During the last four years, inflation has stepped on premises small businesses all over the country inflation fee peaked in 2022, but of course the cost of goods never came down again.
In fact the prices they continued to rise, but not at the same clip they had been rising to the top.
In short, gas prices, food prices, housing prices, energy prices, and insurance costs still blow people's everyday budgets, making them cut the costs of commodities or increasing credit card debt despite the fact that the Biden-Harris administration constantly dismisses its situation for two. years.
Things got worse for America's economic worries on Friday when the latest jobs report for July showed that job growth not only slowed to an alarming rate, but only added a seasonally adjusted 114,000 jobs when experts expected 176,000 new. jobs, but the June and May employment reports were revised down by 29,000 jobs.
That means 10 of the last 14 reports have been revised down.
Which means that all the jobs report headlines we've read over the past year suggesting the economy is booming were wrong. The truth is that the jobs numbers in this country are weak and the new unemployment rate of 4.3% is now the highest it has been since 2021. The reality is that small businesses and consumers have been alerting for some time: the trends in The terrain in real life shows a world very different from the headlines.
By mid-afternoon Friday, the Dow Jones Industrial Average was down more than 1,500 points from its peak on Wednesday, and market experts at The Kobeissi Letter say the volatility index is officially up more than 100 percent.
At the same time, the Sahm Rule, a widely accepted economic rule that holds if the unemployment rate rises half a percentage point fast enough, then the economy is in recession, was triggered by the data.
In April, Kamala Harris, the presumptive Democratic nominee for president and incumbent vice president, embarked on an “economic opportunity tour” across the country, touting the Biden-Harris administration's record in creating employment and erasing student loan debt.
Harris he said when launching the tour that “our economic approach has given great progress, and we will continue to invest in you, your family and your future.”
In that same month of In April, the Labor Department noted that hiring had fallen short of expectations and it was one of many indicators that the job market was cooling. However, in her role as vice president, Harris was making a very different story.
news coverage of his start of the Economic Opportunity Tour in Atlanta in April he focused solely on his galvanizing and mobilizing black voters.
The Bureau of Labor Statistics numbers below the headline showed some disturbing trends for average Americans still struggling under the weight of inflation. Those without college degrees saw the largest jump in the declining labor market, rising to 4.6 percent from 3.3 percent in July.
For perspective, as of 2021, Pew Research shows that 37.9% of adults over 25 have high school degrees, according to data from the US Census Bureau's Current Population Survey.
When it comes to what's most important to people when they head to the polls, the economy is always the No. 1 concern. The latest Brookings report, released before the weak labor market came to light and inflation as the primary economic problem, showed that 65% of voters rated the economy as good during Donald Trump's presidency, compared with 38% under the Biden-Harris administration.
Paul Sracic, a political science professor at Youngstown State University, said political strategist James Carville was right when he said “It's the stupid economy” when he focused former President Bill Clinton's campaign on economic issues.
“As it was then and now, it's how people feel about the economy and whether their lives are better that's driving this election,” he said. “The word recession is powerful. A lot of economics is psychological. The numbers that came out Friday are very bad news for the Harris campaign. They were touting a soft landing last week and that's not going to happen now.”
Sracic said Biden and Harris got the message wrong from the start of the economy: “It started with inflation. They woefully underestimated inflation early on, dismissing it as transitory. Maybe if they had reacted earlier , non-understanding would not have become a general theme for them.”
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How Trump handles this is of great importance to him, Sracic said.
“We have always thought that these elections were about the economy. It still is, but it's even bigger now.”
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