The latest economic news—besides chip stocks crashing last week—is that, according to the Labor Department, the U.S. added a seasonally adjusted 172,000 jobs in May, beating expectations. As always, certain sectors posted exceptional gains or losses. “Leisure and hospitality” added 70,000 new jobs. “Local government” increased as well, with 55,000 jobs, its biggest monthly gain in over two years. The “healthcare and social assistance” sector created 47,000 new jobs, and the “construction” sector showed modest job gains for the third consecutive month. Unfortunately, however, other sectors, including information and finance, lost jobs, many of them at big, high-profile companies that have conducted large-scale layoffs (some undoubtedly inspired by the coming of AI).
Naturally, the Trump Administration is taking credit for the supposed good news, but based on the sectors impacted, there’s reason to think that a lot of these new jobs are actually low-wage or even part-time positions, not the high-paying manufacturing jobs that Trump promised during his campaign, let alone jobs sought by recent college graduates. While more jobs of any kind are surely better than fewer jobs, the May report is simply more evidence of the “K-Shaped” economy (resulting from our “K-Shaped” pandemic recovery) in which America is increasingly trapped. It’s quite obvious that, as far as Trump is concerned, those on the bottom half of the “K” can just “eat cake,” while he spends millions of taxpayer dollars on his White House ballroom, the reflecting pool, and his “triumphal arch.” Indeed, if his most recent spate of late night posts are any indication, before we know it he’ll be spending our money to add himself to Mount Rushmore!
The Bottom Half of the “K” is Nothing but Dead Weight for Trump’s Grandiose Ambitions!
How long does Trump think he can continue this bizarre charade? The fact is, numerous polls show the majority of the American people are distressed about the state of the economy, not just inflation but the labor market as well. The Consumer Confidence index, a key measure of consumer sentiment, has hit all-time lows in recent months. And although Americans continue to spend, it’s disproportionately attributed to high-end (high “K”) consumers. Americans on the bottom half of the “K” struggle to afford groceries because of what they pay at the pump, while those on the top are buying luxury goods and planning their next overseas vacation.
And all the while, despite the bottom half’s mounting struggles, big American companies are showing their greatest profits ever, most of which only serve to enrich the top half. Old adages like “a rising tide lifts all boats [yachts]” or “what’s good for General Motors [Amazon perhaps] is good for America” are so obsolete they’re a joke.
And Speaking of Lost in Yesteryear. . .
Last time I suggested that Democratic Committee Chairman Ken Martin should be fired and banished to an ice flow, but let me now add Senate Minority Leader Chuck Schumer to the hungry polar bears’ menu. What a mistake to recruit Maine’s 78-year-old governor, Janet Mills, to run against Graham Platner for the senate seat now held by the notoriously “very concerned” Susan Collins. Was Mills the only person he could find in the state who was older than he was? Now it looks like the party is stuck with a very flawed candidate (Platner) who might ruin the Democrats’ chances to take back the senate in November. And if only they’d stop showing us Platner’s fat, ugly body with his shirt off exposing that Nazi tattoo. Let’s just hope Susan Collins doesn’t have any tattoos we’ll have to look at—ugh!