We are into the fourth year of Biden’s first term as President and some are finally beginning to realize that maybe, just maybe what Joe did was mostly correct. Yeah sure, there were some things he got wrong. However, he did lead us through one of the worst economic calamities the nation has survived, a pandemic. Democrats in Congress did help. In 2008, Obama had two years of Democrat support which went away in 2010. Recognized Biden’s efforts was Larry Kudlow, Trump’s White House’s Director of the National Economic Council. On Thursday’s Fox’s News Kudlow admitted, “he was wrong about the Biden economy and all the predictions of an economic slowdown and impending recession.” There is still a hint of a slowdown and New Deal democrat talks about
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Bill Haskell considers the following as important: Biden Economy, Hot Topics, Journalism, US EConomics
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NewDealdemocrat writes March JOLTS report: declines in everything, fortunately including layoffs
NewDealdemocrat writes Manufacturing treads water in April, while real construction spending turned down in March (UPDATE: and heavy truck sales weren’t so great either)
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Angry Bear writes Sorta a book review “Wall Street’s War on Workers”
We are into the fourth year of Biden’s first term as President and some are finally beginning to realize that maybe, just maybe what Joe did was mostly correct. Yeah sure, there were some things he got wrong. However, he did lead us through one of the worst economic calamities the nation has survived, a pandemic. Democrats in Congress did help. In 2008, Obama had two years of Democrat support which went away in 2010.
Recognized Biden’s efforts was Larry Kudlow, Trump’s White House’s Director of the National Economic Council. On Thursday’s Fox’s News Kudlow admitted, “he was wrong about the Biden economy and all the predictions of an economic slowdown and impending recession.”
There is still a hint of a slowdown and New Deal democrat talks about it on Angry Bear and the Bonddad blog. NDd also talks about employment in his December Jolts report here at Angry Bear.
Layoffs and discharges are lower now than at any time before the pandemic. Voluntary quits are higher than at any point before the pandemic except for 3 years (2000 and 2018-19). Only hires are relatively weak, lower now than at about 60% of all years since the series began.
Still a strong labor market.
Many are complaining about higher prices. That happens when companies close. We saw similar in 2009. When companies came back, prices went up on industrial items such as chips and all we could do is except the increases or eat them. 2006-2008 . . .
Between 2006 and 2008 average world prices for rice rose by 217%, wheat by 136%, corn by 125% and soybeans by 107%. In late April 2008 rice prices hit 24 cents (US) per US pound, more than doubling the price in just seven months.
Unemployment jumped to 10% and hovered around 8-9% in2008-2010. Much higher than what was experienced between 2021-2022. The government took action with programs putting financial help in the form of loans to small businesses much of which were forgiven. More generous healthcare programs, financial aid to families, adults, and targeting children. Lesser programs were in place 2006-2008, 2010 and beyond.
Talking the economy again . . . “The Fed, everyone was wrong,” Larry Kudlow insisted.
Axios reported Wednesday.
- “The United States economy grew faster than any other large, advanced economy last year — by a wide margin — and is on track to do so again in 2024.
- “America’s outperformance is rooted in its distinctive structural strengths, policy choices, and some luck. It reflects a fundamental resilience in the world’s largest economy that is easy to overlook amid the nation’s problems.”
- “All countries were dealing with the same problems of post-pandemic inflation and high interest rates meant to combat it. But the U.S. managed to achieve solid growth in spite of those headwinds,” the report adds.
Sometimes people do not realize how good they really had till it becomes far worst. In two years and with Dems support in Congress, Biden got the nation past a pandemic disaster. Maybe he brought with him the lessons he learned from 2008-2010. Get things done while you have the power to do something.
‘Mea culpa’: Top Trump economic advisor admits on Fox News ‘I was wrong’ about Biden economy, New Civil Rights Movement, David Badash
U.S. winning world economic war, axios.com, Neil Irwin
Why the economy is a trouble spot for Biden, NPR, Domenico Montanaro