The U.S. Labor Department each month gives us a snapshot of where the nation’s economy stands. It comes in the form of its jobs report.
What did the Labor stats show us this month? Oh, that private non-farm employers added 428,000 more Americans to their payrolls and that joblessness remains at 3.6%, or at the same level it stood prior to the coronavirus pandemic.
Still, and this just baffles me to the point of confusion: President Biden keeps getting pilloried because the economy — according to the critics — is “in the tank.”
Is it? Not really. Actually, the economy is humming along fairly well.
Now, I will acknowledge the obvious “elephant in the room,” which would be inflation. I don’t like paying more for eggs, bread, milk, veggies and meat any more than the next red-blooded American. Nor do I like shelling out huge piles of dough for motor fuel. Is that totally within the president’s control? No. It isn’t even close.
We have this war erupting in Ukraine, which produces a lot of the world’s grain. Russian oil has been all but cut off from the rest of the world. Demand for all of that is high; supply is low. Hmm. High demand and low supply? What does that mean? We pay more for goods and commodities.
Biden is trying to help stem the rise in fuel prices by ordering the tapping of the Strategic Petroleum Reserve. He wants the SPR to ship 1 million barrels of crude oil each day for six months to help boost the supply of oil.
I am not going to criticize the president’s handling of the economy. He was dealt a bad hand when he took office in January 2021. The pandemic crippled the so-called “supply chain.” We are working our way through that crisis.
Meanwhile, we keep adding hundreds of thousands of jobs each month and the unemployment rate remains just about at rock bottom.
What in the name of realism is wrong with that?