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If Punxsutawney Phil saw no shadow, suggesting an early spring, will Americans look at these new bonkers jobs numbers and begin to warm up to “Bidenomics?”
Americans have for years expressed a general discomfort with the state of the economy, which has helped drag down President Joe Biden’s objectively pathetic approval rating. Despite gloomy perceptions of the economy, people have not stopped spending money, which has buoyed many of the economic indicators that please policymakers.
Evidence of a strong economy has so far been lost on a general public that still feels the pinch of inflation and worries about the uncertainty of life in 2024.
Data released Friday by the Bureau of Labor Statistics pegged US job growth at 353,000 jobs in January, a stunning figure that doubled economists’ projections. The unemployment rate held at 3.7% and has now been under 4% for two full years.
Employment data is but one indicator. There are others to choose from. The S&P 500, the stock index that tracks the largest publicly traded companies, has been on a record-setting tear, strengthening the balances of many people’s 401(k)s.
The old political adage is that presidents get too much blame for bad economies and not enough credit for strong economies.
The coming general election, shaping up to be a rematch between Biden and former President Donald Trump, offers voters alternate realities to choose from.
Biden and his surrogates are bragging about the economy and trying to convince voters that “Bidenomics,” a term the administration’s embraced, is working.
Trump, meanwhile has said the economy would…
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