Each month economists use the most recent Bureau of Labor Statistics data in an attempt to gauge the health of the economy. By adding the current U.S. unemployment rate of 3.90% to the current rate of U.S. inflation of 7.04%, economists quantify the economic well-being of the country into the U.S. Misery Index. In turn, the Misery Index is used to gauge how average Americans are weathering the ups and downs of the U.S. economy under the Biden/Harris administration’s economic policies.
The current U.S. Misery Index stands at a painful 10.94%. Granted, on paper, this is marginally better than last month’s 11.01%; however, things aren’t always what they seem for the average American family, nor are they always what the government desperately wants us to believe they are either.
Today’s a historic day for America’s economic recovery. pic.twitter.com/PG8EAIk415
— Joe Biden (@JoeBiden) January 7, 2022
According to the Biden administration, the American economy is fine. Americans are fine. Everything is fine. Is the health of the U.S. economy actually impacted by who is in the White House? When the Misery Index is superimposed on presidential administration terms, the answer appears to be yes with Americans fairing better when Republicans are in office. Biden’s 3.09% unemployment rate appears to be something to crow about, but is that really the case with such a high Misery Index? Is something other than Biden’s failed stimulus packages really driving the unemployment drop?
As PJ Media’s Matt Margolis wrote, “for months now, Joe Biden has claimed to have the best economic record of any president in recent history and credited his economic policies”; however, both the government’s own data and good old common sense say otherwise. While it’s accurate that the jobs numbers have increased in recent months, the increase has everything to do with workers going back to work as the pandemic lockdowns finally end and virtually nothing to do with Biden policies creating actual new jobs. In fact, Dec. 2021 Bureau of Labor Statistics Employment Situation Summary data shows “the economy is still 3.6 million jobs short of pre-pandemic levels.”
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A Harvard School of Business paper published in the American Economic Review showed that unemployment causes Americans 1.7 times as much misery as inflation does, so in reality, the Misery Index is even more painful to the average American. Meanwhile, Biden and his leftist pals would like Americans to forget the supply chain mess at our ports leaving our shelves bare and increasing consumer prices while they do little to nothing to fix the problem.
Democratic leaders accept no responsibility for the spike in crime and the racial and civil unrest across the country while they blame local leaders and former president Trump or take countless lavish personal trips while Americans struggle. All American voters would do well to remember their Democratic leaders’ behavior and these economic numbers that have been produced under Biden’s policies when they’re in the voting booth in 2022 and 2024.
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