President Joe Biden keeps seeing good economic news and bad public approval ratings.
that Biden just put forth models an increase from the current rate. Many Wall Street analysts are, likewise, operating under the shorthand that the Fed tames inflation by raising interest rates, which in turn causes demand to tumble and joblessness to rise.
The job market is what economists call “inefficiently tight,” a problem the United States also faced during the Vietnam War, the Korean War and World War II. The current tightness is as severe as it was at the end of World War II. This mismatch causes companies and consumers alike to feel as though the economy is in a rut, said Pascal Michaillat, an economist at Brown University.
Asked what this dilemma might mean for Biden, Michaillat suggested, “The economics is mingling with the politics, as it so often does.” More than two years after Biden's $1.9 trillion coronavirus relief package became law, it's a humbling frustration for the White House that so many people feel the economy is terrible when his record on jobs is unrivaled among modern presidencies.
A White House official said the policies were designed with the specific goal of bringing jobs back faster than in past recoveries. After the Great Recession began at the end of 2007 and the economy crashed, it took more than six years for the total number of U.S. jobs to return to pre-downturn levels. In the pandemic recovery, the jobs total rebounded to its prior level in a little over two years.
Biden has rejected criticisms that the size of COVID relief contributed to inflation, although research published by the New York Fed indicates that federal aid accounted for about one-third of the higher inflation from late 2019 to June 2022.
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