No one is talking about the real source of a lot of these problems: there was supposed to be a minor collapse/major correction of the economy around this time in 2022. Essentially, there were signs that people were preparing for a major recession that was going to be precipitated by a collapse in one or more major markets (probably real estate, either American CRE or Chinese residential); inflation necessitating rapid FFR hikes would have played a part in this. Instead, everything was backstopped by various means, and the Fed went for a "soft landing". This didn't solve the problem, it just shifted the burden onto people who didn't own the assets that were backstopped. A number of other actions (breaking the rail strike, a number of actions taken to prevent turmoil in securities markets) also forestalled the correction.
The result is that, instead of taking a big blow early in his presidency, leaving us currently in the recovery period, Biden disrupted every "attempt" by the market to correct. This allowed for common economic metrics to read as healthy, even while the portions of the economy that most effect the average American were distorted.
The result is that, instead of taking a big blow early in his presidency, leaving us currently in the recovery period, Biden disrupted every "attempt" by the market to correct. This allowed for common economic metrics to read as healthy, even while the portions of the economy that most effect the average American were distorted.