<p>Sen. Mike Rounds (R-SD) said that while the July jobs report showed strong job growth, those numbers could be a &#8220;precursor&#8221; to &#8220;serious economic issues coming very shortly.&#8221;</p>
<p>Appearing on ABC&#8217;s &#8220;This Week with George Stephanopoulos&#8221; on Sunday, Rounds said that while the job figures were high, they masked the fact that soaring inflation meant payrolls are declining in value, so companies are still hiring.</p>
<p>&#8220;You talked about the possibility of a recession, we just saw that jobs report on Friday, 528,000 new jobs in July, 3.5% unemployment, that’s 50-year low,&#8221; host Stephanopoulos began.</p>
<p>&#8220;There are two parts that we want to remember,&#8221; Rounds <a href="https://abcnews.go.com/ThisWeek/video/sen-mike-rounds-88061623">responded</a>. &#8220;First of all, we know that our GDP has gone down the last two quarters, so let’s all recognize that’s accepted by everybody, that is down.&#8221;</p>
<p>&#8220;The second part is that, while we’re very happy to see the job growth, positive thing, remember that back in the 1970s, and moving into the 1980s, we actually saw job growth, because unless your wages are keeping up with inflation, payrolls actually go down in value. And so what you’re actually seeing, we believe, might be a precursor of what&#8217;s to come.&#8221;</p>
<p>&#8220;You&#8217;re gonna find out larger companies such as Walmart are starting to talk about to reduce the number of people they&#8217;re gonna be employing,&#8221; Rounds continued. &#8220;But in the meantime, if your wages&#8211; if you can save on wages because, as inflation goes up, the value of wages is not as great as it was, unless it&#8217;s also going up at the same or greater rate– well then, you can afford to have people stay on the payroll, and your payroll actually goes down compared to the products you’re producing or that you’re buying and moving through the market.&#8221;</p>
<p>&#8220;So while this is good and we want to see job growth, I don’t think we can necessarily say that this is not a precursor yet to probably some more serious economic issues coming very shortly,&#8221; he added. &#8220;We hope we’re building our way out of a recession but you don’t do that by raising taxes. You do it by promoting and expanding businesses, getting the economy rolling again.&#8221;</p>
<p>The economy added 528,000 jobs in July, as The Daily Wire <a href="https://www.dailywire.com/news/u-s-july-jobs-report-528000-added-unemployment-down-to-3-5">reported</a> Friday, pushing the unemployment rate down to 3.5%. But that number may not be an accurate measure of the strength of the economy, experts noted. “The gain of 528K #jobs in July as the labor force participation rate fell to 62.1, means that most of the new jobs went to people who already had jobs,” economist <a href="https://twitter.com/PeterSchiff/status/1555541334374731776?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1555541334374731776%7Ctwgr%5E67687a57aef49e925cb2d18126e753ced1a5fbab%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.dailywire.com%2Fnews%2Fu-s-july-jobs-report-528000-added-unemployment-down-to-3-5">Peter Schiff</a> tweeted.</p>
<p>“Collapsing real wages force many workers to moonlight to pay the bills. If the labor market were strong one job would be enough,” he added.</p>

<script async src="https://www.instagram.com/embed.js"></script>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<script async src="https://www.tiktok.com/embed.js"></script><div data-widget-host="revcontent" data-pub-id="165152" data-widget-id="290588"></div><script src="https://delivery.revcontent.com/165152/290588/widget.js"></script>

GOP Senator: Jobs Report Could Be A ‘Precursor’ Of ‘Serious Economic Issues Coming Very Shortly’

Comer Says He ‘Can’t Track Down The Informant’ In Biden Family Investigation

Autistic Grocery Clerk Fired From California Supermarket After He Was Violently Assaulted Three Separate Times: Report

Justice Is…Bovine? Herd Of Cows Helps Round Up Criminal In North Carolina

Gavin Newsom’s Revised Budget Will Make California’s Budget Deficit Worse, Even As State Mulls Enormous Reparations Package

Oklahoma Police Run Toward To Cries For ‘Help’, Coming From A Very Upset Goat

California’s Reparations Committee Wants State To Apologize For Ronald Reagan Coining ‘Welfare Queens.’ Except, He Didn’t.

News

Economy

Jobs

Recession

Republican

This Week

A video goes viral showing a baby being refused his mother by two gay "dads". This is just the tip of the iceberg, which is why we will have an important discussion today about surrogacy. 

Hour 1

The Matt Walsh Show

Ep. 1765 - This Video Is One Of The Worst Things I've Seen In A Long Time 

The Strait of Hormuz officially opens for business (kind of), the Pope makes “shocking” comments on immigration, and President Trump promises UFO disclosure at TPUSA. 


The Michael Knowles Show

Ep. 1956 -  Pope Leo's "SHOCKING" Immigration Comments EXPLAINED

A false miscreed has corrupted our leadership class.


The Andrew Klavan Show

Ep. 1275 - Dumb, Dumber and Progressive

President Trump announces a 10-day ceasefire between Lebanon and Israel, a murder-suicide involving former Democratic Lieutenant Governor Justin Fairfax shakes Virginia, and France and Britain hold a conference to secure the Strait of Hormuz – after the Iranian conflict ends. Get the facts first with Morning Wire.

- - -

Ep. 2738

- - -

Wake up with new Morning Wire merch: https://bit.ly/4lIubt3

- - -

Today's Sponsors:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text 'WIRE' to 83848 to learn more.

Pocket Hose - Text MORNING to 64000 to get a FREE pocket pivot and their 10-pattern sprayer with the purchase of ANY size Copper Head hose. Message and data rates may apply.

Morning Wire

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26

U.S. Expands Hormuz Blockade & VA Fairfax Deaths Investigated | 4.17.26 [Member Exclusive]

A ceasefire goes into effect between Israel and Lebanon, a tragic murder-suicide rocks Virginia, and Dairy Queen deploys AI in the drive-thru. Get the facts first with Evening Wire.
- - -
Ep. 2737
- - -
Wake up with new Morning Wire merch: https://bit.ly/4lIubt3 
- - -
Today’s Sponsor:

Alliance Defending Freedom - Visit https://JoinADF.com/WIRE or text “WIRE” to 83848 to learn more.


Evening Wire: Lebanon Ceasefire Begins & Murder-Suicide Rocks VA | 4.16.26

The Pendragon Cycle

Menu

— News —

GOP Senator: Jobs Report Could Be A ‘Precursor’ Of ‘Serious Economic Issues Coming Very Shortly’