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 Dr. Rasmus addresses the state of working class America this labor day 2021. Creeping austerity is the defining term, as unemployment benefits are being cut, rent assistance not distributed & rent moratorium ending, job creation rapidly falling off by late summer in today’s Labor Dept. jobs report, child care payments due to expire in December, student loan forbearance in January, and no new stimulus on the horizon. Rasmus cites the 11.2m losing unemployment benefits and debunks the Republican argument with data that workers aren’t returning to work because of too generous unemployment benefits. The real reasons why many aren’t returning to work are noted. Why landlords are scuttling $46B rent assistance while the Federal Reserve continues $120/B every month in free money to bankers and investors. Dr. Rasmus then dissects today’s Labor Dept. jobs report for August and explains why only 235,000 jobs were ‘created’ last month after 750,000 a month on average in the previous 3 months.  Why the unemployment rate is at least double the official 5.2%. Why the actual employed numbers (not manipulated via seasonal adjustment) in August showed a decline in actual total employment by -364,000. Why the media and politicians always ‘cherry pick’ the most optimistic statistic from the monthly job reports and ignore other contrary data in the same reports.

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