I think the data shows exactly the opposite of what you stated so passionately. Full time Jobs are at a historic high: This one shows part time jobs are fewer. This one shows real wages (inflation adjusted) are good. Finally the average inflation adjusted price of gas is $3.20. Looks pretty average to me. And the article you posted claimed 2 job holders are up.. not to pre-Covid it’s not. You can see they are lying to you by showing a trend that starts after Covid like that means something. You should question your sources. I wonder if some right wing blow hard was in the White House you’d be able to read charts better? Just a guess.
It seems like I have to explain this to people every time there is a recession. The job losses occur last, (hopefully) not long before the recovery starts. Industrial activity (chemical sales, for example) and consumer spending drop off first, especially large purchases of cars and homes. I can tell you that chemical sales are definitely down the last few months, by as much as 20-30% of typical sales (or 40% less than peak sales). And home sales are also down, as is home construction. People are still buying smaller things, but are doing so by racking up massive credit card debt. The credit card debt in the U.S. is currently at its all-time high. That means when the layoffs finally do come, it's going to hurt a lot more for those with credit card debt. Inflation will just make all of this that much worse. The economy is not doing fine right now.
Got to disagree with you, @chemgator. You can see the peak, then decline, in jobs starts several months before the recession in every case. That's why job decline is considered a leading indicator. And jobs don't usually bounce back until the end of the recession ... again, you can see in almost case, the largest job losses coincides with the end of the recession in most cases. You can see it very clearly in 1970, 1975, 1980, 1991, 2002, and 2008, with the others being not far off. It looks like job market capitulation marks the end of the recession.
All we have is data and our personal observations. The data suggest that the economy is coughing it’s way out of an unprecedented event with some areas of concern but overall doing well and improving. Sure housing is down but travel is up. Sure chemical sales are down but car sales are up. Overall the GDP was up 2.9% last quarter with minimal inflation and strong jobs reports. I’m not sure what else you could ask for right now. Credit is always a problem in the US but real household earnings are up and companies are profitable. Could be way worse. In fact it was just 2 years ago.
POLL: Highest Number of Americans In Four Decades Say They’re Financially Worse Off Under Biden’s Presidency So you spew all these facts and yet over 40% of American s are worse off than they were under the last administration. I’ll sit back and listen and read all your supporting docs now.
Facts (as you stated) vs opinion (which you referenced). I feel like you answered your own question. BTW I clicked through the links all the way to the survey…. 40% of small business owners, not Americans, was the survey and over half of them are Republicans. How did the results break out?
If I keep pissing on the seat, why does my wife keep yelling at me? If I’m starving all the time, why do I keep eating? if I keep running from the cops why do they keep chasing me? If I like to masterbate why am I always looking at porn?
This is why: Now compare it to the economic trend lines, where nothing much changed. While there is a small partisan effect on Democrats (what should have been small increases if it matched the economic numbers), there is a massive partisan effect on Republicans. This likely has to do with the differences in media consumed in terms of quality of reporting. CNN will spend quite a bit of time talking about inflation during Biden's time in office whereas Fox will avoid negative metrics when a Republican is in office and invent them when a Democrat is.
Just for context Trump lost about 20 million jobs due to Covid shutdowns. There was no way around that. Likewise much of the gains under Biden were due to reopening. But you know that. To suggest something else is dishonest at face value and what you would call out immediately.
The comparative number 3.4% unemployment is a really low number whether you like the count of the number of jobs added from the low or not. There are millions more jobs and employed Americans than pre-pandemic. It's a testament to our economy that it recovered to greater heights than the economy Trump had going into the pandemic. Currently we have higher GDP, lower unemployment, more net jobs, more people employed, higher stock market even with the pull back, higher home equities, record oil exports, more monthly oil production of any president. The only thing to complain about was the 18 months of inflation that moderated 6 months ago to 2.4% when the supply chain righted itself.
If I recall correctly Trump had reached record low UE as well(before Covid). He also didn’t have Trillions of stimulus (Federal and State) to juice the economy….
And yet, Trump still somehow leads him in polling. I don’t think that’s as much an endorsement of Trump, but more an indictment of Biden. Even a lot of GOP people I know have soured on Trump. So much baggage, yet he still leads. What do you think is going to happen if this recession most economists are predicting hits? https://www.realclearpolitics.com/epolls/2024/president/us/general-election-trump-vs-biden-7383.html
He added more debt to the US than any president in four years in history.. twice the rate of Obama...way more than Biden will. Just because he did it with tax cuts vs tax distribution isnt any less of a flood to the market of money - and Trump wasnt replacing lost income.. he was adding to it. Oh, he also didnt have a pandemic to deal with "pre covid" and still ran record deficits, flooding money to the system with nearly zero interest rates. Your perception seems to be affected by the US officeholder.