Peter St Onge Podcast
Ep 84 Weekly Roundup: 1.3 Million Jobs Lost
Sep 23, 2024
Delve into the grim reality of job losses, with 1.3 million Americans affected. Discover why more seniors are considering returning to work due to financial pressures. Explore the rising inflation and its hit on low-income households. Get insights on a bold tax cut proposal aiming to return $10.5 trillion to taxpayers. Finally, challenge the media's narrative on tax cuts as costs rather than income increases. Tune in for a fascinating examination of economic policies and their real-life implications!
20:14
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Quick takeaways
- The loss of 1.3 million jobs for Native-born Americans highlights a troubling reliance on foreign-born workers amidst a changing job market.
- Financial pressures force many middle-class Americans to work into their 80s, revealing inadequate retirement savings and rising living costs.
Deep dives
The Impact of Foreign-Born Workers on Employment
The significant drop in employment among Native-born Americans, with a reported loss of 1.3 million jobs over the past year, highlights the increasing reliance on foreign-born workers. During the same period, foreign-born employment saw a gain of 1.2 million, leading to concerns over the so-called 'great replacement' of American workers. The data reveals that since the pandemic began, 3 million jobs were created for foreign-born individuals, many of whom are undocumented, while native workers lost 1.4 million jobs. This unprecedented shift raises questions about the evolving job market and the implications for the American workforce, as the economy struggles to expand opportunities for citizens amid growing competition from non-citizens.
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