Bidenflation vs. monthly jobs reports

When the jobs report comes out each month, Joe Biden delivers his routine message on the economy. First, he mentions that more jobs have been created at the start of his administration than during any other administration. That's technically true but it's misleading. It's misleading because he omits the fact that the economy was creating millions of jobs during the last months of the Trump administration.

In April and May of 2020, the US economy added 7,300,000 jobs. Let that sink in a little. Then compare that to Biden's first year of jobs creation. That's less than 7,000,000 for the entire first year.

What isn't talked about in Biden's monthly address is that job growth slowed dramatically during Biden's first year. What isn't talked about in Biden's monthly address is Bidenflation. Biden prefers to call inflation "Putin's price hike." This article highlights the dishonesty of that title. It lists industries that Putin can't influence. Let's look at these industries:

• Groceries
• Fuel and gas
• Not just the gas, the whole car
• Home energy costs
• Not just heating, the whole home

Let's look at that last category first:

Rent prices are up, as well, with the average cost of a two-bedroom apartment in February 2022 costing $1,295 per month — up nearly $200 from the $1,100 average price in February 2021.

Reuters reported last week that the average rate for a 30-year fixed-rate mortgage hit a 12-year high of 5.2 percent. This comes coupled with a cooling housing market as more potential buyers aren’t purchasing homes.

Additionally, as high inflation rates make it harder for individuals to buy homes, investment firms are buying up properties, including entire neighborhoods.

What happens when the purchases of the bigggest goods slows, which is inevitable? Do we enter a recession at that point? That's definitely a possibility. With the Biden administration not being serious about getting inflation under control, a recession is likely to be the only way to get inflation under control. Then there's this:

Additionally, car prices are up in the U.S. due to chip shortages and supply chain issues that have made buying a new car, including electric vehicles, difficult for many Americans.

In fact, people who bought new cars in January 2022 were paying 12.2 percent more than they would if they bought the car a year earlier. Market analyst Stephanie Brinley told CarAndDriver.com she does not "see MSRPs going down" but that the price volatility could calm down once supply meets demand, predicting that to happen in "late 2023, early 2024." Used car prices haven’t escaped inflation, either, with them being up 28%, according to Kelley Blue Book.

Based on the fact that Biden's polls continue sinking while inflation continues rising, it's obvious that the American people have reached their verdict on who's to blame for inflation. They're blaming Biden, not Putin. In 1992, the Clinton message was "It's the economy, Stupid." This year, the Republicans' message might well be 'It's Biden's inflation, Stupid':