Fact-checking President JoeBiden's economic victory lap
The economy is in flux right now, with the Federal Reserve sending interest rates soaring over the past year, inflation high but starting to ease, and fears of a Fed-induced recession percolating.In the speech, which comes a day before the two-year mark of Biden’s presidency, he highlighted the fact that unemployment is now so low it is now matching the lowest level recorded in the last half-century.
What's true is that, although still subject to revision in the coming months, since the December before Biden was sworn in, some 11.2 million jobs have been created on a non-seasonally adjusted basis. That is indeed the most for any two calendar years on record. Biden is also correct in that he has a better job growth record than not only former President Donald Trump, but also the last three presidents.
While the declines are welcome, inflation is still running roughly more than three times hotter than it should, based on the Fed's 2% target, still imperiling the economy and making the lives of consumers more painful.
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