
News Link • Economy - Economics USA
David Stockman on The Battle of The Liars…Trump Versus Harris and The Folly of UniParty Economics
• International Man - David StockmanBoth are lying. Both ignore crucial matters of context—such as stage of the business cycle, Fed policy actions, forces arising from the $105 trillion global economy in which US growth, jobs and inflation are inextricably rooted and the fact of lag times in transmission of Washington policy into economic outcomes.
Among other things, these factors mean that comparing administrations based on the calendar happenstance of four or eight year presidential terms is inherently dubious. There are too many intervening and cross-cutting forces that usually far overpower the meager impact of White House policy pronouncements and implemented actions.
For instance, the Harris-Biden administration brags that they have created 16.6 million jobs since December 2020, but we are hard pressed to understand how Sleepy Joe had anything to do with the reported BLS numbers. Fully 9.8 million or 59% of these "new" jobs were not that at all; they were "born-again" jobs, reflecting the on-going spring-back of the US economy from from the Lockdown-induced 22 million jobs plunge 0f April 2020.