Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 678,000 jobs in February. The unemployment rate fell from 4.0% to 3.8%. The labor force participation rate rose from 62.2% to 62.3%. Wages barely rose for the month, up just 1 cent an hour or 0.03%. The year-over-year increase was 5.13%. Inflation stands at 7.5%, meaning workers are experiencing a net pay cut. Job Creators Network (JCN) calls it the “Biden pay cut.”
Alfredo Ortiz, JCN President and CEO released the following statement:
“This jobs report shows real wages are falling significantly. This Biden pay cut is a result of historic inflation due to Democrats reckless policies. Biden will take credit for the jobs in this report, but red state governors with free market policies opposite of Biden’s agenda are driving this job growth. Their unemployment rates are significantly lower than their blue state counterparts.
In addition, these are returning jobs, not new jobs. We had nowhere to go but up when we were down 22.4 million jobs at the height of the pandemic. And we’re still about two million jobs short of our pre-pandemic peak. Labor force participation has only gained back around two-thirds of its pandemic-related decline. Only seven percent of small businesses are fully recovered from the pandemic, according to the latest Job Creators Network Foundation poll of small business owners.This week, JCN erected a billboard in the heart of Times Square calling Biden out for his failure. Our message: ‘Drill More, Pay Less. C’Mon Joe. This ain’t hard.’ Or at least it shouldn’t be hard. To date, Biden refuses to impose sanctions on Russian oil – our best weapon to help Ukraine and revive American energy independence. Another Biden disaster.”
This week, JCN erected a billboard in the heart of Times Square featuring an image of Vladimir Putin. The billboard’s headline reads, “HEY VLAD. SCREW YOU! NYET TO RUSSIAN OIL. TIME FOR AMERICAN OIL.” And it concludes, “Drill More, Pay Less. C’Mon Joe. This ain’t hard.” To see the billboard, click here.
This week, FoxBusiness.com ran Mr. Ortiz’s op-ed, Biden can’t sidestep accountability at home by focusing on Russia, Ukraine in State of the Union address. To read it, click here.