The January jobs report has been released, showing unemployment remaining near historic lows. As President Donald Trump takes over, he is inheriting what one noted economist is calling President Joe Biden’s “astonishing” and “beautiful” jobs record and labor market. But beyond employment figures, key benchmarks, such as the prices of essential goods like eggs, coffee, and gas, are drawing attention—leading some to wonder if last year will be remembered as the actual “golden age” for everyday consumers.
I think the economic circumstances Biden left the American people with will look best in hindsight. To me, it seemed like the term “economy” describes something people feel no longer connected with. Up to ten, fifteen years ago, strong economy meant you were able to afford things. That is no longer the case. It’s now a metric about numbers in balance sheets only, decoupled from the reality of most. And that reality for sure wasn’t a “golden age” under Biden.
Now, that doesn’t mean it can’t get much worse, in fact I’m pretty sure not only will the American economy tank, but also people’s lives; because while these may not correlate while the economy produces big numbers, people’s lives will significantly worse when it’s going downhill. The structures that have been installed over the years while numbers were good that make sure wealth stays at the top won’t go away when numbers go bad.