Unemployment is a Lagging Economic Indicator
Broke customers today, job cuts tomorrow.
Most ordinary, loyal Democrats do not blame inflation on the Biden Administration, far from it.
Though certainly, the actions taken by the Biden Administration immediately after President Biden took office to curtail domestic energy production contributed to the inflation crisis from which American consumers are still suffering, other factors undoubtedly played a part.
Unfortunately for American energy independence — and lack thereof — the cost of energy is baked into every single thing we buy, every day. Higher petroleum costs starting in 2021 eventually led to higher shipping costs, higher production costs, and higher costs all around.
The price of energy in the U.S. is still greatly elevated from 2020 — including the precious diesel fuel used to ship so many goods from coast to coast. Higher prices — for everything — is a new reality that is exhausting American families to the breaking point, whoever they hold responsible.
“But unemployment!” is the most common refrain.
However, as economists know, unemployment is a lagging economic indicator.
First, manufacturers and suppliers passed higher costs onto customers. Next, consumers felt the pinch and started spending less…