How fast is the economy shedding jobs?
The ADP NER Pulse
Q: What Is the NER Pulse?
A: Three times a month, Main Street Macro releases the NER Pulse, an estimate of the week-over-week change in employment based on a four-week moving average. These releases are seasonally adjusted and have a two-week lag to allow for more complete and accurate estimates of real-time employment trends. At the beginning of each month, we publish the National Employment Report, which is built on a reference week that includes the 12th day of the month. We do not publish the NER Pulse during NER release weeks.
For the four weeks ending Oct. 25, 2025, private employers shed an average of 11,250 jobs a week, suggesting that the labor market struggled to produce jobs consistently during the second half of the month. These numbers are preliminary and could change as new data is added.
How Slow Is Too Slow?
Last week, The ADP National Employment Report showed that job growth had resumed in October after a two-month downturn, with private-sector employers adding 42,000 jobs.
The gain was welcome, but it wasn’t broad-based. Education and healthcare, and trade, transportation, and utilities led the growth. For the third straight month, employers shed jobs in professional business services, information, and leisure and hospitality.
However limited, October’s reading was still positive, to the relief of many economists and investors. Among these market-watchers, there’s growing sentiment that job growth will remain slow for the indefinite future due to a reduced demand for and short supply of workers.
With labor supply and demand both slowing, economists are on the lookout for a new break-even rate. That’s the minimum number of jobs the economy needs to add each month to keep the unemployment rate steady.
But over the next decade, it will be difficult to find and maintain a balance in the labor market.
Between 2010 and 2019, employment growth was steady. Demographic and technological change has disrupted that constant.
Retirees are growing in number and the population growth of prime-age workers, people between 25 and 54, is slowing. New developments in artificial intelligence are changing the workplace.
The aging U.S. population will give health-care employment a consistent boost. Job growth in other sectors will depend on short-term demand fluctuations that are difficult to forecast in the presence of labor-changing technological advancements.
Not only is the pace of employment growth shifting lower, it’s doing so in a jagged path across occupations, industries, and geographies. Going forward, instead of being a stable constant, the break-even rate more likely will be constantly moving.
So, how slow is too slow? That will be an open question for years to come.
ADP vs ADP
Last week I commented Private Employers Added 42,000 Jobs in October, First Increase Since July
ADP reports a modest 42,000 jobs added. The BLS report will be delayed or cancelled.
Year-Over-Year Change in Employment
- Small: -68,000
- Medium: +327,000
- Large: +836,000
This is a huge problem because small businesses are the key driver for job growth.
Surprised by the Small Business Drop?
If so, you shouldn’t be. Tariffs are particularly hard on small businesses who have fewer means of tariff avoidance.
+42,000 or -45,000?
I was skeptical of the 42,000 gain. Now we see it more likely -45,000.
Q: How do we arrive at that?
A: -11,250 per week * 4 = -45,000
If that is in the ballpark, we are going to have a substantial negative revision in the next ADP national report.
ADP Stops Giving the Fed Access to Its Private Jobs Data
On October 22, I commented Flying Blind: ADP Stops Giving the Fed Access to Its Private Jobs Data
Since the government has restarted, I expect to see partial BLS jobs reports next week.
The establishment survey is automated so those reports will come out shortly.
The Weekly unemployment claims numbers are produced by the states but compiled by the BLS. I expect that data will come out next week as well.
The unemployment rate is based off a Household Survey that was not taken. If the BLS comes up with anything, it won’t be based on anything (which some may sarcastically ask, what’s the difference?)
PEW on ADP
ADP is a huge sample but is not without issues as noted by Pew Research.
The BLS jobs report comes from two surveys: one of 60,000 households (which generates the unemployment rate) and the other of 121,000 business establishments (which generates the payroll employment figures). ADP bases its report on anonymized, aggregated payroll data from its clients. It measures job growth or shrinkage by comparing employers’ payrolls in a given pay period with those from the previous pay period.
Those differences mean the ADP data can’t perfectly substitute the BLS data. For one thing, the ADP data isn’t representative of the entire economy; the company’s client base tilts more toward mid-sized businesses than the BLS employer survey does. The ADP data also excludes government workers entirely and doesn’t allow as detailed of an analysis as the BLS datasets. (If you want to know how many leisure and hospitality jobs there are in Athens, Georgia, the BLS is where you want to go.)
But the two data series share some important similarities. Both use the week that includes the 12th of each month as their monthly reference point (though ADP releases new data weekly). And both use the BLS’s Quarterly Census of Employment and Wages, or QCEW, to benchmark and revise their monthly estimates. The QCEW comes from employers’ unemployment tax filings and covers more than 95% of all U.S. jobs. But it has a time lag of several months and was last published in September (covering the first quarter of 2025).
It is the weighting issue and time-lag issues that have bothered me the most. And the BLS does not do a small-medium-large breakdown so we have no comparison at all.
ADP shows small businesses are shedding jobs. The BLS has no breakdown.
I suspect both are underweight small and overweight large but I cannot prove it.
Q: Why?
A: BLS sampling and response rates.
Large- and medium-sized businesses are far more likely to respond to BLS surveys than small businesses. And small businesses that are struggling are more likely to not respond at all. Certainly, businesses that are out of businesses will never respond. So there is a survey return bias that is huge.
The BLS tries to make up for this sample bias with its ridiculous Birth-Death model that woefully lags because it is based on QCEW data that woefully lags.
Regardless, ADP does show a trend that I have long expected. Small businesses are in trouble and tariffs have exacerbated the problem.
Since small businesses are the largest employers by far, the BLS is missing the boat. If ADP has overweighted medium-sized businesses it has similar issues.
Revelio to the Rescue?
On November 7, I noted Revelio’s Realistic Assessment of the US Labor Market and Jobs – Sinking Fast
Kudos to Revelio for providing an excellent set of jobs-related data.
RPLS is a freely available macroeconomic labor market set of statistics built from 100+ million U.S. profiles to provide a clear view of workforce dynamics. It follows a format similar to the U.S. Bureau of Labor Statistics (BLS), tracking employment levels, wages, and job transitions at a scale that traditional surveys cannot, offering a continuous picture of the labor market. RPLS intends to close the growing information gap and deliver unbiased data on the U.S. workforce for policymakers, businesses, and the public.
Year Over Year Change
- January 2022: 4.585 million
- January 2023: 3.466 million
- January 2024: 1.436 million
- January 2025: 561 thousand
- October 2025: 203 thousand
Revelio noted the same thing as ADP regarding expanding sectors.
The only two big bright spots were Education and Health Services (related to aging demographics and illegal immigration), and Financial Activities (related to AI and stock market deals).
Cost Cutting Hits Jobs. October Layoffs Surge to Highest Level in 20 Years
On November 6, I noted Cost Cutting Hits Jobs. October Layoffs Surge to Highest Level in 20 Years
The jobs hit parade is running in reverse. Hiring lowest in 14 years.
And to wrap things up, a Richmond Fed survey suggests I have been right about tariff impact on small businesses. For discussion, please see Richmond Fed Survey Shows Small Businesses Impacted More by Tariffs
Local business conditions are negative for small and mid-sized businesses.
Link Recap
- ADP: On November 6 I noted Private Employers Added 42,000 Jobs in October, First Increase Since July
- Revelio: On November 7, I noted Revelio’s Realistic Assessment of the US Labor Market and Jobs – Sinking Fast
- Challenger & Gray Layoffs: On November 6, I noted Cost Cutting Hits Jobs. October Layoffs Surge to Highest Level in 20 Years
- Richmond Fed: On November 6 I noted Richmond Fed Survey Shows Small Businesses Impacted More by Tariffs
I have many excellent charts in the links discussed. Please click on some of the above for more details and graphs.
Anyone who says the economy is on strong footing needs to explain 5 posts (counting this one) that suggest otherwise.
Excellent Comment by Terrance: “Every politician is kicking the debt can down the road, only to make the problem worse by the month.”
Bingo. And they all deny it. Amusingly, both Trump and Biden pledged to not touch SS. Well, if you don’t touch it, by 2032 it is insolvent.
Either benefits reduced (by law) or they change the law, or they increase funding.
Which is it?
I suggest they will change the law and pay out more than collected, increasing the deficit.
What they should do is make changes and increase funding, or balance the budget overall. If they do the latter (fat chance), then they can afford to pay out more SS.
Yes, and everyone was aware of the problem going back to the Regan years is what I recall but more recently was Bush in 2005. This was the town hall where a woman said she was working 3 jobs and Bush responds it’s uniquely American.
https://georgewbush-whitehouse.archives.gov/news/releases/2005/02/20050204-3.html
And here’s the problem. When the Social Security system was designed, the average life expectancy was about 60 years old and benefits were at a certain level, and the number of payers into the system were significantly greater than they are today. As a matter of fact, in 1950, some 14 years after the system was designed, there were 16 payers into the system for every beneficiary, as that chart says. And that’s important, because the more beneficiaries there are paying into the system, the more likely it is a beneficiary is going to get paid.
Secondly, what has changed since then is that we’re living longer. The life expectancy is now 77 years old. And as a result of living longer, you’ve got people who have been made promises by the government receiving checks for a longer period of time than was initially envisioned under Social Security. Secondly, the benefits that had been promised are increasing, so you’ve got more — and thirdly, baby boomers like me and Hagel and a bunch of others are getting ready to retire. So you’ve got more people retiring, living longer, with the promise of greater benefits.
The problem is, is that the number of people putting money into the system is declining. So you can see the mathematical problem, right? Greater promises to more people who are living longer, with fewer payers. That’s a problem — particularly when you start doing the math. And it’s summed up by this chart, that says, in 2018 — the facts are, in 2018, that the amount of money going out of Social Security is greater than the amount of money coming into Social Security. And as you can see from the chart, it gets worse every year. That’s what that red means.
So, like, for example, in 2027, the amount of money required for the government to come up with to meet the promises is $200 billion above the payroll taxes collected. And some 13 years later, the system is broke. In other words, in 2042, it is flat bust. So, because more people are receiving higher benefits and living longer with fewer people paying into the system, the system goes into the red in a pretty short order. And every year it gets worse — $200 billion in 2027, about $300 billion in 2032. And so it just accumulates. And if we wait, it gets worse. In other words, it’s more costly to solve the problem. So we have a problem.
That was in 2005, 20 years ago and nothing has been done, literally nothing except add more promises of more benefits to people. And now the “problem” has moved up a decade and it’s just around the corner. God help all the socialists collecting benefits if we have a deep recession or depression.
Got exit strategy?
mostly agree. raygun was a great con man. lifelong shill for MIC. he tripled the debt and doubled the MIC in peace time. hat tip to his grifter skill. amazing how many still revere him. losers win by losing.
“Ronald Reagan proved deficits don’t matter.”
– Death Cheney
>> When the Social Security system was designed, the average life expectancy was about 60 years old
The person who wrote this “forgot” to use a number adjusted for infant mortality. This makes it sound like most people died even before reaching eligibility!!
My guess is people should consider “remaining life expectancy” for people already age 65. Back in 1935, retirees were expected to live roughly to age 77 (men) or 79 (women). Today, there’s an extra 7 years.
Life expectancy and age at death are different. It’s a myth that we have long lifespans in America. Americans are drug addicted (prescription and illegal), obese and not fond of exercise. According to the CDC, the average American male dies at 72. Who wants to retire at 70 and enjoy life for only two years?
The only way they can make the problem worse would be by making an ill-advised intervention, which, in my humble opinion, they are almost certain to do. The best thing to do is to carry on, and whenever the crisis occurs, the people who are in it will be much better able to address it at that time. The national debt when the crisis hits, whether it’s 40 trillion, 60 trillion,100 trillion, whatever, it simply does not matter how big it is on disaster day. It is unlikely the money will be paid back in full, or that the creditors would be in favor of that option given the insanely negative consequences for the global economy. Fiscal responsibility is dead. On disaster day, whenever that will be, they will be make very good decisions. Any decision today is likely going be a really bad decision.
Trump already made the situation worse with his “no tax on SS” scheme.
That was illegal as first proposed, but the workaround was legal but increased the problem
Just wondering. What workaround are you talking about? The $2000 additional deduction for seniors? Seniors don’t pay into SS, unless they’re working. How is that making things worse in terms of SSTF?
After the RE plunge in 2021 and after Trump had an exit strategy out of China their large banks are in the red, BK. They auction commercial, multi apt and factories 30% below market rates, to raise cash. A tsunami of dumping RE. Their desperate depositors are hiding cash under the mattress or buying gold at $4,000/oz. The situation in China is the inversed of the US.
So I think this is one reason they are ready to do away with the affordable care act, Medicaid and Medicare cuts. It just doesn’t make sense to keep unproductive people alive if you want a system based on just money and something else. The more deaths of those on any government benefits, the better it is for government. You need a system where more people pay into it than draw from it. That is not where the US is. The history of empires devaluing their currency before collapse is long. Roman Empire, Spanish Empire, Great Britain and next the US. Every empire always ends the same.
> just doesn’t make sense to keep unproductive people alive
Gonna need a bigger plandemic. /s
What I can’t understand is that most (semi-educated/aware) people know this, yet we continue to be be manipulated into this left/right paradigm, where it’s always the other sides fault, all the while, nothing is done.
I always say that I’m “Independent” and the reason I say that is that I have opinions on certain issues that “cross lines”. Example, I am for a fiscally responsible government (does that make me a “conservative”?) but, I’m also for some fashion of universal health care because I think that citizens shouldn’t go broke to get medical care, and the for-profit model can’t work without having some people not being able to afford it (does that make me “a leftist” a “socialist”?)
That being said, we continually vote in the same bunch of assholes that do nothing but demean and degrade the other side and take in donor money.
We, as citizens, need to stand up and vote ALL of these dickheads out of office and elect people who choose to work for us, the citizens. It doesn’t matter if your left or right. If the system is not working (be it Social Security/Healthcare/Whatever), its up to us to vote people in who will work together in order to solve the problem as best we can. The solutions that both “sides” have given us in my lifetime have simple not worked and the proof is that everyone, on both “sides” is pissed off and disatisfied!
Well – I wrote in Mish for president.
Who did you vote for?
i vote libertarian for potus mostly. sometimes the green party like nader in 2000
I didn’t see you on the ballot in Texas. But, I’m talking about congress anyway
I voted Clown Car Party, and they won by a landslide.
THey are bi-partisan, equally weighted between idiots and morons – the perfect fit for Government.
i always vote for the libertarian or green candidates for federal office like potus or senate. sometimes i write in myself on uncompetitive judges races. republic penned by plato and socrates summed it up 3000 years ago. democracy works. don’t do it if you have assholes in your city/state. amerikans are assholes. so we elect ourselves. the 3000 year old truth. everyone hates this reality.
One more point.
Once the system embraced inflation in 2002 by deregulating derivatives and allowing derivatives trading on commodities, that is when this bust was all cooked in. At some point, we went from a productive economy to one based on trading assets. That is a shell game that cannot go on very long relatively speaking.
I agree. Trump is wrong for not doing anything. My top four suggestions are:
Raise the full SS taxable amount to $500K from the current ~$168K. To do this, you’d probably have to reduce the 12.4% down by some amount over, for example, $250K or maybe $300K. Cutting it in half to 6.4% makes sense.
Give anyone the opportunity once they start drawing SS to take a tax deduction for any or all of the SS they choose not to receive.
Add a mandatory 0.50 to 1% SS tax on all income over $500K for which you receive an equal current year tax deduction, but you don’t receive any SS retirement benefit. There’s no cap on Medicare, so why’s there a cap on SS?
Raise the FRA slowly over 15-20 years from 67 to 70 for those born after 1975. The most recent increase from 65 to 67 has been happening over the last 22 years and finishes, I believe, next spring.
Good ideas, especially your third paragraph. A lot of boomers don’t need the income.
Looking at the month over month change numbers from ADP, the ADP September numbers showed an unexpected decline of 32,000 jobs. That was the 2nd monthly decline in a row. ADP’s August report showed a decline of 3,000 jobs. Many in the financial press looked at these numbers and concluded that the economy was headed for a recession. Could be maybe. But these ADP numbers are seasonally adjusted. ADP also publishes the raw, unadjusted numbers. It’s straightforward, then, to calculate the size of the seasonal adjustments used. The results are … interesting.
For the past 15 Septembers, the ADP seasonal adjustments have averaged + 301,000. The smallest seasonal adjustment for any of those past 15 Septembers was +127,000. The smallest, that is, until this September. The most recent seasonal adjustment for this September was only +84,000. That’s almost twice as small as the previous smallest adjustment.
This is odd. Especially so since the raw numbers were not particularly bad. For example, the prior 2 Septembers … 2023 and 2024, the raw numbers showed monthly changes of -379,000 and -223,000 respectively. The seasonal adjustments for those months were +474,000 and +417,000. Last month, the raw numbers showed a change of only -119,000. The median September change is -101,500. And the seasonal adjustment for that month was +258,000. If that same seasonal adjustment of +258,000 was applied to the current raw September number of -119,000, the seasonally adjusted number would have been +139,000. And the financial talking heads would be having an entirely different discussion today. Yet the seasonal adjustment for the current September was a miniscule +84,000. Why?
In fact, looking at the seasonal adjustments for the previous 15 Septembers we see that their mean is 301,800 and standard deviation is 94,569. So, the Sept seasonal adjustment of only 84,000 lies more than 2 standard deviations from the mean. That is extremely odd. It is an outlier that requires an explanation.
We see the same thing again for October. Looking at the ADP numbers for October, the Seasonal Adjustments again look far different than those in the 15 prior Octobers. Once again, as in September, it appears to be more than 2 Standard Deviations from the mean and hence an outlier that requires explanation. Any ideas?
No ideas but thanks for sharing.
There is a package that one can buy to do these adjustments. Expensive.
I believe everyone uses the same one. If so this is not ADP’s adjustment. But I am not positive of that.
Mish
germany and bismarck set up the first pension plan (1889) at 65 when the average lifespan was 61
It was a bonus for living that long
Since the US is almost 80, plan should kick in at 82-83 range to compare
> germany and bismarck set up the first pension plan (1889) at 65 when the average lifespan was 61
That’s probably not adjusted for infant mortality or people dying before reaching age 65. What was the remaining life expectancy of people then at age 65?
Layoffs at my employer this week. They were one of the last to capitulate in the semiconductor industry despite boom orders due to AI boom .This is effectively a repeat of 2020 for tech companies who profited from the infrastructure boom of Covid/remote work. I’m told lists have already been prepared for January layoffs as well.
Thanks for that and best wishes.
the problem is SS was never a retirement plan. it was just insurance NOT to have to eat cat food. get a grip on reality of what it was intended to do. the fact people think of it as a retirement funding is just poppycock. but alas we live in pax dumbuckistan. idiocracy was a documentary. our POTUS is a PEDERAST. crumbling evil empire 101. history books littered with stuff like this.
Investors sold the mag7 had some fun and deposited the rest in the banks, for an
IOU. Interest income plus fees minus NPL is growing. Some banks borrowed from the Fed, or other banks, for an IOU. Operating income and net income are positive, but when u deduct the two IOU their real [inflow minus outflow] is negative. If the Fed cuts rate deposits in the banks will drop.
Voting had consequences. If you vote for economic demise, you get economic demise. Trump has done exactly what he said he’d do.
No Boomer voted for FDR or LBJ.
Every pol since then had a chance to tweak or drastically change taxes and spending from their term onward. They made it worse. And the boomers and everyone else generally voted for them.
About 10,000 people (Baby Boomers) retire each day, on average, 365 days a year. A loss of about 10,000 a week can be interpreted as a gain of about 60,000 a week.
At an increasing rate, machines continue the economic activity but without being taxed. (Speaking of which, this is another way the system incentivizes replacing people with computers.)
How to restore solvency? Restore the tax on the economic activity. Here’s one way tomdo it: Tax the use of computers by businesses. More specifically, apply an exponential tax on the sum of annual teraflops above a personal exemption threshold.
We get to ask ourselves, “Why is employment (and wages) doing so badly?”
Beware of knee-jerk answers.
The problem is the average family of four owes about $500,000 in personal, state and federal debt. Interest payments of about $2,500 per month per family is a pretty big hit on affordability. This isn’t a Republican or Democrat issues, its a political issue across the spectrum. Every politician is kicking the debt can down the road, only to make the problem worse by the month.
Excellent Comment by Terrance: “Every politician is kicking the debt can down the road, only to make the problem worse by the month.”
Bingo. And they all deny it. Amusingly, both Trump and Biden pledged to not touch SS. Well, if you don’t touch it, by 2032 it is insolvent.
Either benefits reduced (by law) or they change the law, or they increase funding.
Which is it?
I suggest they will change the law and pay out more than collected, increasing the deficit.
What they should do is make changes and increase funding, or balance the budget overall. If they do the latter (fat chance), then they can afford to pay out more SS.
They are paying out more than collected now. The difference is made up by the fake trust fund. That phantom disappears in 2032 or so.
‘Ghost job’ postings are adding another layer of uncertainty to the stalling jobs picture
https://www.cnbc.com/2025/11/11/ghost-job-postings-add-another-layer-of-uncertainty-to-stalled-jobs-picture.html
I have not posted the charts (or even created them yet) but Revelio has better data on true job postings, sorting out duplicates. Now that you bring that up, I will look at creating some charts.
Hey Mish – Breitbart just posted something from the SF Fed. Of course the headline is tariffs reduce inflation. Doing a quick read of the article, that is the conclusion, but the other part is increasing unemployment. Do you want to comment on this study?
A portion of those ghost jobs got to H1-B visas. Companies post them but hire H1-Bs.
JD Vance needs to convince Trump it’s time to sunset H1-Bs & other similar visas ASAP.
These visas are the biggest SCAM of the 21st century. Abou the only thing more criminal is the Fed.
Let’s examine some facts.
Foreclosures are skyrocketing.
Subprime auto lenders are collapsing bringing down some hedge funds.
Student loan defaults growing.
Unemployment is rising.
Inflation is rising.
Health insurance costs are about to explode.
Commercial real estate coming home to roost and more defaults.
Stock market correcting.
Yup, it’s what I expected from a repub run government and it only gets worse from here.
They promise to help the little guy to get dumb voters’ votes, then they piss on them and say it’s someone else’s fault. Still waiting for Reagan’s “trickle down” nonsense to help the middle class.
Meanwhile, waging war on everyone who isn’t a starched shirt white male or MAGA coal roller. Apparently this is the best the USA can do.
Some repubs are abandoning the sinking ship, the only question is how many…..
https://www.youtube.com/watch?v=1iO-jckb0WQ
Trump is a certified lame duck.
Money only trickles up.
Torrent up, trickle down.
It’s “torrent up” because businesses never pay employees their full economic value (because otherwise there’s no benefit/profit to the business).
As a few people collect more than they spend for years, they acquire ever larger portions of productive assets. Exponential concentration of wealth is guaranteed in absence of a limiting function like a confiscatory wealth tax or income tax. A tiny slice of capitalist humanity ends up owning all the businesses that collect all the excess profits of every employee working for them.
Blame Reagan and Regan –
Willie Stargell home run off Phil Regan in ninth 9/7/1969
i was at the last game of the 1969 world series amazing mets win. ran to centerfield and grabbed 2 feet of turf. still growing bricked off in my childhood home not far from old shea stadium. i was 9
hat tip to ed seykota. losers win by losing. those maga morons love being losers. it’s what gets them off. everyone gets out of life what they want. even losers. they win by losing. in markets and life. hat tip to the winning losers of magaland.
Lets be fair about the blame. It is congress. But just to clarify. The following can all be traced to before DT.
Foreclosures are skyrocketing. (Started rising in 4Q2024)
Inflation is rising (going up since 2022)
Health insurance costs are about to explode. (going parabolic when Obamacare started)
Commercial real estate coming home to roost and more defaults. (Started with COVID)
Unemployment is rising. (been rising since July 2023)
stock market (ATHs but looks to be rolling over)
And we haven’t had a REAL recession in 16 years. Eventually, one has to happen. And we’ve been waiting for at least 12-18 months.
Ksub2, thanks for that reply but I would say the factors for each of those have been building a lot longer than you even state. The long term fed policy to keep rates low (maybe since 2011) helped create the environment for these bubbles. Commercial real estate had a big run up and although Covid sped up the change the work from home was already in the process. By several basic measures the stock market is the most expensive ever and it always reverts to mean eventually. Blaming the current president for long term structural issues like these are just political games. Is he responsible for what I see as a significant over build of luxury ski towns and multifamily which takes years of planning and build out? Unfortunately he is making it worse by saying everything is great all the time. Terrible messaging to the public.
Forclosures are NOT skyrocketing as of yet. From that Wolf guy:
“Foreclosures are very low. The number of consumers with foreclosures in Q3 rose to 54,760, well below the low end of the 65,000-to-90,000 range of the Good Times in 2018-2019, and far below the number of foreclosures in prior years.”
Here Come the HELOCs: Mortgages, Housing-Debt-to-Income-Ratio, Serious Delinquencies, and Foreclosures in Q3 2025 | Wolf Street
It’s not Repub man, you have UniParty, they are all on the same team, and it’s not the same team as ordinary citizens.
You have Government by the Oligarchy, For the Oligarchy, One Nation under the Oligarchs. Ordinary citizens don’t matter at all, you are expected to stay silent, and pay for their bailouts as needed. Stick to your place.