“Here is a job for you. Make this work.” Charles Mudede
Joe Biden enjoyed another monster job report this month. The economy gained 678,000 jobs. Employment is, according conventional standards, nonexistent (3.8%). There was also a significant rise in Black employment, a key political indicator for Democrats.
We are basically in a boom that will, as it expands, weaken the inflation story that the GOP has made into its main flag for its charge into the midterms. The flaw in that story? The economy is growing.
This means the stagflation argument (i.e. no or negative growth with rising inflation), which helped the right regain power in a toxic post-Nixon world,