The astonishing miss Friday in September’s jobs numbers — only 194,000 jobs created, versus an expected 500,000 — was not only a shock to market expectations, but represents a crisis for President Joe Biden’s tax-and-spend economic policy.
For months, even when the jobs reports have been disappointing, the Biden administration’s economists have claimed that big spending was helping the U.S. economy, and that more big spending was the answer to accelerate the ongoing recovery.
But the economy is no longer responding positively — if it ever did — to Biden’s spending plans. Inflation is causing both consumers and investors to worry about the future. And Democrats’ plans for massive tax increases are adding to the stress.
Before Friday’s dismal numbers came out, economists