Inflation has reached its lowest point in 2 1/2 years. The unemployment rate has stayed below 4% for the longest stretch since the 1960s. And the U.S. economy has repeatedly defied predictions of a coming recession. Yet according to a raft of polls and surveys, most Americans hold a glum view of the economy.
The Biden administration is like a drunk on a bender. The federal government won't stop spending money until the country is flat broke and so deep in debt that the U.S. economy bottoms out and it is forced to sober up.
The U.S. Bureau of Labor Statistics reported that 150,000 jobs were created in October with the unemployment rising to 3.9%.
The economy expanded at an annual rate of 4.9% in the July to September period, according to the government's first estimate.
The U.S. government on Friday posted a $1.695 trillion budget deficit in fiscal 2023, a 23% jump from the prior year as revenues fell and outlays for Social Security, Medicare and record-high interest costs on the federal debt rose.
Americans’ cost-of-living crisis continues. On Thursday, the Bureau of Labor Statistics announced that the Consumer Price Index rose 3.7% over the last year, about twice the Federal Reserve’s target rate. Although inflation has moderated from the beginning of the year, prices of goods and services have increased by around 20% since President Biden’s term started. Food prices are up by about the same amount.
The Bureau of Labor Statistics reported that 336, 000 jobs were created in September with unemployment staying at 3.8 %
An inflation measure closely watched by the Federal Reserve ticked higher in August as steep prices continue to squeeze millions of U.S. households.
