Record-Breaking Accomplishments On Jobs And Unemployment Under Biden
Record-Breaking Accomplishments On Jobs And Unemployment Under Biden
May's jobs and employment report show a record-breaking run of good economic news under President Biden
The Biden Administration’s robust and durable track record on jobs and unemployment is breaking records, putting up some of the best results we’ve seen in half a century.
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Yeah, let me know when they stop having to revise it down every single time they publish them after a month and nobody pays attention to that revision downwards and when inflation isn't 10% plus.
Okay. I am letting you know. The inflation rate is 3%. And the jobs numbers have been revised upwards more often than downwards in the last 2 years.
Not American, but please keep in mind that the national inflation rate is not necessary someone's personal inflation rate.
For example when inflation was in the 10%+ here my personal rate was almost 30%. My dad for example buys his bread in his local bakery it was €3 for a 1 loaf and didn't go up. The bread I buy was €1,02 then it went up to €1,96. That's 80%+ inflation will my dad had zero. This still is the case(luckily not as bad anymore some prices went down again) with the cheapest stuff. For me personally it doesn't matter if already to expensive tomatoes only went 5% up. What's matters is the cheapest.
For another example new cars didn't go up much, but I couldn't buy a new car anyway. (And how the fuck buys a new car every year?) It's a meaning less number.
You don't know if someone's rent went up %20 or there stable food supply. Personal inflation especially if you are already struggling is a removed.
That's being said the price hikes are do to higher prices of materieels and most important record profits for companies. You can blame (in the USA) Biden for keeping the system in places which profits on the basic needs of humans, but not necessary the current inflation numbers.
Same with jobs the numbers go's up you can credit Biden for that, you again can blame him (and his colleagues on both sides(and the not Biden side is much worse)) that you can barely scrap by on a single job.
Simple said personal experience is not numbers.
Sure, inflation is 3% before they factor in food and energy costs and then it spikes to 10 at minimum. My electricity bill can attest to that. I don't have enough data to say whether the jobs numbers have been revised up or down more commonly recently, but I have seen a lot of down revisions.
Part of inflation factor is the price of food and energy cost. No one is saying you can't be upset about the state of the economy, or the financial pressure you are feeling, but lest not go around spouting nonsense.
And our inflation is driven by structural factors in supply chains, housing, and aggressive pricing by companies.
Don't blame Biden when most of the inflation is driven by companies padding their bottom lines
Since the trough of the COVID-19 recession in the second quarter of 2020, overall prices in the NFC [non-financial corporate] sector have risen at an annualized rate of 6.1%—a pronounced acceleration over the 1.8% price growth that characterized the pre-pandemic business cycle of 2007–2019. Strikingly, over half of this increase (53.9%) can be attributed to fatter profit margins, with labor costs contributing less than 8% of this increase. This is not normal. From 1979 to 2019, profits only contributed about 11% to price growth and labor costs over 60%
Corporations are making record profits while they jack up prices on everything, but sure, blame Biden.