It might sound like a preposterous conceit, but then again, it’s also true you can have too much of a good thing., far more than economists expected . Since Biden took office, employment has grown by 15.6 million jobs, more than any other US president in history.
President Joe Biden speaks about the economy and the January jobs report, during brief remarks in the Eisenhower Executive Office Building's South Court Auditorium at the White House in Washington, D.C., Feb. 3, 2023. It’s working, sort of, given that the inflation rate has dropped sharply. The anomaly is that job growth remains so strong two years after the Fed started hiking. GDP growth is holding up too, with the economy growing a solid 1.3% in the first quarter. S&P Global forecasts 2.1% growth for the second quarter and a solid performance for the year, with no recession.
Most people would agree that it’s better to have a job, a paycheck, and uncomfortably high prices than to have no job or paycheck but lower prices. Voters don’t think in those terms, however, so Biden will have to deal with a hot labor market and all the unintended consequences.
Source: News Formal (newsformal.com)
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