Opinion by Jennifer Rubin: President Biden’s claim to be building the economy from the bottom up and middle out appears solidly grounded.
Steven Rattner puts it, “Historically, the Black unemployment rate has averaged over twice the White rate. Today, the gap between the Black and White unemployment rates is among the smallest ever.” He adds, “To put this in further historical context, in 2010, during the financial crisis, Black unemployment hit 17 percent. And in 1983, another recessionary period, it reached 21 percent.
Administration officials think they can sustain this progress. They argue that policies such as the bipartisan infrastructure law, the Chips Act and the Inflation Reduction Act make long-term investments. If they are right, and these policies increase productive capacity, the economy will be on a positive trajectory for years to come.last week succinctly observed, “The annual inflation rate for producers is 2.7 percent — the lowest rate in more than two years.
Core inflation, which includes volatile fuel and food prices, increased 0.4 percent from February, down from a 0.5 percent increase in the preceding month. However, the: “The overall energy index was 3.5 percent lower than in February on a seasonally adjusted basis, and down 6.4 percent from a year earlier. Gasoline prices are down 17.4 percent from a year earlier, when the shock of Russia’s invasion of Ukraine sent oil prices rocketing upward.
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