The US economy is doing well. President Biden wants to know why so many Americans are still feeling bad
n0m4n @ n0m4n @lemmy.world Posts 0Comments 209Joined 2 yr. ago
n0m4n @ n0m4n @lemmy.world
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Everything in economics comes at its cycle. The economy improves, hiring picks up, and if jobs exceed workers by enough, eventually, wages go up. Even then, it takes a while for workers to feel confident. Corporations generally will put more hiring and wage raises off as long as possible.
This cycle is not in sync through the country. Hot areas will have to respond faster. Cooler area may not respond at all. Red states are generally in cooler regions. Austerity does not promote growth.