It is safe to say that President Joe Biden’s economic plan has been nothing but disastrous since taking office this year. Newly released numbers show that under his leadership, the economy is overheating and inflation is growing at an even high rate than anticipated.
“Inflation accelerated at its fastest pace in more than 12 years for April as the U.S. economic recovery kicked into gear and energy prices jumped higher,” according to CNBC. “The Consumer Price Index, which measures a basket of goods as well as energy and housing costs, rose 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, against the expected 0.2%.”
The report sent the stock market into freefall shortly after it was released by the Department of Labor.
“Rising commodity markets. supply-chain blockages and hiring difficulties have prompted some investors to expect a prolonged upswing in consumer prices,” according to the Wall Street Journal. “That could lead the Federal Reserve to raise its target for short-term interest rates sooner than it has signaled, potentially weighing on stocks and other assets that have benefited from over a year of near-zero borrowing costs.”
The black unemployment rate increased, 18,000 manufacturing jobs were lost, no construction jobs were added, unemployment for Americans without any college education increased, and women had a net loss in jobs. The U.S. Bureau of Labor Statistics said that nearly 10 million Americans, 9.8 million to be exact, remained enemployed in Biden’s economy.
Turns out when you pay people to stay home, all those jobs are not going to be filled. And when you spend trillions of dollars into a recovering economy, inflation will rise.
News of last week’s abysmal job numbers was made even worse when the job numbers in March, was originally estimated to gain 916,000 new jobs, had been revised down to 770,000 jobs, “meaning that the net number of people employed over the past month, relative to what was known just hours ago, was a mere 120,000,” Bloomberg News reported.
Biden struggled to respond to the jobs report, claiming that it proved that the economy was “moving in the right direction” and that it showed “we’re on the right track.”