President Joe Biden has notched an envious record on jobs, with 10.3 million gained during his tenure.
its benchmark interest rates to lower inflation and possibly raise unemployment. Mortgage costs have shot upwards, while the S&P 500 stock index has dropped more than 20% so far this year as the world braces for a possible downturn.
Yet the president is also warning that a Republican majority in Congress could make inflation worse by seeking to undo his programs and treating payments on the federal debt as a bargaining chip instead of an obligation to honor. As Biden tries to fend off fears that inflation is causing the country to slide into a recession, his chief evidence of the economy’s resilience is the continued job growth.
Fair's analysis suggests that inflation basically erased the political boost that Democrats could have gotten from strong economic growth during three quarters in 2021. Even if the economy is top of mind for many voters, the conflicting forces of past growth and high inflation cancel out each other. “People pay more attention to bad news than to good news and are more likely to retain and recall bad news,” said Matthew Incantalupo, a political scientist at Yeshiva University.
Republican candidates have specifically said Biden's $1.9 trillion coronavirus relief package last year overheated the economy, causing prices to rise alongside the job gains that they claim would have happened anyway as the pandemic receded. They have also said that Biden should have loosened restrictions on oil production, in order to increase domestic output and lower gasoline prices.
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