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The Erick Erickson Show

S11 EP85: Hour 1 - It’s Still the Economy, Stupid

The Erick Erickson Show

Erick Erickson

News, News Commentary

4.5874 Ratings

🗓️ 7 May 2022

⏱️ 38 minutes

🧾️ Download transcript

Summary

The Biden economy continues its downward spiral along with his polling plus Gregg Stebben joins the program to give an on the ground report about Ukraine.

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Transcript

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0:00.0

Hello and welcome. It is Eric Erickson here. The Eric Erickson Show across the nation, the phone number, wherever you are, should you wish to be a part of this year program.

0:09.0

877-973-7-4-25. Thank you for joining me today. I hope the weather's beautiful where you are. We have to focus on the big story. You know, we're in this dogmatic season now because of the Dobbs case.

0:26.5

I was email or texting back and forth on Twitter with a listener friend yesterday that he says it feels like all I've talked about is this abortion thing.

0:35.1

And it's true.

0:36.4

It's been such a big story and it's not the actually big story. So many people, so many people are so focused on it and it's not going to matter in November. And even the Democrats behind the scenes are willing to admit it.

0:57.0

The problem here is the economy.

0:58.7

It's the economy stupid, as James Carville said, in 1992 with Bill Clinton's election.

1:03.2

It is the economy.

1:04.3

The economy is what matters.

1:06.3

And there is seemingly some good news today, but problems. Here's CNBC's Rick Santelli.

1:13.4

And on jobs, 428,000. This is our 12th month, an even dozen now over 400,000. I would have picked

1:22.8

$410,000, so I would have been close. $406 is private payrolls fifty five thousand well above expectations on

1:31.3

manufacturing and if you look at the work week

1:34.3

34.6 same as last time we were looking for a little bit more out of that and here we go the labor force

1:40.3

participation rate everybody's looking at this and it is a miss 62.2 that's

1:47.9

two tenths down from 62.4 our last look and just to point out where was it pre-COVID well in

1:54.8

February of 2020 it was 63.4 so the number looks good the unemployment number looks good. In fact, it's 12 months of

2:04.4

growth, small growth over time, but 12 months were almost back to pre-COVID levels in the job

2:10.6

market. The problem is the labor force participation rate. It's we have fewer people out there than what we've had before. Here's Brian

2:20.2

Binberg also on CNN or CNBC. This participation rate stinks. This is a problem. It is going

2:26.3

in the wrong direction and it's at the root of everything we're seeing in its economy that's

2:31.1

distorting the economy. 11.5 million open jobs and businesses cannot

...

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