Summary

President Joe Biden highlighted his administration’s economic record, citing consistent job growth and a 2.7% inflation rate drop from its 2022 peak.

December’s jobs report showed 256,000 new jobs and declining unemployment, signaling steady economic growth.

However, inflation remains above the Federal Reserve’s 2% target, and interest rates remain high, impacting homebuyers and businesses.

Public pessimism lingers on affordability as Biden passes a largely strong economy to his successor, Donald Trump.

  • brlemworld@lemmy.world
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    3 days ago

    Average savings rate, average credit card debt, number of homeowners, college enrollment rates, average net worth. Lots of measures that the news and politicians ignore.

    • jagged_circle@feddit.nl
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      3 days ago

      Averages wouldn’t work. We need some unit that returns a low number if most of the wealth is in a small number of people’s pockets.

      Consider a world where one country has 99% of the world’s wealth, and 99% of that wealth inside that country is held by 1 person, with everyone else literally struggling to feed themselves.

      An average net worth for the country would show the country as having a very good economy. But, in fact, the economy is terrible. Because it benefits only one person. That’s a failed economy.