Alternative Visions - Biden’s Phony Inflation Initiatives + June Jobs Report

In the first half hour today’s show dissects the latest US jobs report for June. Why even govt stats reveal unemployment rates are nearly twice the official, low ball 3.8%. Dr. Rasmus other govt stats as a clearer picture of the job market in the US, explains why the past year jobs numbers are not ‘new jobs created’ but restoration of jobs lost during Covid, and why jobs are a ‘lagging indicator ‘ of the economy and will follow the economic slowdown in 6-9 months hence, as hiring freezes and early layoffs in some sectors are already appearing. The show’s second half debunks President Biden’s various public announcements about how he’s acting to reduce inflation: Biden’s PR  includes lowering tariffs on China exports to the US; suspending the US federal gas tax; selling oil from the US strategic petroleum reserve; jawboning gas stations to lower price at the pump more; pleading with Saudi Arabia to produce more crude oil; getting the G7 economies to fix a price of $50/barrel at which they’ll buy Russian oil as a measure to drive down to that level the global price of crude in general, from its current $100 range.  Rasmus reviews what Biden could do to bring down US gas prices but won’t. Behind the PR spin, Rasmus explains, is the real Biden solution to dampen inflation: have the Federal Reserve precipitate a recession and thereby collapse Demand (via layoffs and wage incomes) for what is a global Supply and domestic oil corps manipulation of price actual problem.