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possibly still to come. we are actually helping the american people instead of just playing political games. and the political payoff for doing the right thing. i ve been very clear, i think he s guilty of the most serious dereliction of duty of any president in our nation s history. reports of a quiet republican effort to try to save this chinese seat, will it work? plus, the julia podcaster from texas and his performative outrage. and a 50 million dollar judgment against alex jones for his sandy hook lies. when all in starts right now. good evening from washington, d.c., i am mehdi hassan in for chris hayes. so, it is friday morning, the first friday of the month of august, and you are producer of fox the country is awaiting the july jobs report. and even the white house has admitted that the numbers are going to be bad. of course, this is the store you go big. on the jobs report is going to be lousy. joe biden s economy is in the gutter. the white house ....
Possibly still to come. we are actually helping the american people instead of just playing political games. and the political payoff for doing the right thing. i ve been very clear, i think he s guilty of the most serious dereliction of duty of any president in our nation s history. reports of a quiet republican effort to try to save this chinese seat, will it work? plus, the julia podcaster from texas and his performative outrage. and a 50 million dollar judgment against alex jones for his sandy hook lies. when all in starts right now. good evening from washington, d.c., i am mehdi hassan in for chris hayes. so, it is friday morning, the first friday of the month of august, and you are producer of fox the country is awaiting the july jobs report. and even the white house has admitted that the numbers are going to be bad. of course, this is the store ....
After he trolled fox like that. but manchin is on a roll at the moment. he made this massive 700 billion dollar deal that if it passes will do a lot of good on climate, on health care. and manchin and senate majority leader chuck schumer also now have their final holdout, arizona senator kirsten sinema, onboard. they re gonna have to get some changes to get her approval including removing a provision that would ve limited the preferential tax treatment of income earned by some wealthy hedge fund managers and private equity executive, sometimes called the carry interest loophole. thank you senator sinema. still, democrats replaced that with a new 1% excise tax that companies would have to pay on the amount of stock that they have re-purchased. which is a good thing that will raise more money. and ensure that the package still reduces the federal deficit by as much as 300 billion dollars. the same amount democrats and four with the original deal. and, if this deal goes through, the hou ....
Jobs in july. for the 19th straight month of positive jobs growth. the economy is now regained all of the jobs that were lost during the trump administration at the start of the pandemic. you can see that dramatic plunge in early 2020 on this graph. and then the rather positive signs as well, the unemployment rate fell to 3.5%. and americans have seen a 5.2% increase in their average earnings over the past year. all of this is new strong evidence that the country has not entered a recession. but if you work at fox, and you just spent the morning telling your audience that the report was going to be terrible, and the economy is in shambles, what do you do? well apparently, you find a way to spin a really good jobs report into bad news. we have the good news and the bad news here. first, the top line number, the headline here, this is a blockbuster report. this is much higher than anybody was expecting. ....
The bad news, this ensures that we are going to see a federal reserve that stays as aggressive as ever. the bad news is the federal reserve will continue raising interest rates aggressively, that is going to make our borrowing much more expensive, and holding debt much more expensive. i think it s probably the most important thing is participation. the unemployment rate once a 3.5% to three participation actually went. down it s still amazing to me that we have not gotten back up to the same level of participation. fox was so committed to this bit that they even criticize the white house for getting the number wrong. take a look at the banner on the screen. white house misses forecast on lower july jobs growth. i mean, yeah they missed it. but only because the report was so much better than anticipated. they missed it in a good way. fox, of course, has really, really been pushing the idea that we are in a recession. we can argue over technical ....