Observation O’ The Day
So Team Brandon will stop endlessly printing money to reduce inflation? As Milton Friedman has said, “Inflation is always and everywhere a monetary phenomenon in the sense that it is and can be produced only by a more rapid increase in the quantity of money than in output.”
We technically are in a recession, but Biden and many in the DNC-MSM have been holding off on actually calling it that so that they can wait until there’s a GOP majority to blame. But Biden’s crankery is the mirror image version of what Virginia Postrel dubbed in December of 2008, “Depression Lust, and Depression Porn,” when Obama-worshipping Democratic Party operatives with bylines wanted American to get it good and hard, so that Obama could enter into office as the next FDR conquering the Depression. -Ed Driscoll
Biden slams Republicans ‘rooting for a recession’ after last jobs report before election.
President Joe Biden accused Republicans of “rooting for a recession” in a statement on the final pre-election jobs report.
Friday’s report is the last major economic statistic before Election Day in a race where voters’ financial worries appear to be tilting the balance toward Republicans.
Citing historically low unemployment, a growing economy, and lower gas prices, Biden said the report “shows that our jobs recovery remains strong.”
The White House has downplayed concern of a recession on the horizon despite high inflation, slowing labor force participation, and wage growth year-over-year.
On Friday, Biden said that the “comments by Republican leadership sure seem to indicate they are rooting for a recession.”
“As long as I’m president, I’m not going to accept an argument that the problem is that too many Americans are finding good jobs,” Biden said. The president has attempted to draw a contrast with Republicans as polls indicate that key groups of voters are unhappy with the White House’s handling of the economy.
Yet Biden acknowledged rising prices Friday as the country’s “top economic challenge,” vowing “to do what it takes” to bring these down.
“I know that American families are feeling squeezed,” he said.
In October, the economy added 261,000 jobs, a higher-than-expected number amid the Federal Reserve’s interest rate hikes. Yet the unemployment rate rose slightly to 3.7%, the Bureau of Labor Statistics showed on Friday.
The figures are expected to be closely scrutinized as voters head to the polls next week and Democrats attempt to defend their congressional majorities after two years in office.