As President Biden bragged about a strong jobs report on March 11, his over-the-top congratulations of himself was clearly just a coverup for one brutal fact:
America's economy is NOT strong right now.
University of Massachusetts economics professor Gerald Freidman knows a lot more about the American dollar than I do, so I feel comfortable listening to his assessment of America's economy as it pertains to Biden:
"If the Fed reads low unemployment as a threat of excessive wage growth and rising inflation, it could respond by raising rates further," Friedman said. "Should that happen, the effects probably won't be felt for about another year. That would put things at March 2024, and that is potentially very bad news for President Biden."
Biden tried to point to job growth in America, but Republicans are more concerned with price growth right now.
Many people feel that America's current inflation rate is simply not sustainable long-term.
American Action Forum President Douglas Holtz-Eakin is one of those people:
"We are hardly done with this episode. Food, energy, and shelter are still rising at 8.5% year over year. Go to the gasoline station, go to the grocery store, go home, and be reminded that your paycheck is nearly 10% less valuable than a year before."
Inflation was at 1.4% the month Joe Biden took office. Just a year after Biden took office, that rate had grown to a peak of 9.1%. It's not really gone down since.
Joe Biden might not be worried, but real Americans are.
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