It's weird. None of the pseudocons are heaping praise on the President for this.
Unemployment is lower than it was during Trump's regime, and manufacturing is experiencing a rebound. Wasn't that something Trump and the rube herd used to crow and crow about, even though manufacturing didn't really increase that much on his watch?
Hmmmm...
All that aside, here's the thing about inflation. One definition is "too much money chasing too few goods". The Fed is fighting inflation by trying to burn up excess cash. But an even better way to fight inflation is to make more goods!
Ever since American manufacturing entered a long stretch of automation and outsourcing in the late 1970s, every recession has led to the loss of factory jobs that never returned. But the recovery from the pandemic recession has been different: American manufacturers have now added enough jobs to regain all that they shed — and then some.
[snip]
Covid-19 crimped global supply chains, making domestic manufacturing more attractive to some companies. Federal stimulus spending helped to power a shift in Americans’ buying habits away from services like travel and restaurants and toward goods like cars and sofas, helping domestic factory production — and with it, job growth — to bounce back much faster than it did in the previous two recessions.
Treasury Secretary Janet L. Yellen said that the recovery of manufacturing jobs was a result of the unique nature of the recession, which was induced by the pandemic, and the robust federal response, including legislation like the $1.9 trillion American Rescue Plan of 2021.
