Former Home Depot CEO clears the smoke from Biden's 'deceptively correct' 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.
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."
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."
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.
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"To Steve's point, we got to pull back on this reckless spending. We got to get inflation under control."