An Historic Reminder of the U.S. Economy in Last 3 Years, VS. the 4 Years before

Today's blog is an historic reminder of all the good things that have transpired in the last 3 years here in the U.S. and reasons why we should keep it going. At the bottom of the blog, you'll see just one of 1,000 reasons from the 4 years before that, that should warn you never to revisit that period. 

So much of what has happened during Joe Biden’s presidency is so unknown to so many when they are so obvious. Take a look at the last 3 years:

• The recession everyone predicted a year ago didn't happen. Instead, those same economists are praising the Federal Reserve for a now-likely soft landing for the economy, a remarkable achievement that will be studied for years.
• Record job creation for a president’s first term, nearly 15 million so far.
• An unemployment rate that continues to hover at a 50-year low of 3.7%, down from the 8.6% that Biden inherited from Trump.
• Inflation is down almost 80% from what it was a year ago, sitting at 3.7%.
• GDP ran an extraordinary 5.4% last quarter.
• The Dow Jones on the day Trump lost in 2020: 26,800. Trump said the market would crash if Biden was elected. Today’s Dow: 37,000-plus.
•  Multiple bills have passed addressing infrastructure, manufacturing and technology creating so many Jobs, Repairing our Bridges, Roads, and more.
• For those who think the Presidency controls gasoline prices, it doesn't. But if you're one of them, In 2023, the average price of gas was $3.52 a gallon. In 2022, it was $3.95 a gallon. That’s an 11% drop. The current national average? Just over $3 per gallon.  

These are numbers that affect everyone. How does anyone miss these tidbits of information?  

Trump’s major achievements? 

• An almost $2 trillion tax break that benefited corporations and the wealthy, INCREASING THE FEDERAL DEFICIT BY  30%. 
• The growth in the annual deficit under Trump ranks as the third-biggest increase in the nation’s history.

GOOD NEWS : The US didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs

 We all like to hear Good news instead of bad, and you have to look no further than our own U.S. Economy. The Associated Press published the story last week, and here it is for you (BTW, People on the opposite side of the political fence - Republicans- are crying about illegal immigration to ignore how well the U.S.A. is doing on its own. That's not to say immigration isn't an issue, but it's ALL parties' issue.). Meanwhile, I'll relish the good news!

(Photo: Tyler Reynolds of Old Hickory BBQ, Kentucky. Credit: Greag Eans, Messenger-Inquirer via AP) 

The U.S. didn’t just avoid a recession — it’s adding hundreds of thousands of new jobs

BY PAUL WISEMAN , Associated press  Updated 12:12 PM EST, February 2, 2024 

WASHINGTON (AP) — The nation’s employers delivered a stunning burst of hiring to begin 2024, adding 353,000 jobs in January in the latest sign of the economy’s continuing ability to shrug off the highest interest rates in two decades.

Friday’s government report showed that last month’s job gain — roughly twice what economists had predicted — topped the December gain of 333,000, a figure that was itself revised sharply higher. The unemployment rate stayed at 3.7%, just above a half-century low.

Wages rose unexpectedly fast in January, too. Average hourly pay climbed a sharp 0.6% from December, the fastest monthly gain in nearly two years, and 4.5% from January 2023. The strong hiring and wage growth could complicate or delay the Federal Reserve’s intention to start cutting interest rates later this year. 

The latest gains showcased employers’ willingness to keep hiring to meet steady consumer spending. It comes as the intensifying presidential campaign is pivoting in no small part on views of President Joe Biden’s economic stewardship. Public polls show widespread dissatisfaction largely because even though inflation has sharply slowed, most prices remain well above pre-pandemic levels. Some recent surveys, though, show public approval gradually improving.

Good News of the Week: Really Great Economic Numbers

 This week's Good News is about the U.S. Economy!  Here's the story-

US economy adds 253,000 jobs in April, unemployment falls.

May 5, 2023 CNBC

The nonfarm payroll growth is up from a revised growth of 165,000 in March and beats economist estimates of 180,000. The unemployment rate fell to 3.4%, down from 3.5% in March and below expectations of 3.6%. The unemployment rate is tied for the lowest level since 1969. Average hourly earnings rose 0.5% month-over-month and 4.4% year-over-year—both higher than expected.

KEY POINTS

1. Nonfarm payrolls increased 253,000 for April, beating Wall Street estimates for growth of 180,000.
2. The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969.
3. Average hourly earnings rose 0.5% for the month and increased 4.4% from a year ago, both higher than expected.

The unemployment rate was 3.4% against an estimate for 3.6% and tied for the lowest level since 1969. A more encompassing number that includes discouraged workers and those holding part-time jobs for economic reasons edged lower to 6.6%.

Average hourly earnings, a key inflation barometer, rose 0.5% for the month, more than the 0.3% estimate and the biggest monthly gain in a year. 

On an annual basis, wages increased 4.4%, higher than the expectation for a 4.2% gain. Both numbers raise the chances that the Federal Reserve could decide to raise interest rates again in June, though markets were only pricing in a small probability following the jobs report.