Well, maybe, but Carrie Sheffield at the Daily Caller has a different take.
She encourages us to consider the whole picture and notes that even though the number of U.S. jobs jumped 528,000 last month, and the unemployment rate fell to 3.5% from 3.6%, matching a five-decade low, that doesn't tell the whole story.
She writes that these figures mask the drop in July of the labor force participation rate to 62.1% in July from 62.2% in June, but this is still far below the 63.4% labor force participation in February 2020.
This translates, she notes, to millions fewer people who would otherwise be working today compared to before the COVID-19 pandemic.
She also notes that jobless claims rose to 260,000 for the week of July 30, almost 6,000 more than the 254,000 recorded the week prior, according to the Labor Department.
Moreover,
Consumer sentiment is at record lows as credit card debt is skyrocketing at a rate not seen in 20 years as people go into the red to pay for inflation.Inflation is at 9.1%, higher than it's been since 1981, and no agency that has studied the Democrats' Inflation Reduction Act believes it will actually reduce inflation and most think it will increase it.
Credit card balances grew by $46 billion in the second quarter of 2022, the New York Federal Reserve reported, a 5.5% spike from the first quarter.
There was also a 13.1% spike in new credit card accounts. “Americans are borrowing more, but a big part of the increased borrowing is attributable to higher prices,” the New York Fed said in a news release.
Meanwhile, gas prices have dropped some, though they’re still painfully high compared to when Biden took office.
In the end, the people who suffer the most from inflation are the poor and the 67% of Americans living paycheck to paycheck.
It's a tragically ironic state of affairs foisted on the poor by the party that has historically claimed to be their champion.
