President Joe Biden is nothing if not consistent. He blamed Putin when gas prices spiked and praised himself when they began to fall. Now the surprising July jobs report is “the result of my economic plan.”
Apparently this White House views economic reports as a salad bar where they can pick and choose what they want to add to their plate. Inflation and housing? They prefer to skip those and cherry-pick when favorable numbers surprise everyone — themselves included.
Today’s jobs report shows that the economy added 528,000 jobs in July.
More people are working than at any point in American history. That’s no accident, it’s results.
— President Biden (@POTUS) August 5, 2022
Nevermind that the economy has contracted for two straight quarters, matching the standard definition of a recession.
And ignore the fact that the Federal Reserve has been forced to implement historic interest rate hikes to try to deal with Biden’s “economic plan.” It’s not a plan when the only thing you do is look for needles in the economic haystack to crow about.
The White House will hang its hat on anything that springs from mounds of economic data that makes itself look anything less than utterly incompetent.
The reality is, the Fed’s interest rate hikes will continue until they have their desired effect — to slow the economy, decrease demand, and thus lower inflationary pressures. What will happen when this goal is achieved?
There will be an economic downturn. Economics 101 tells every freshman student that companies with less revenue shed workers. This means there is a virtually 100% certainty that unemployment will rise and job formation will shrink.
That, of course, will not be the result of Biden’s “economic plan.”
Instead, it will be blamed on Putin or Republicans, or possibly centrist Democrats who occasionally save the party from themselves. The White House is getting a lot of practice in deflection.
Take the recession, for example. Deniers will point towards the jobs report as proof that this economic downturn is not upon us. They will boast that Biden has done a fantastic job with the economy he inherited and is to be credited for returning all of the jobs lost when the nation shut down in 2020.
But that is only deflection.
To be clear, Biden did not cause COVID-19 any more than former President Donald Trump did, but his reaction was markedly different. Dumping trillions upon trillions in loose dollars into the system had the exact effect it always will, and that’s massive inflation.
At least in that case, Biden’s “economic plan” has worked.