| Unleash Prosperity Hotline Issue #345 08/10/2021 |
| 1) Why Are Blacks Dropping Out Of The Workforce? The supposed good news from the July jobs report is that the black unemployment rate fell by a full percentage point last month to 8.2%. Hooray! Except, wait! The reason the black unemployment rate fell was NOT because more blacks found jobs. In fact, as pointed out by Reuters, the Bureau of Labor Statistics data shows that 12,000 FEWER blacks were working in July, which was a stark difference from the employment rate for whites, Asians, and Hispanics that rose sharply. The black unemployment rate fell because a quarter-million blacks dropped OUT of the workforce, even though there are now an all-time record 10 million job openings. The black labor force participation rate is now down to 60.8%, by far the lowest of any ethnic group. This is BAD, BAD news. It doesn’t matter how much free money Biden passes out to people. There can be no black economic progress in households with no one working. By the way, Hispanic Americans have by far the HIGHEST labor force participation rate and it is a major reason Hispanic incomes have been rising faster than black incomes. Immigrants in particular have VERY high labor force participation. We’ve said it before and we will say it again: all forms of federal welfare and unemployment insurance benefits should come with strict work requirements. https://www.reuters.com/world/us/why-drop-us-black-jobless-rate-may-not-be-good-news-2021-08-06/ Table of Labor Force Participation Rate By Race July 2021 Whites 61.6% Blacks 60.8% Asians 64.5% Hispanics 65.7% Source: BLS  |
| 2) The Dems Are Up To $6.7 Trillion…And Counting Chuck Schumer has announced that once he is done hoodwinking the Republicans into voting for a $1 trillion “infrastructure” bill, he’s going to immediately introduce his “reconciliation” spending bill. Here is the Democrat spending so far this year:$1.9 trillion for the blue state bailout $1.1 trillion for the green new deal $3.5 trillion for the “Social Safety Net” If our math is correct, that is $6.5 trillion. And they’ve only been in charge for seven months! Don’t you love Janet Yellen trying to calm everyone down by saying the reconciliation bill is “only $350 billion a year.” Yes from now until eternity. Oh, and by the way, Barack Obama’s stimulus plan was $870 billion. This makes Biden spending and debt binge seven times larger than Obama’s. Are they intentionally trying to bankrupt our country? Just wondering.  |
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