By Stephen Zogopoulos, USNN World News
As the Biden-Harris administration continues to tout economic recovery and low unemployment rates, a closer examination of the data paints a different picture. According to a recent report by Rasmussen, the national unemployment rate is more than double the figures being reported by the administration. This discrepancy raises questions about the integrity of official economic reports and the true state of the U.S. economy.
The Official Numbers vs. Reality
The Biden administration’s Department of Labor reports that the national unemployment rate hovers around 3.8%. These figures are often heralded as signs of a resilient and recovering economy. However, Rasmussen’s independent analysis challenges these claims, indicating that the real unemployment rate could be over 8%. This gap between the reported and actual unemployment rates raises concerns that millions of Americans are being left out of the official labor market data, including those discouraged from seeking work and those underemployed.
Labor Force Participation and Hidden Unemployment
The difference between the reported unemployment rate and Rasmussen’s findings may be attributed to how unemployment is defined. Official statistics exclude those who have stopped looking for work or who are part of the “gig economy,” which often involves temporary or inconsistent work. Labor force participation rates, which measure the percentage of working-age Americans who are employed or actively seeking work, remain at historic lows. Many economists believe that the actual job market is far weaker than the administration suggests.
The pandemic exacerbated these issues, but the slow recovery and inflationary pressures have left many Americans struggling to re-enter the workforce. Rasmussen’s data reveal that a significant portion of the workforce remains underutilized or stuck in part-time jobs that offer limited benefits and financial stability.
Inflation and Rising Living Costs
Beyond unemployment, inflation has been a persistent problem during the Biden-Harris administration. The cost of living has surged, with everything from groceries to housing prices hitting record highs. Inflation remains well above the Federal Reserve’s target of 2%, significantly eroding the purchasing power of average Americans. While the administration attributes inflation to global supply chain issues and the war in Ukraine, many economists argue that massive government spending and loose monetary policies have fueled these price hikes.
The Biden-Harris administration passed the $1.9 trillion American Rescue Plan and the $1 trillion infrastructure bill, both intended to stimulate economic growth. However, the increased money supply, coupled with supply chain disruptions, has contributed to price increases across nearly every sector of the economy. Despite efforts by the Federal Reserve to raise interest rates, inflation has remained sticky, making it harder for everyday Americans to make ends meet.
Middle-Class Struggles and Wage Stagnation
The middle class, the backbone of the U.S. economy, is bearing the brunt of these economic challenges. While wages have increased in nominal terms, they have not kept pace with inflation. Real wages (adjusted for inflation) have stagnated, meaning that even those who are employed are finding it harder to afford basic necessities.
Small businesses are also struggling to stay afloat, with many citing rising costs of materials and labor shortages as critical issues. The optimism surrounding economic recovery is fading as more Americans feel the pressure of increased living costs and limited job opportunities.
Political Implications and Policy Failures
The Biden administration continues to defend its handling of the economy, pointing to lower unemployment rates, robust GDP growth, and the creation of millions of jobs since taking office. However, Rasmussen’s report suggests that these claims may be misleading, and the economic pain felt by millions of Americans is not being adequately addressed.
Republicans have seized on these discrepancies, accusing the administration of manipulating economic data for political gain. With the 2024 presidential election on the horizon, the state of the economy will be a central issue for voters, especially as more independent reports highlight the gap between the administration’s claims and the lived experiences of everyday Americans.
Question the Official Narrative
While the Biden-Harris administration paints a rosy picture of the economy, independent analyses like those from Rasmussen indicate that the true state of the U.S. economy is far more troubling. Unemployment rates are much higher than reported, inflation continues to erode wages, and the middle class is struggling under the weight of rising living costs. As more Americans begin to question the official narrative, the true impact of the administration’s economic policies will be a critical issue in the upcoming election.
Disclaimer: The views expressed in this article are those of the author, Stephen Zogopoulos, CEO of USNN World News, and are based on publicly available data and independent analysis.
