announcement, he posted to X, “Since Vice President Harris and I took office, our economy has created nearly 16 million jobs,” adding, “Average unemployment under our administration has been lower than during any administration in 50 years.” On April 5th, he wrote that the erroneous job report marked “another chapter in America’s comeback. With the report of 303,000 new jobs in March, we’ve passed the milestone of 15 million jobs created since I took office. That’s 15 million more people who have the dignity and respect that comes with a paycheck.”
Today’s jobs report marks another chapter in America’s comeback.
With the report of 303,000 new jobs in March, we've passed the milestone of 15 million jobs created since I took office.
That’s 15 million more people who have the dignity and respect that comes with a paycheck.
Reporting from CNBC confirmed that the downward revision of -0.5 percent is the largest in fifteen years, the last occurring on the tail end of the 08’-09’ recession. Chief economist at LPL Financial Jeffrey Roach told the outlet, “The labor market appears weaker than originally reported. A deteriorating labor market will allow the Fed to highlight both sides of the dual mandate and investors should expect the Fed to prepare markets for a cut at the September meeting.”
The most heavily impacted sectors of the economy were professional and business services that saw a heavy revision down of 358,000 jobs followed by the badly struggling leisure and hospitality industry, which was revised down by 150,000 and has suffered severely under inflationary burdens and short-staffing. Manufacturing jobs took a heavy hit with a downward revision of 115,000 jobs along with trade, transportation, and utilities taking a hit to the tune of 104,000 jobs.
On April 4th, Biden specifically boasted about creating “Nearly 800,000 new manufacturing jobs.” The Bureau of Labor Statistics revision revealed this was overblown by at least an eighth.
Under my economic agenda, we’ve already created nearly 800,000 new manufacturing jobs.
America used to lead the world in manufacturing, and we’re going to do it again. pic.twitter.com/fHihnV3eVz
Despite the massive, heavily, and repeatedly boasted overestimation, White House economist Jared Bernstein strained to maintain the Biden administration narrative in a statement writing, “This preliminary estimate doesn’t change the fact that the jobs recovery has been and remains historically strong, delivering solid job and wage gains, strong consumer spending, and record small business creation.”
Economists at Goldman Sachs told the outlet later that they theorize the Bureau of Labor Statistics, “may have overstated the revisions by as much as half a million,” CNBC wrote. The report added, “The firm said undocumented immigrants who now are not in the unemployment system but were listed initially as employed amounted for some of the discrepancy.”
Goldman Sachs economist Ronald Walker said that the revision is likely “erroneous” and “misleading,” according to Forbes.
Following the report Wednesday, President Donald Trump took to TruthSocial expressing outrage and suggesting the Biden-Harris administration inflated the job statistics for political benefit.
He wrote:
“MASSIVE SCANDAL! The Harris-Biden Administration has been caught fraudulently manipulating Job Statistics to hide the true extent of the Economic Ruin they have inflicted upon America. New Data from the Bureau of Labor Statistics shows that the Administration PADDED THE NUMBERS with an extra 818,000 Jobs that DO NOT EXIST, AND NEVER DID. The real Numbers are much worse than that and, if Comrade Kamala gets another four years, millions more Jobs will VANISH overnight, and Inflation will completely destroy our Country. YOUR LIFE SAVINGS WILL BE WIPED OUT. With a TRUMP VICTORY, we will once again have the Greatest Economy in History. MAGA2024!”
The final benchmark revision is set to be published by the Department of Labor in February 2025.
