Posted on 05/06/2024 10:14:15 AM PDT by Kaiser8408a
Perhaps Fed Chair Jerome Powell was listening to Prince’s “Let’s Go Crazy!” Because The Fed went crazy with money printing to counteract the shutdown of the US economy in 2020.
The US jobs market peaked in February 2020 under Trump at 152,309,000. Then COVID struck in March 2020 and the US economy lost almost 10 million jobs by December 2020. But when the fear ebbed and the economy opened back up, it took until June 2022 to recover the lost jobs. But since June 2022, the US economy has added almost 6 million jobs (many are part-time jobs and taken by foreign-born workers).
In terms of money printing, The Fed went crazy printing.
In fact, M1 Money year-over-year (YoY) rose a staggering 360% in February 2021. M2 Money, a broader measure of money, grew at a rate of 26.75% YoY in February 2021. Remember, Biden was sworn in as President in January 2021.
Yes, Biden’s purported jobs miracle is actually a part-time jobs recovery. Good luck buying a home on a part-time job.
Despite the staggering increase in money printing, TreasSec Yellen and Jared Bernstein still can’t explain why inflation isn’t transitory.
(Excerpt) Read more at confoundedinterest.net ...
I guess neither one is "Jeopary" smahhht.
Worth a thousand words today. Probably worth 10 words by this time next year.
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