9mo ago

Record-Breaking Accomplishments On Jobs And Unemployment Under Biden

www.forbes.com Record-Breaking Accomplishments On Jobs And Unemployment Under Biden

May's jobs and employment report show a record-breaking run of good economic news under President Biden

The Biden Administration’s robust and durable track record on jobs and unemployment is breaking records, putting up some of the best results we’ve seen in half a century.

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Isn't low unemployment a "despite the Biden administration" thing? Wasn't that the whole point of the interest rate hikes to "cool off" the economy (I.E. increase unemployment). Am I missing something?
- The President has no power over the interest rate. The interest rate is set by the Federal Reserve.
  
  Agreed, presidents can apply pressure but the Fed is technically independent. That probably wasn't fair of me to link Biden to the Fed, sorry. Dems are quick to attribute this gain to the Biden administration. I've heard broad statements about how Biden is good for the economy, but they don't really go into specifics. I'm curious what they're specifically saying he's done to boost the economy to the point that it invalidates Fed interest/employment/inflation models.
  
  Executive order: anti-trust policies and various pro-consumer market adjustments
  A form of stimulus to the renewable industry, by having the gov purchase new zero-carbon equipment
  Stimulus during covid
  Revoking a bunch of pro-oligarchy Trump orders
  Incentivizing greater housing supply
  Fixing the supply chain
  Similar: Immediately funding cleanup and reconstruction of the Francis Scott Key Bridge after its collapse, using federal funds
  Just a quick sampling of stuff that is Biden's actions alone. The infrastructure spending that he helped negotiate with Senate Democrats was also huge, but I think Congress gets the lion's share of the credit for that one.
- Yes you are missing the fact that the president's policies have a major effect on the economy.
  
  What specifically is he doing that is creating jobs? As of February new jobs are being driven by healthcare jobs. There are several other types of work before you get to construction, which could plausably be linked to infrastructure spending. And again, that's held to against the interest rate hikes that are designed to lower inflation by increasing unemployment, or the more appropriate euphomism of softening the labor market.
  
  I like how when you asked that question in another comment, and I gave you a quick list of things Biden specifically, personally did to improve the economy, you went all quiet and then came over here to ask the same question.
  
  Yeah, I read the list and fair enough. I mean to go further I'd have to argue each thing and say if I agree that it helps the economy directly or not, who the fuck cares what I think. The Biden admin has been good on anti trust, those are filtering through the courts now right, so no concrete effect yet right? Biden is good on labor too, being like the first president to visit a picket line. That may have legitimately helped the broader economy if that factored into their decision to concede to the UAW and those wage increases filtered out to non Union shops in the south. Almost invariably when people cite "Bidenomics" they mention infrastructure and green spending, which I don't think nearly accounts for what's been happening in terms of unemployment. I wanted concrete examples, you gave me a bunch. That's something to think about, and I appreciate it.
  
  Thanks for being open minded.

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