Workers have much to celebrate this Labor Day. Unemployment is near its lowest level since the 1960s, and real wages are growing again. Post-pandemic inflation is finally under control, even if it’s not yet all the way back to normal.
Barring another crisis, there will be a soft landing from the pandemic downturn.
This is fantastic news, and President Joe Biden has quickly taken credit for it under his Bidenomics umbrella. He, along with Republicans, deserves more blame than credit, however. Neither Biden nor Congress have much control over inflation, and their massive bipartisan spending binge is doing more harm than good for working families.
It helps to think of today’s primarily healthy economy as the third act of a three-act story. In the opening act, a mostly healthy economy was humming along, much like it is now.
In the second act, the pandemic shut everything down.