It’s Morning in Joe Biden’s America
There’s a lot of good news happening. Plus: Asa, the good Republican.
1. Whipped Inflation
Everyone is paying attention to the new season of The Trump Show, but while that’s been going on there’s also been a lot of good news. About the economy. About the rule of law. About the direction of the Republican party, even.
It feels weird to say this but . . . maybe it’s morning in America?
Let’s start with the economy:
Inflation is down to its lowest point in two years.
The CPI report for May has inflation at an annual level of 4 percent. That’s good.
But it’s not the only economic good news. Construction spending in the manufacturing sector is way up:
As you might expect from that number, manufacturing jobs are up, too, even above their pre-COVID level:
When you put it all together, what you have is this: Wage growth has now bounced back so that it’s running ahead of inflation. Workers and Real Americans win!
Meanwhile, the single most important number in economics (and politics) is the unemployment rate. Which sits today at 3.7 percent, which is forking awesome.
Look, if you want to find a cloud in all of these silver linings, you can do it, I guess? Prices for many goods and services are falling, but prices for some things have continued to rise. The NYT gives us a helpful chart:
It is hard for me to look at all of this data and understand how anyone could be anything but relieved by the economic situation right now. We’re coming out of a once-in-a-century shock and things are basically okay.
Don’t take my word for it: The Fed meets today and if they pause their rate hikes (as expected) that’s a sign that they believe inflation is under control and the soft landing is proceeding.
There is simply no way to spin the numbers as anything but: The economy is pretty good in Joe Biden’s America.
But wait, there’s more!
2. Puppy Dogs and Ice Cream
Is it very bad that a former president has been indicted on serious criminal charges?
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