As we reported this week, while Biden is bragging about the economy, the household survey which produces the unemployment rate only went up to 86,000. The biggest gain in the employment-to-population ratio comes from people 65 and over, not prime-age workers. Importantly, full-time workers actually fell by 22,000. Jobs for part-time work – part-timers rose 151,000. Also, 123,000 people are holding Multiple jobs to make ends meet, no doubt.

Larry Kudlow gave a succinct report on his show, Kudlow, on October 6th. The details follow.

The biggest gain in the employment-to-population ratio comes from people 65 and over, not prime-age workers.

Production workers in manufacturing are back underwater as manufacturing slumps. Over the past 12 months, their wages have risen by 4.3%, which is fine, but their hours worked have dropped by almost 1%.

In other words, prices are going up faster than wages.

Grocery prices are up nearly 20%, and gasoline is up 52%. That’s the failure of his frenzied spending policies, his manic regulatory policies, and his war against fossil fuels, Larry Kudlow says.

The American dream and home affordability are off the table for many middle-class Americans. 30-year mortgage rates are almost 8%, up 2% over three years.

Year-on-year, over the past 12 months, orders are flat, and backlogs are negative. The economy is largely resilient because corporate profits continue to rise, at least through the spring and early summer. Remember, Donald Trump’s corporate tax cut from 35% to 21% is permanent.

Joe Biden, the fake capitalist, who is really a socialist or worse, wants to raise taxes on all businesses and successful entrepreneurs. That would destroy the corporate profits.

Kudlow quoted Biden, boasting of the democrat economy we’re all lies:

“When I was able to cut the federal debt by $1.7 trillion over the first two years, well, remember, when you talk about those 50 corporations that made $40 billion, weren’t paying a penny in taxes. Well, guess what? We made them pay 30% to 50% in taxes, 50% nowhere near what they should pay, and guess what? We were able to pay for everything, and we end up with an actual surplus.

Nothing he said there was true. He lied about corporate taxes and budget surpluses. As Kudlow said, “The guy is incapable of telling the truth about the economy. Fiscal year 2023 will see a deficit of 2 trillion or more. Mr. Biden is a bottomless Pinocchio. He is incapable of telling the truth. There ought to be a law about that. That’s my riff. “