Score one for Joe Biden
Despite the pessimism about the economy that we’re getting from the usual doomcasters, the latest jobs report is showing lots of reasons to be optimistic about the state of the economy. Under the leadership of President Biden, there have been a record 12.7 million jobs created since he took office, with 253,000 new jobs just added last month, a sizable blow to Republicans who were hoping that the Fed raising interest rates would depress the economy and give them the advantage in the current debt ceiling standoff. Instead, we got another month where jobs reports defied expectations, going well above the 180,000 jobs economic forecasters were predicting for April.
This is happening as Republicans are pretending to care about inflation, even though they haven’t taken any serious steps towards fighting it since they took the House back and actively voted against the legislation that Democrats used to fight it.
In addition, wages across the board are up by half a point, and unemployment is back down to 3.4%, which doesn’t seem like much of a shift from 3.6%, the lowest on record in fifty years – but to see it another way – it’s 182,000 more people who received a paycheck last month for the first time since the pandemic. It’s morning again in America as President Biden is leading one of the strongest economic recoveries in history.
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James Sullivan is the assistant editor of Brain World Magazine and an advocate of science-based policy making