The economists who believe in Biden’s economy (even if the public does not) – The Washington Post

by | Apr 7, 2022 | Financial

In late 2009, J.W. Mason attended protests staged by homeowners facing eviction in Springfield, Mass., as an economic slump hit the country with a force not seen in decades.Mason highlights that experience to illustrate the crisis that the American economy is not facing now. The City University of New York economist argues that the economy under President Biden is far better than commonly believed, in part because the United States has avoided the deep scarring that occurred during and after the Great Recession.Some economic data appears to get only stronger each week. The U.S. economy has created more than 400,000 jobs each month for the past 11 months. On Thursday, the government reported that 166,000 people sought jobless benefits the week before, the lowest since 1968.This recovery’s higher inflation may be adding a very noticeable strain to family budgets, Mason said, but the United States avoided again inflicting much greater trauma on a smaller portion of the public through high unemployment and record foreclosures.Democrats worry Biden could pay the political price for rising inflation“That era was such a clear failure, and I think people have forgotten about the depths of it,” Mason said. “The trajectory of current inflation is important, but it’s a problem the debate is being reduced to just that.”AdvertisementBy most indicators, the American public is unhappy with Biden’s economy. In poll after poll, the majority of Americans say rising prices are a major and rising source of concern. Costs over the last year appear to be rising faster than wages overall, according to government reports, and voters by large margins have turned against the president’s handling of the economy. Inflation has quickly emerged in Gallup polling as the is …

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