LaffyThanks Biden. 1/…
U.S. job growth accelerated in November and the unemployment rate dropped to 3.7% even as more people entered the labor force, pointing to underlying strength in the labor market. #Bidenomics #economy #jobs
DavidFarr
The Democratic DifferenceBIDEN JOBS BOOM CONTINUES
• Unemployment rate down to 3.7%
• Longest stretch of super-low unemployment (sub-4%) in over 50 years
• Unemployment and inflation both significantly lower than when Reagan bragged about "Morning in America" in 1984
• Wages rising faster than inflation
• Prime-working-age labor participation is significantly above 25-year average
• 14.1 million jobs added since Biden took office, including 199k last month
SellaTheChemist@DemDifference @GottaLaff "but her emails…" "thanks Obama" "let's go Brandon"… Sigh.
Jennifer@DemDifference @GottaLaff all of this is true, but this is also true.
"The economy is hot, but the people are bothered. Americans think the country is in dreadful economic shape despite strong wage growth, low unemployment, and steadily declining inflation ... Americans are really, really unhappy about grocery prices."
https://www.theatlantic.com/ideas/archive/2023/12/inflation-food-prices-democrat-biden/676901/
"The economy is hot, but the people are bothered. Americans think the country is in dreadful economic shape despite strong wage growth, low unemployment, and steadily declining inflation ... Americans are really, really unhappy about grocery prices."
https://www.theatlantic.com/ideas/archive/2023/12/inflation-food-prices-democrat-biden/676901/
Grocery prices undoubtedly have a big impact, but note the important point at end:
"Grocery prices seem to have finally stopped rising faster than the overall rate of inflation."
This is an understatement. Annual grocery inflation through Nov. was 1.7%, compared to 3.1% for overall inflation.
Reminder: After super-high grocery inflation in 1981 & 1982, and a lull in 1983, first 9 months of 1984 saw annual rates in high 3s and low 4s. Yet Reagan still won a landslide.
@DemDifference @GottaLaff I know. But people are mad about it. It doesn't matter if prices have finally flattened out, I've stopped buying a lot of things I like because they now cost too much. And I'm lucky that I make a good salary and don't have kids. I can't imagine what things are like now for those people. I just think it's a mistake to try to convince us how awesome the economy is when even with raises we're in about the same place as 2019 and few feel better off.
Respectfully disagree. 2019 was 9th straight year of solid job growth, and positive perceptions of nat'l economy were 32 percentage points higher than in 2022, even though household-well-being ratings were only 3pp higher in 2019.
That massive gap makes clear that biggest problem with perception of nat'l economy is not how people are actually feeling about own finances. Which makes sense since real (inflation-adjusted) income and wealth are both higher today than 2019.
@DemDifference @GottaLaff did you actually read the article I posted?