One of the most obvious differences between the Obama economy and the Trump economy was that under Obama, the reports were always hyped and then underperformed, while under Trump, the reports were preemptively tanked and then exceeded expectations.
We’re now back in Obama territory with the media and its pet experts repeatedly overhyping a report, which invariably underperforms expectations, and then the media resumes trying to spin the numbers in an effort to prop up the head of its political faction.
Employers added 559,000 jobs in May, the Labor Department said Friday, missing the addition of 650,000 jobs that analysts surveyed by Refinitiv were expecting.
“Only a few months ago we had expected to see several months’ worth of gains north of one million as the economy reopened, but labor supply is bouncing back much more slowly than demand,” said Paul Ashworth, chief U.S. economist at research firm Capital Economics.
Biden is taking a victory lap even though the only thing to celebrate is a tepid restart of the economy after Democrats shut it down.
It’s like someone sitting on your chest, getting up off it, and expecting to be thanked because you can breathe now.
The analogy is even more apt because Biden is crediting the economic numbers to people wearing masks. The party of science has now gone full cargo cult.