The US economy appears to be in unabated recovery mode, with an impressive streak of 39 consecutive months of job growth. This job boom may not guarantee Biden's stay in the White House beyond November, as analysts point out that the adage “It's the economy, stupid” may not be as crucial in elections as it has been in the past.
Post-Biden hiring boom
Since the inauguration of President Biden, as reported by the New York Times, US employers have recorded a hiring frenzy, with job additions that exceeded forecasts and a trend that looks set to continue. Despite predictions of a possible recession, the United States has continued to sustain robust economic growth, facing challenges such as inflation, geopolitical tensions and turbulence in the shipping industry.
The month of March continued this positive trend, with employers adding an impressive 303,000 jobs, bringing the total for the past 12 months to more than 2.8 million new hires. Economists expect further job growth in the near future as the U.S. economy appears to maintain its momentum.
The problem of inflation remains
It is uncertain whether Biden will be able to capitalize on this job boom in his race against Donald Trump. While the White House has celebrated the recent numbers as a testament to the success of Biden's economic policies, high job growth could also exacerbate some of the administration's key vulnerabilities, such as inflation and rising interest rates.
Inflation, fueled by higher wages and increased consumer spending, could cause prices to rise across a wide range of goods and services, while higher interest rates may be necessary to contain such inflation. These economic challenges could affect electoral support for Biden, the New York Times points out, with voters likely to blame the administration for the rising costs.
Despite initial doubts, some analysts are starting to reconsider the U.S. economic outlook under Biden. The recent jobs report has led many to revise their economic forecasts, as Biden seeks to use the jobs success to strengthen his political position.
Meanwhile Trump falls on the stock market
Trump Media & Technology Group recently suffered a significant fall on Wall Street, with its stocks that have fallen by up to 25%. This sharp decline was caused by the revelation of the company's losses of $58.2 million in 2023 and doubts expressed by auditors about its ability to continue to operate sustainably. This stock market crash has had a direct impact on Donald Trump's fortune, whose 57% stake in the company is now valued at around $4 billion, a drop from the previous week's estimated $5 billion.
Trump Media & Technology Group, owner of the “Truth” social network, was rescued in the past by Anton Postolnikov, a Russian-American entrepreneur, whose involvement has come under scrutiny in the United States due to money laundering allegations. Postolnikov is also a co-owner of Paxum Bank, a bank based on the island of Santo Domingo that finances the pornography industry. This report has raised questions about the transparency and security of Trump's company financing.
Despite Trump Media & Technology Group's financial difficulties, Trump continues to raise funds to support his political aspirations. In March, Trump and the Republican National Committee have raised $65.6 million and ended the month with $93.1 million, surpassing his campaign results in March 2020, when he was running for re-election.
