Joe Biden is more responsible for high inflation than for abundant jobs
The main effect of the president’s economic policies has been to boost prices
The way Joe Biden tells it, the only part of his economic record that really matters is jobs. America’s roaring labour market beat expectations again in April. The unemployment rate is lower than in any year since 1969. The share of 15- to 64-year-olds in employment has surpassed its pre-pandemic peak, which was itself the highest seen since 2007. Mr Biden likes to tell people that his presidency, which began in the midst of a rapid recovery from covid lockdowns, has coincided with more monthly job creation, on average, than any other in history. Provided America avoids a debt-ceiling crisis, and the associated halt to federal spending and probable lay-offs, the booming labour market looks like a ticket to re-election in 2024.
This article appeared in the Leaders section of the print edition under the headline “A bad balance”
Leaders May 13th 2023
From the May 13th 2023 edition
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