The Labor Market’s Not Strong, The Fed’s Completely Wrong

The chart below tells you why the Fed and its Wall Street megaphones can’t figure out what is actually happening to the US economy; and, also, why the White House is hopelessly out to lunch in its claims that Bidenomics has been a roaring success.

To paraphrase the Captain in Cool Hand Luke, what we’ve got here is failure to calculate. That is, the US economy has been radically tortured and twisted by the pandemic era lockdowns and stimmies. So normal economic activity that was disrupted and def...