Joe Biden has left the American economy in shambles.
With the country barreling towards a serious recession in 2023, it’s no surprise that things are going from bad to worse.
But now, Biden just got blindsided by one shocking jobs report he never saw coming.
Joe Biden’s economic policies have been an unmitigated disaster for the United States of America.
Ever since taking the reins of power, Biden has done nothing but slam the American economy into the dirt.
From multi-trillion-dollar spending bills that drove inflation to a 40-year high, to extreme anti-energy policies that have forced the United States to beg for oil from socialist dictatorships like Venezuela, Biden has done one thing after another to make America poorer.
And now, the results of his disastrous mismanagement of the American economy are finally playing out in real time.
Reuters reports, “The number of Americans filing new claims for jobless benefits increased moderately last week, pointing to a still-tight and strong labor market despite growing fears of a recession as the Federal Reserve fights to dampen demand.
“Though the weekly jobless claims report from the Labor Department on Thursday showed unemployment rolls, or the so-called continuing claims rising to a 10-month high in late November, economists cautioned against reading too much into the move as the data are volatile around this time of the year.”
Jobless claims are usually one of the top metrics which economists use in order to gauge the state of the American economy.
As a result, they are often pointed to in order to determine whether or not the economy is heading towards a recession or is running strong.
And at the moment, all signs point to a major crisis in 2023.
With the Federal Reserve being forced to raise interest rates to levels that have not been seen since the 2008 financial crisis, unemployment has been creeping up as a result.
Reuters adds, “The Fed wants to slow the labor market to cool inflation and has raised its policy rate by 375 basis points this year from near zero to a 3.75%-4.00% range in the fastest rate-hiking cycle since the 1980s. Economists expect the Fed will continue tightening monetary policy and lift the policy rate to a level higher than the recently projected 4.6%, where it could stay for some time.”
And now, it appears clear that the results of these policies, combined with Joe Biden’s own disastrous record in Washington, D.C., are taking a serious toll on the American labor market.
“Initial claims for state unemployment benefits increased 4,000 to a seasonally adjusted 230,000 for the week ended Dec. 3. Last week’s increase was in line with economists’ expectations. Claims are well below the 270,000 threshold, which economists said would raise a red flag for the labor market,” adds Reuters.
Many companies, especially in the tech sector, have already announced massive layoffs.
And with the collapse in home building and delivery services, it appears that consumer sentiment is also beginning to dry up in many critical sectors of the economy.
As a result, the United States is staring down the real possibility of the worst economic crisis since 2008, and with the stock market already down significantly in 2023, it’s clear that Biden’s policies may have already plunged the country into a recession.
