One of the saving graces of the Biden presidency is that while inflation and federal debt were soaring, the labor market and economic growth were both solid; in fact as shown in the chart below, nominal GDP was tracking about $2.5 trillion above the pre-covid trendline, an impressive achievement even if inflation accounted for the bulk of the divergence.
Alas, just as last month's dramatic downward revision in the number of jobs - the second biggest on record, confirming that most of the labor market strength in 2024 had been a pre-election mirage - erased much of the Biden admin's recent "stellar" jobs record...
