simply pretends the worst price instability in 40 years doesn’t actually exist, instead bragging that our persistently sub-4% unemployment rate is evidence of “America’s comeback” and a booming economy. Biden’s backers like Paul KrugmanBut Biden cannot beat the reality that voters despise the economy and blame him personally simply by blaming us plebians.
The concerns of an economy vary according to time because of the structural conditions at play. The Great Depression, mostly caused by the capital crunch created by terrible monetary policy by the Federal Reserve, made rampant unemployment the overwhelming concern of our young population.
In the case of Bidenomics, the problem is an artificially depressed labor force participation rate. Then-President Donald Trump achieved a healthy level of “full employment” before the pandemic with no corresponding increase in inflation simply because older people still retained their jobs. The pandemic-era home prices, allowing a bevy of boomers to cash out of the economy and employment prematurely, further taxing our welfare system.
In fewer than four years of Biden’s presidency, overall prices have risen by 19% while average paychecks have fallen by 5% in real value.
Source: Financial Digest (financialdigest.net)
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