Friday, January 28

The United States has strong growth and a record number of vacancies. Yet voters hate what is happening.

NEW YORK (Aftenposten): Inflation is back with a bang in the political debate. Developments have taken politicians and economists to bed.

President Joe Biden is blamed for US skyrocketing prices. It has become his biggest political headache.

NEWS ANALYSIS: Actually, the United States has a lot to look forward to.

  • The darkest predictions of what the coronavirus would do to the economy have been put to shame. Value creation recovered quickly after a sharp downturn in the spring of 2020. The United States’ gross domestic product is now larger than it was before the pandemic.
  • Unemployment is falling month by month and is down to 4.6 per cent. At worst, in April last year, it was 14.8 percent.
  • At the same time, many experience that they can pick and choose in the labor market. The United States now has 10.4 million job vacancies – a record number, historically speaking.
  • Many received major government transfers during the pandemic. A typical family had 50 percent more in the current account in July this year than in July 2019, according to an analysis from the bank JP Morgan.

But none of this seems to help President Joe Biden. Most Americans are far from happy with the state of affairs.

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