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.

  • shortwavesurferEnglish
    724·
    7 months ago

    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.

    • RampageDon@lemmy.world
      143·
      7 months ago

      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.

    • Boddhisatva@lemmy.world
      42·
      7 months ago

      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.