Joe Biden faces a huge disconnect between economists’ assessments of the economy, which are mostly positive, and the assessments of voters, which are far more negative, JohnCassidy writes.
, a $1.9-trillion stimulus bill, which provided financial support for households, businesses, and state and local governments. The jobless rate is now below four per cent, and Powell and his colleagues at the Fed are preparing to raise interest rates on the grounds that the economy is approaching “maximum employment” andThe inflation spike presents a grave political challenge to the White House, of course—in the twelve months to November, the Consumer Price Index rose by 6.
In his remarks on Friday, Biden also emphasized that the labor-force-participation rate has rebounded significantly, and that workers, especially low-wage workers, have enjoyed substantial gains over the past year. “Women and men who work in the frontline jobs—in restaurants, hotels, travel, tourism, desk clerks, line cooks, waitstaff, bellmen—they all saw their wages at a historic high, the highest in history,” he said.
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