We’re not in a recession despite two quarters of shrinking Gross Domestic Product, President Joe Biden argues, because the job market “remains historically strong.” Sorry, Joe: The job market is historically screwed up. Yes, unemployment’s at 3.6% — but millions of working-age folks have left the labor force, so don’t count in the rate. That’s a central reason the jobs market is so tight that many companies are finding it impossible to hire, even if they offer more pay — which makes it a lot harder for those companies to grow.
And the economy is only now recovering all the jobs lost amid the pandemic. Biden’s brags about record job creation ignore the fact that employment (and growth) should have boomed far more. This is weakness, not strength...................
