Summary
President Joe Biden highlighted his administration’s economic record, citing consistent job growth and a 2.7% inflation rate drop from its 2022 peak.
December’s jobs report showed 256,000 new jobs and declining unemployment, signaling steady economic growth.
However, inflation remains above the Federal Reserve’s 2% target, and interest rates remain high, impacting homebuyers and businesses.
Public pessimism lingers on affordability as Biden passes a largely strong economy to his successor, Donald Trump.
That’s because the economy is wholly disconnected from the real lives of working Americans. Aside from 401k, job gains could just be shifting around of people from job to job. If you are in the job market, it still feels grim. The cost of groceries, energy, housing, healthcare, schooling still remain high. And that’s what Americans really experience. A reduction in inflation doesn’t mean prices went down, it just means the increases slowed down by 2.7%. And the fact that democrats are completely incapable or unwilling to have this conversation, is why democrats continue to lose enthusiasm every time there’s an incumbent democrat election. Obama was an exception because of how skilled a politician he was and how weak the Republican opposition was at the time.
“What has the economy done for me lately?”
Hard to think of much lately other than give me false hope about my retirement options.