Fmr. Home Depot CEO Blasts Biden Jobs Report BS

The U.S. job market is not as “bright or rosy” as the Biden administration wants Americans to believe, according to economic experts who skipped a reality check in the June jobs report.

Former Home Depot CEO Bob Nardell and FreedomWorks Senior Economist Steve Moore joined a chorus of economic experts in calling the June jobs report “deceptively accurate” by the 'Biden administration.

“I call that number, Cheryl, deceptively correct. As you pointed out, every month it adjusts. So the 206,000 jobs, again, Steve [Moore] he is right The second largest employer last year was the government. And this year they are back on the same track. There is no GDP generated by government jobs,” Nardell, a former Chrysler chairman, said in an appearance on “Maria Bartiromo's Wall Street.”

(Video credit: Fox Business)

“Inflation is like carbon monoxide. It's the silent killer that's creating quality-of-life labor problems. It's pervasive. People are still using dynamic pricing, Steve, to your point, and we're still suffering from reckless spending. It's causing these problems in our economy. It's underscoring the flaws in our economy. And whoever gets into the White House next year is going to get hit with a wrecking ball to try to roll it back,” Nardelli continued.

Moore agreed, saying he didn't “buy” the Biden administration's portrayal of the nation's “hot” job market.

“I think we've definitely shifted into a lower gear,” he noted. “I'm not saying we're headed for a recession, but I'm saying the economy is slowing down a lot, and we're seeing that in some of the GDP numbers as well as the employment numbers.”

“If you look at the last 14 or 15 months, the biggest employer or the biggest source of new jobs has come from government and health care. And my God, we have a federal government that's running a $2 trillion deficit . They shouldn't hire workers. We should drastically reduce public employment,” he said.

“So we want to see more people … doing things in the American economy getting jobs, but that's not happening. So I don't see how [a] a bright or rosy picture with the job market right now,” Moore stated.

Nardell denounced the Labor Department's recently announced plan to raise the wage cap for receiving overtime, expanding overtime protections for 1 million salaried workers who earn less than $43,888 a year.

“That's not fair, because if you have a low-skilled job, why are they going to get paid more than someone with more skills? Because they're both doing a couple of hours of overtime? So again, I'm not sure that's fair, and I'm not sure that's an appropriate way to raise the standard of living for our families today. I think there are other things we should be doing,” Nardelli said.

“To Steve's point, we need to roll back this reckless spending,” he added. “We have to control inflation.”

Senior Staff Writer
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Originally from New York, Powers graduated from New York University and eventually made her way to sunny South Florida, where she has been writing for the BizPacReview team since 2015.

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