The NPR Politics Podcast How Successful Was The Biden Administration In Managing The Economy This Year?
Dec 23, 2021
Scott Horsley, the Chief Economics Correspondent for NPR, provides sharp insights into this year's economic landscape amid Biden's presidency. The discussion reveals how the American Rescue Plan sought to relieve pandemic-induced struggles, yet inflation has muted wage gains. Horsley explores the public's mixed approval of the administration's economic management, highlighting the struggle to balance job creation achievements with rising consumer prices. Additionally, the conversation addresses the long-term effects of pandemic burnout on the workforce and its emotional toll.
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Mixed Economic Signals
- The unemployment rate is officially low, but people are not celebrating.
- This is due to pandemic-related job market fluctuations and uncertainty.
Wage Growth Amidst Inflation
- Wages, especially for low-income workers, have increased due to labor shortages.
- This tight job market has given workers more bargaining power.
Inflation Concerns
- Inflation is significantly impacting consumers, particularly with rising gas, meat, and used car prices.
- This high inflation is a result of increased consumer demand meeting constrained supply due to pandemic-related issues.