June 9 – An op ed piece in the Wall Street Journal shows that President Joe Biden is quite happy with his economic record, yet when you check the prices of gas and groceries, it’s tough to reconcile that.
Pat Ryan of NewsTalk 103.7FM suggested, “It’s Opposite Day at the Wall Street Journal even bothering to put this thing into print here.”
Attorney Clint Barkdoll chuckled, “It does feel like Opposite Day. That’s a good way to put it. I’ve often said it’s the tale of two economies. Biden often brags about the good aspects but he leaves out all of the bad aspects.”
Unemployment is at a 70-year low and wage growth has been at all-time high.
However, inflation is at generational highs.
Barkdoll continued, “We know that there’s all of these problems that persist with the supply chain inventory across various industries. I’m not convinced these labor numbers are as accurate as the media wants us to believe they are. We talked last week about how there’s still pockets of the country that have two openings or more for every available worker and there’s some research to suggest that labor participation is very low. So that low unemployment may be artificial in the sense that there’s just this huge swath of people out there that for whatever reason, don’t want to work or they’re not seeking work. These problems seem like they’re going to persist. It looks like next week, the Fed may increase interest rates again.”
Rates for home mortgages and car loans could see another jump.
Barkdoll said, “All of that may actually get worse if the Fed takes that action next week.”