No, it’s not. That’s what YOU said in your misinterpretation of his statement. And not to speak for Dr. Bee, but don’t put words in my mouth and I won’t stick anything in yours.
As for Donnie: Don’t do the crime if you can’t do the time.
These statistics come on top of unemployment below 4% for a record 27 months, and more than 15 million jobs created since Biden took office, including 789,000 in manufacturing. According to Politifact, three quarters of those jobs represented a return to the conditions before the coronavirus pandemic, but the rest are new. Politifact noted that it is so rare for manufacturing jobs to bounce back at all, that the only economic recovery since World War II that beats the current one was in 1949, making the recovery under the Biden-Harris administration the strongest in 72 years.
All three of the nation’s major stock indexes hit record highs today after the latest data showed inflation cooling. Standard and Poor’s 500, more commonly known as the S&P 500, measures the stock performance of 500 of the largest companies listed on U.S. stock exchanges. Today it was up 61 points, or 1.2%. The Nasdaq Composite is weighted toward companies in the information technology sector. Today it was up 231 points, or 1.4%. The Dow Jones Industrial Average, often just called the Dow, measures 30 prominent companies listed on U.S. stock exchanges. Today it was up 350 points, or 0.9%. The Dow has risen now for eight straight days, ending the day at 39,908, approaching 40,000. (It went past 40,000 yesterday.)
Driving the hike in the stock market, most likely, is the information released today by the Bureau of Labor Statistics in the Labor Department saying that inflation eased in April. Investors are guessing this makes it more likely that the Federal Reserve will cut interest rates this year.
People note—correctly—that the stock market does not reflect the larger economy. This makes a report released yesterday from the nonpartisan Congressional Budget Office, or CBO, an important addition to the news from the stock market. It concludes that the goods and services an American household consumed in 2019 were cheaper in 2023 than they were four years before, because incomes grew faster than prices over that four-year period. That finding was true for all levels of the economy.
That is, “for all income groups…the portion of household income required to purchase the same bundle of goods and services declined.” Those in the bottom 20% found that the share of their income required to purchase the same bundle dropped by 2%. For those in the top 20%, the share of their income required to purchase as they did in 2019 dropped by 6.3%.
No, it’s not. That’s what YOU said in your misinterpretation of his statement. And not to speak for Dr. Bee, but don’t put words in my mouth and I won’t stick anything in yours.
As for Donnie: Don’t do the crime if you can’t do the time.