Staff Reports
The end of April wasn’t good for the economy. In the first part of the year, inflation got really high and the economy didn’t grow as much as people thought it would. This means the prices for things went up a lot, but the economy didn’t get much bigger. It’s not a good situation.
The Federal Reserve, which helps make decisions about money, said in May that it wouldn’t change the interest rates. This is after they had already raised them because of the high inflation. The Fed said that inflation is still really high and they are worried about that. By keeping the interest rates the same, the Fed is stopping the Biden administration from saying that its economic plan is working.
— Jeremiah Hickey Viruet Torres (@Jeremiah7Hickey) May 3, 2024
Also in April, a bank had to close, and experts say that there are many more banks that could also get into trouble soon. This is because they gave out too many loans and could lose money if the interest rates keep going up.
At the beginning of May, a report about jobs came out, and it was also bad news. There weren’t as many new jobs as people thought there would be, and the rate of people without jobs went up. This is all really bad for President Biden, especially with an election coming up.
Because of all these problems, many people don’t feel like they are doing better than they were a few years ago. Even though the President and his team try to say that things are good, not many people believe it. The 2024 election is going to be tough if things keep going bad like they are now.
