I'll take a little short-term inflation over years of chronic unemployment and subpar economic performance like we saw in the past. And after seeing oil prices crash on Friday, it's pretty evident that a lot of that "inflation" was nothing more than profiteering, and that can be corrected by ways that don't involve pulling the rug out from under the typical American
THIS is the key chart to watch (from @calculatedrisk)— Heather Long (@byHeatherLong) November 5, 2021
This recovery has been incredibly fast thanks to strong gov't aid and the vaccines.
18 million jobs already back (out of 22 million lost)
In 2021 alone, over 5.8 million jobs have come back. pic.twitter.com/gMwZmX7IL2
Saturday, November 27, 2021
Incomes back to pre-COVID pattern, spending still beating inflation, but virus still an economic problem
I wanted to hit on this week's income and spending report for October, because it gave a picture of a strong economy that seems to be accelerating beyond the alleged drag of inflation, but one that's still bearing scars in some places due to 20 months of the COVID World. On the income side, we're almost back to a pre-2020 situation in terms of how people get money to spend. Most of the COVID relief measures such as stimulus checks and expanded unemployment have faded, and wage and salary growth has been strong and largely uninterrupted since February, when COVID vaccines started to become more fully available. the panic in the stock market from yesterday's news about a new variant in (largely unvaxxed) South Africa shows how the threat of a re-worsening pandemic is a major economic concern. Which makes it all the more vital to get people vaccinated and boosted in this country, especially kids 5-11 (who have been the biggest carriers of the virus in the last few months). And to realize that higher vaccination rates lead to more resilience against both infection and an economic downturn, and that discouraging such a move is encouraging the economy to falter. We need to tell this truth about anti-vax MAGAts and the GOP politicians that root them on. The last 20 months also should reiterate how we need to have extra supports ready to "turn on" when downturns arrive, as this clearly worked in 2020 and 2021 to keep us coming back from the crater that COVID left to our economy, to the point that demand and hiring could continue to pick up and allow us to recover at a much faster pace than we did in downturns in the 1990s and 2000s.
Posted by Jake formerly of the LP at 9:51:00 AM