The Wall Street Journal Warns Trump He Can't Blame Biden for Economic Malaise'

"(Saul Loeb/Pool photo via AP) The Wall Street Journal warned in a new editorial that President Donald Trump can't blame his predecessor, Joe Biden, for the economic malaise recent reports indicate the country may be experiencing. Under the sub-headline, Blaming Biden and the Federal Reserve for slow growth won't work forever, the Journal observed that President Trump finds vindication wherever he looks."

"For more evidence of economic malaise, see the U.S. Census Bureau's report released Tuesday on household income for 2024. Real median household incomes rose last year by a mere $1,040, which wasn't statistically significant. Real median incomes for blacks fell $2,060. The rich continued to do well, but most Americans treaded water. Real incomes among the top 5% increased by $11,500 on average last year (which notably doesn't include capital gains), but barely budged for the bottom 50%."

"Job growth stalled this summer amid his tariff barrage. The BLS establishment survey showed that an average of 27,000 jobs were created over the last four months. The number of Americans not in the labor force has increased by 1.2 million since April, more than half of whom said they want a job. The share of teens who are employed has fallen 2.1 percentage points since April, and they are usually the first let go when employers do layoffs."

Significant downward revisions to job growth indicate weaker labor-market momentum and a fragile employment picture. Real median household income rose only $1,040 in 2024, a change that lacked statistical significance, while real median income for Black households fell $2,060. Income gains concentrated at the top: the top 5% saw average real income increases of $11,500, while the bottom 50% experienced little change. Average monthly job creation slowed to about 27,000 over the past four months. The number of Americans not in the labor force rose by 1.2 million since April, with over half reporting they want a job. Teen employment declined.

Read at www.mediaite.com