Your wallet is telling you how to vote on Nov. 8

In case you had any remaining doubts about the state of the economy before Election Day, Friday brought the worst jobs report of the Biden era.

In case you had any remaining doubts about the state of the economy before Election Day, Friday brought the worst jobs report of the Biden era.

America added 261,000 jobs in October, the second-fewest since the bounceback from COVID began. And unemployment rose to 3.7% — which sounds pretty healthy, until you realize how many people are out of the workforce altogether and that the labor-force-participation rate dropped again, to 62.2%.

The number of long-term unemployed rose by 98,000 in October; total unemployed, by 300,000.

Plus, nominal wage increases slowed even though inflation remains at 40-year highs. Real wages (adjusted for inflation) have now dropped for 18 straight months under Biden, ever since the passage of his so-called “American Rescue Plan.”

Half of Americans report reducing or stopping their savings for retirement; 43% say they’re pulling cash out of those savings to cover daily bills. For the same reason, credit-card debt is rising at its fastest pace in over two decades — even though interest charges on that debt are at three-decade highs.

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