In July, Vox told us not to worry about inflation. But the news on inflation is much worse than you think.
If you pull the sheets back on the economy as a whole, it really stinks, and the numbers are indisputable.
Media outlets like Vox would like you to think that now that Joe Biden is president and the Democrats control Congress that the economy is going to really roll. In fact, the data shows that under Biden, the economy is sicker than the media will acknowledge.
It may be sicker than even critics understand.
So let’s put this economy into perspective in an attempt to quantify just how bad it is right now.
The Associated Press said this week that unemployment claims have returned to pre-pandemic levels, but wondered why unemployment is still persistent even though there are a near-record number of job openings.
And it’s in that paradox between the voices crying everything is back to normal, and those saying the economy steals from workers, that shows that the malaise amongst liberals has reached our economy with a similar paradox.
The Associated Press and liberal media like Vox are cooking the books and relying on biased “experts” to push a brighter view of the economy, while calling the economy a disaster, in part to push for higher wages, and in part to buoy Biden’s management of the economy.
So, let’s look for example at the difference between the reported numbers and the reality facing Americans today.
Today there are 8.4 million unemployed, says the Associated Press, compared to 5.7 million people unemployed in February 2020.
That’s roughly a difference of 2.7 million jobs.
Yet the economy still has 5.6 million fewer jobs than it did in February 2020.
That means that the American economy, despite making progress, is still missing a working population about the size of the working population of Ohio compared to just 18 months prior.
That would imply about $600 billion in missing GDP from our economy, and all the tax revenues that go with that missing economic activity.
On Friday, the Labor Department reported that producer inflation—the rise in prices that producers pay– rose by 8.4% annually in August, and 8.3% year-over-year, the largest yet on record.
And in July, Vox told us not to worry about inflation.
How exactly did we get here? We spent $5 trillion in COVID money, we are still missing 5.6 million jobs, with nearly 10 million jobs available and 8.4 million still unemployed and producer prices are going up, while the Associated Press says things are getting back to normal.
Yet employers can’t fill jobs.
The problems with the economy aren’t exactly what the Democrats are advocating, nor are the solutions.
If, after spending $5 trillion, you still have persistent unemployment, rising inflation, and trouble filling jobs, something is broken that money can’t fix.