The economic news — especially on unemployment — is very good:
The U.S. economy showed broad-based signs of acceleration heading into the end of the year, with consumers ramping up spending, businesses stepping up investment and jobless claims falling to historic lows.
Household spending rose 1.3% in October from a month earlier, while personal income increased 0.5% last month, the Commerce Department said Wednesday. Consumers are benefiting from a strong labor market. And they are spending at a faster pace than inflation, which recently hit a three-decade high.
Jobless claims, a proxy for layoffs, fell to 199,000 last week, the lowest weekly level in 52 years, the Labor Department separately said. The sharp decline in unemployment claims suggests rising wages and bountiful job openings could continue to buttress consumer spending—the economy’s main engine—despite fading government stimulus and dwindling savings.
The correct lessons were learned from the weak recovery following the economic collapse, and the policy response this time was much better. One would think that this would earn Biden some positive coverage. But one also has to remember how hard-wired the Beltway media is for austerity politics:
it’s honestly been stunning to see how the media has twisted economic growth as a bad thing. @playbookdc framing low unemployment as a bad thing was next level pic.twitter.com/iEFzrg9Dyv— sam deutsch (@samdman95) November 23, 2021
It just does not get any more Playbook than calling a tight labor market “alarming.” If only the Dems had nominated Erskine Bowles this all could have been avoided!