For much of the last year, pundits were certain that another recession was just around the corner, that unemployment would be the only way to curb inflation – and even a number of economists jumped on this bandwagon, with extreme skepticism of Bidenomics. In reality, we’ve had the longest stretch of job creation in four decades. The previous stretch of job creation happened under the watch of President Biden’s predecessor, President Obama, yet again suggesting that the U.S. economy regularly does better under the leadership of Democratic presidents than Republican ones.
Not only did jobs go up – with the rate of hiring continuing to surge, and the value of the gross national product increased, but consumer confidence is at its highest level in two years – showing that despite what people may say – they actually feel pretty good about the economy as well. It’s also not slowing down, with the confidence level going up seven points in just one month, something that’s been happening as fears of a recession are beginning to die down, even as the Fed continues to raise interest rates. Going into 2024, people feel pretty good about the economy, as they should, with unemployment remaining at historically low levels.
James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making