Biden’s economy performing well

Economists point to multiple factors that chart whether an economy is weakening or growing. An informed assessment of the current state of the U.S. economy can be discerned by looking at some recent data points:

• Gross domestic product expanded 3.1% in the second quarter of 2024.

• Consumer spending has increased steadily in the second quarter of 2024.

• The unemployment rate is 4.2% nationally. A range of 4-5% is considered “full” or “normal” unemployment.

• The current year-over-year inflation rate is down to 2.4% from a high of 9.1%.

• The recent interest rate cut by the Federal Reserve of 50 basis points is healthy.

• A record-breaking 5.5 million new business applications were filed in fiscal 2023 with a gain of 2.6 million through the second quarter of this year.

• Since January 2023, wage growth has outpaced inflation.

• The consumer price index has seen its smallest 12-month increase since February 2021.

• National gas prices are down 16.09% from one year ago.

The above was summarized by Federal Reserve Chairman Jerome Powell: “The U.S. economy is in good shape. It is growing at a solid pace. Inflation is coming down, employment is steady.” Unfortunately, Nevada is still paying higher gas, housing and grocery prices, and has higher unemployment than almost every state.

Maybe we are blaming the wrong Joe.