Speaker 1: This country has never been so strong militarily or any
other way.
Speaker 2: All right, coming up more of my interview at President Trump.
You have to love his optimism. You may not agree
with every number, but you have to love his optimism. Okay, Look,
apparently optimism is the new euphemism for bullshitting, for lying.
You see, that's how Trump's media allies like a Larry
Kudlow are spinning it now. Misinformation rebranded as manifestation. Literally
spin dressed up his hope January job support. It dropped
this morning. I mean, with real numbers and real data.
Let me show you how Fox reacted. Play the clip.
Speaker 3: Let's get the jobs numbers right now from Cheryl. One
hundred and thirty thousand jobs created for the month of January.
Speaker 4: The estimate was seventy thousand. Wow, was right, Maria?
Speaker 3: Four point three percent is the unemployment rate the street
was looking for. Four point four percent. This is not
the kind of report we expected to see you guys.
Let me give you the government jobs picture that is
negative forty two thousand on the government side part of
the equation. We saw that in the reports previously. We
also saw a labor force participation rate sixty two point
five percent, average hourly earnings zero point four to one percent.
That is actually higher than the expectations average hourly earnings
months to month, a little bit higher than expected. Private
payrolls one hundred and seventy two thousand.
Speaker 4: I had to do a double take.
Speaker 3: One hundred and seventy two thousand private jobs. Guys, that's
one hundred thousand above the estimate we were looking for,
seventy thousand, the average work week thirty four point three hours.
Let me get into the report here and give you
a sense of what the government is saying about where
the jobs are. We've seen healthcare, we've seen retail, but
basically where is this. Let's see here healthcare, their social assistance, construction.
Those were where they saw the build up in jobs,
the decreases they saw, as I mentioned, federal government and
also financial activities. They're mentioning a job loss and those
two sectors. So that's actually very interesting as well.
Speaker 2: Yeah, let me be clear about something something you've heard
me say again and again, an old adage. Numbers don't lie.
People do. Now, Well, they seem all ecstatic about these numbers. Ah, happiness.
I've never seen like this before about these job numbers.
Let me show you NBC's reporting. In it, it turns
around and it says US added one hundred and thirty
thousand jobs in January, but revisions show labor market growth stalled.
In twenty twenty five, the Bureau of Labor Statistics found
that the labor market added only one hundred and eighty
one thousand jobs last year, far fewer than the one
point four to six million jobs that were added in
twenty twenty four. It further goes on to say the
already complicated US labor market received a fresh jolt on Wednesday,
a strong January job support that was offset by deep
downward revisions, which showed the US economy experience almost no
employment growth in the entire year of twenty twenty five. Further,
it says previously initial data had indicated that the US
economy added five hundred and eighty four thousand jobs last year,
but more granular state data available on a leg revealed
that this initial figure was significantly higher than the final count.
The one hundred and eighty one thousand last year amounts
to just fourteen percent of the jobs created the year
before that. One bright spot was January of this year,
when hiring increased by one hundred and thirty thousand rolls.
This was significantly more than the fifty five thousand editions
that had been expected by economists. It further goes on
to say job gains occurred in healthcare, social assistance, and construction,
while federal government and financial activities lost jobs, BLS said
in a statement. And finally, still, Wednesday's report also shows
that not nearly as many jobs were added in twenty
twenty five as thought, and last year will go down
as the worst year for hiring since twenty twenty or
since two thousand and three outside of a recession. Welcome
back to The Michael Cone Show on our continued journey
to a million subscribers, and thanks to you, we're getting there.
So hit subscribe, watch, comment, and share because this stupidity
it's got to stop. And additionally, on a programming note,
I also want to let each and every one of
you know that while Maya Kulpa and Politic beat Down
will no longer be shown or available on the Mightiest
Touch Network, these shows they're not going anywhere, and they
will be available on my YouTube channel right here at
The Michael Cohen Show or wherever you listen to your podcasts. Now, look,
like I said in the NBC article, federal government was
one of the sectors that significantly lost the most amount
of jobs. Trump, for whatever the reason might be, and
I can't understand it, and I know him better than anybody.
He almost seems proud of that play the clip.
Speaker 1: I've got hundreds of thousands of jobs, and we still
have good employment numbers. But if I want to have
the greatest employment numbers you've ever seen, or have to
do this, say I and hire half a million people.
Speaker 4: That's why the Democrats you want the private sector.
Speaker 1: Now, what happened is the people I cut are now
working in the private sector and they probably hated when
they lost their job, and now they love me.
Speaker 4: They're making twice the money.
Speaker 1: So you's kind of still go after the Hall waste
for audult Well in Minnesota.
Speaker 2: No, again, none of this, none of this is economically sound,
and Larry Kudlow actually knows it. But for whatever the
reason may be, nobody ever wants to push back and say, okay, look, okay,
number one, yeah, could you hire five hundred thousand There
aren't five hundred thousand government jobs even available, So let's
assume that everybody that Doge cut you brought back every
single one. The numbers still wouldn't be as you say,
Nor are people making more money today than they were before.
So nobody again wants to argue with him or hold
his numbers to account. Now Trump he then also told
Cudlow that he has the greatest economy in history. Play
that clip.
Speaker 1: In fifty years a president has won, even a popular president,
somebody has done well.
Speaker 4: I'm popular and I've done well.
Speaker 1: I mean, I think we have the greatest economy actually
ever in history.
Speaker 4: We broke fifty and we broke seven thousand.
Speaker 1: They said I wouldn't do that for four years, and
I did it in one year.
Speaker 2: No, that's actually not true. By the way, it is
not the greatest economy in US history. What he's doing
is he's conflating multiple multiple situations.
Speaker 4: Here.
Speaker 2: First and foremost, the stock market is not the economy.
It is one of many indicators as to what drives
the economy. Car sales, home building, right home buying. Then
you have also, you know, consumer confidence in consumer spending.
The economy is predicated swaps and bonds and stocks and
four to one k's and job growth. All of this
this each one is nothing more than a peg on
the wheel of the economy. So when he says that
we have the greatest economy in history, speak now to
the young, Speak to those who are coming out of
college that don't know what to do. They have no
clue because they can't find jobs. Let me go on
one step further. Finally, finally, I actually want to end
on a clip of Peter Navarro. I can't take this guy. Yesterday,
before the job numbers even dropped, he was sent out
to literally prepare Americans for potentially bad numbers. Play that clip.
Speaker 5: One thing I want to note the job supports coming
to come out tomorrow. Yeah, we have to revise our
expectations down significantly for what a monthly job number should
look like. When we were letting in two million illegal
aliens just they're coming in, come in, we had to
produce two hundred thousand jobs a month for steady state.
And by the way, all of the jobs that we
were creating in Biden years, we're going to illegals. Americans
were going to the unemployment lines. That's totally reverse. And
now fifty thousand a month is going to be more
like what we need so pall Street. When this stuff
comes out, they can't they can't rain on that parade.
They have to adjust for the fact that we're deporting
millions of illegals. That's a good out of our job market.
Speaker 3: But it sounds like you're expecting a week number tomorrow.
Speaker 4: No, not expecting a week number.
Speaker 5: I'm just saying that going forward, when we see a
number under one hundred thousand, we don't wring our hands.
We say, yeah, that's going to be steady state.
Speaker 2: So let me say a couple of things. First of all,
Pete and Navarro number one, he knows better. This has
nothing to do with undocumented immigrants. This is nothing to
do with the deportation, the mass deportation, now ice raids
and so on. It has nothing to do with it
at all. Let me also go on, just to give
you a legitimate piece of fact. The greatest fifty year growth,
and you should google it was the effects of the
New Deal. It was the fifty years that took place
between post World War two economy and the New Deal. Literally,
from like nineteen fifty to the year two thousand, the
United States saw the greatest economy growth in the history
of the world. That just happens to be a fact,
all right, No matter what anybody else is going to
tell you, that window between those fifty years saw the
greatest increase in the economy in the history of the world.
Here's another thing that we also know. And this happened
under Biden. It happened under old Obama. It happened under
Trump one, it happened under Bush, happened under Bush one,
Bush two happened under Reagan. It happens all the time.
These numbers, they get readjusted and doesn't come out right away,
comes out a little bit. I don't know, a month, two,
sometimes three. If they're lazy and slow, I suspect, mark
my words, it's February eleventh today. Sometime in March or April,
you're going to find this number significantly, significantly lower. And
as always, thanks for listening. Hey everyone, First of all,
thanks for watching. I mean, we're going to be posting
daily episodes with reactions and talking about politics. We'll be
talking about everything in fact, so please like and subscribe
join us on this journey.