President Joe Biden entered office poised to oversee a record recovery and a return to the booming economy and all-round stability of pre-pandemic life. Instead, he’s turned out to be a master of disaster, with self-inflicted crises across the board threatening to set America back to the 1970s — with that era’s infamous “stagflation” as well as a foreign policy in flames.
When Biden took office in January, the nation was on the mend from a post-holiday surge in COVID cases and seeing a light at the end of the tunnel with the vaccines produced at unprecedented speed and nearly a million jabs a day going into American arms. With the unemployment rate — 3.5 percent — at a five-decade low in February 2020, Biden inherited a strong pre-pandemic economy that was already bouncing back strong as the pandemic and lockdowns began to end.
President Donald Trump had also done him a favor at the southern border, getting what was once a real crisis under control by prioritizing strong border security, negotiating a Remain in Mexico policy that saw asylum-seekers await the conclusion of their cases outside the country and instituting a public-health order that kept migrants out while we focused on eradicating the virus.
US consumer confidence fell unexpectedly this month as rising prices, a hiring slowdown and energy uncertainty hit hard. On Friday, the University of Michigan said its Index of Consumer Sentiment declined to 82.8, from 88.3 in April. Economists had predicted it would rise to 90.4.
It wasn’t the first disappointment for prognosticators this month. Economists expected the country to tack on 1 million jobs in April after seeing gains of 770,000 in March. Instead, the Bureau of Labor Statistics reported just 266,000, as the unemployment rate rose to 6.1 percent.
And then it announced that consumer prices rose 4.2 percent year-over-year in April — far worse than economists had predicted. It was the largest such jump since September 2008, when the financial crisis was at its height. Oh, and core inflation rose 0.8 percent from March to April, the biggest rise in nearly four decades.