Main Street Shrinks as Employment Expands
In a statement released last week, the White House boasted that February’s employment numbers – which reported 678,000 new jobs – were the result of “the new economic approach [President Biden] talked about in the State of the Union: grow the economy from the bottom up and the middle out.”
In taking a closer look at which companies did the hiring, however, a very different narrative emerges. Instead, what we see is the ongoing consolidation of economic power away from Main Street and into the hands of the largest publicly-traded companies.
The official Bureau of Labor Statistics report only shows …
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