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Tags: rand paul | jobs | market | economy

Rand Paul to Newsmax: Added Jobs Are Economic 'Red Herring'

(Newsmax/"National Report")

By    |   Thursday, 09 June 2022 02:51 PM EDT

Sen. Rand Paul, R-Ky., on Thursday told Newsmax that improvements in the jobs market "are sort of a red herring" when it comes to economic growth.

Paul said on "National Report" that President Joe Biden "failed to let us know about the negative GDP growth in the first quarter. Many people are predicting that when the second-quarter report comes out, we'll be lucky if we're at zero growth for the year."

The Kentucky Republican said that "the jobs being added are sort of a red herring in the sense that the government closed the economy down and destroyed, you know, millions of jobs.

"Those people are coming back to work as the government is getting rid of the lockdown policies. But I don't know that necessarily there's a great deal of credit or a great deal of success there."

He added: "The other thing is, you can sort of spur growth and spur employment by printing up money, but what happens if people are losing purchasing power? You know if you have 3% growth, but 8 or 9% inflation, are you really ahead at the end of the day? I saw a statistic the other day saying the average family has 3,300 more dollars this year than last year. But when you add in inflation there at minus $1,600 as far as the net because inflation is eating away all of those so-called or nominal gains. 

"You think you're getting more money, but in the end, you spend more at the grocery store and that more money is completely evaporated and ends up being that loss."

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Sen. Rand Paul, R-Ky., on Thursday told Newsmax that improvements in the jobs market "are sort of a red herring" when it comes to economic growth.
rand paul, jobs, market, economy
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2022-51-09
Thursday, 09 June 2022 02:51 PM
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