Here’s some simple Medusa math for you: negative growth + payroll gains = negative productivity. Negative productivity + high labor costs = very high unit labor costs. That’s not a pretty picture for the economy or for companies, and the Q1 figures were even worse than expected — productivity fell by 7.5%, pushing unit labor costs up by 11.6%. Nasty.
In fact, labor productivity fell to the lowest level since 1947 and President Harry Truman.
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Of course, Biden’s green energy policies have led to crushing inflation.
Biden’s policies are a Medusa-touch on the economy.
The new logo for the Biden Administration.