Analysis: Biden sees a booming economy, but not many Americans

The ingredients include a tight labor market, where there are many more vacancies as job seekers and employers are forced to raise the wa...


The ingredients include a tight labor market, where there are many more vacancies as job seekers and employers are forced to raise the wages of workers in retail stores and restaurants. And they include strong government assistance programs over the past two years that have helped working Americans save, pay off debts, and avoid the threat of eviction or foreclosure even in tough economic times.

The officials refer to estimates by Arindrajit Dube, an economist at the University of Massachusetts at Amherst, who find that the 70% least paid of American workers have seen their wages rise over the past two years, even after adjusting for inflation. They say increases and pandemic assistance programs, including direct checks to low- and middle-income households and an expanded parenting tax credit that was paid in monthly installments, have given households typical an inflation-adjusted increase in their money. spend.

Administrative assistants read these statistics and some survey data, like Americans’ belief that jobs are plentiful, as proof that Americans are more satisfied with their economic situation than one might expect from reading and watching. what they call unbalanced media coverage of the economy. Cable news networks mentioned “inflation” more than 10 times more often last month than they did in a typical month since 2009, according to the data of the Internet Archive analyzed by the GDELT project. Since July, they have referred to “inflation” more often than “unemployment” for the first time since 2009.

“I have never seen a stronger job market than the one we see today,” Jared Bernstein, a member of Mr Biden’s Council of Economic Advisers, said in an interview. “It accomplishes something that is at the absolute heart of Biden-nomics, which provides bargaining power to middle and low-wage workers at a level we haven’t seen in decades.”

But other measures suggest that workers correctly perceive a slowdown or reversal in their real wage gains. An analysis by Jason Furman of Harvard University, a former leading economist to President Barack Obama, shows most workers have seen a slowdown in inflation-adjusted wage gains – or even wage cuts – which have worsened as price increases have intensified this year. Friday’s consumer price index underscored this point, showing soaring prices for rents, cars, gasoline and staples like grains and eggs.

“The real economy is doing pretty well both in absolute terms and pretty well relative to expectations,” Furman said in an email. “Inflation and real wages, however, are terrible.”

The president has painted a forked image of the economy in recent weeks in speeches and press releases. He promotes what he calls historic progress on several measures. But he quickly turns to recognition of the sticker shock families have experienced at the grocery store, gas pump, and various online shopping sites.



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Newsrust - US Top News: Analysis: Biden sees a booming economy, but not many Americans
Analysis: Biden sees a booming economy, but not many Americans
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