Inflation is not the problem.
In January of 1980, Jimmy Carter had been in office for three years, and the economy was terrible. Cumulatively, consumer prices were up more than 32 percent since he had entered the White House, and they had been rising steadily for more than 18 months. The unemployment rate was on the rise, after averaging 6.3 percent across his time in office.
But one item that all of these ridiculous Carter-Biden comparisons universally fail to note is that Carter was, in January 1980, a very popular president. The economic consequences of his administration notwithstanding, Carter’s January 1980 approval rating was 58 percent. This was his high-water mark, but it was also not a fluke.
None of this has prevented Biden’s critics from declaring him an economic failure. They have instead shifted the goalposts. The“—the simultaneous deluge of high unemployment and high inflation that defined the 1970s. Stagflation was just around the corner, and it was going to be awful. But that corner seemed to slip farther and farther away as unemployment remained stubbornly low and economic growth stubbornly high, so negative commentary began to focus exclusively on inflation.
Had reckless overspending been Biden’s problem—a problem long associated with the 1970s—higher unemployment would have been required to tame inflation over the past two years. But of course this was not the case. The unemployment rate has remained at or below 4 percent since December of 2021 and inflation came down anyway, because post-pandemic inflation was largely a product of supply disruptions, not an excess of liberal largesse.
I don’t have a pat explanation for Biden’s bad polling or all of these weird readings on economic sentiment. My best guess is that housing is a significant part of it. Housing has been unusually expensive since the pandemic due to two mass moving events—city people running to the country, then running back to the city—after.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
UBS analysts explain why they think further nickel upside may be cappedUBS analysts explain why they think further nickel upside may be capped
Read more »
Cruz: Biden Does Not Think African-Americans, Hispanics, Women, Young People Can Think for ThemselvesSource of breaking news and analysis, insightful commentary and original reporting, curated and written specifically for the new generation of independent and conservative thinkers.
Read more »
G.I. Joe Classified Yo Joe June Pre-Orders: Sgt. Slaughter, Retro Cobra Commander, Stinger and MoreHasbro's Yo Jo June 2024 event is officially underway.
Read more »
Chargers News: Why Joe Hortiz Drafted Joe Alt, Not a WR, in First RoundThe Los Angeles Chargers decided to choose Notre Dame offensive lineman Joe Alt with the No. 5 overall pick in the 2024 NFL Draft. Bolstering the O-line is alwa
Read more »
Bond, John Wick & Mission: Impossible: New G.I. Joe Series Influences Are On-PointJoe... G.I. Joe.
Read more »
Neuroscience can explain why voting is so often driven by emotionThe British electorate has been more volatile than ever in recent years. The elections of 2015 and 2017 saw the highest number of voters switching parties in modern history. And current polling suggests we're about to see more of the same.
Read more »