Donald Trump's insistence that the economy will crash this year is red meat for his MAGA supporters. Without specifically saying so, Trump’s implication is he is the only person who can fix the problem before it happens. Sound familiar? He all but said the same thing when he accepted the Republican Party's nomination for president in 2016.
To a lesser extent, the same is true for Nikki Haley. Her number one talking point (other than Trump) is Joe Biden's economic plan has been, and will continue to be, a disaster. Her message of hope is, "I'm a mom and an accountant who worries about my family's finances. I'll do the same thing for you when I'm in the White House."
No doubt about it, these messages of doom and gloom make for good talking points and tweets; but, they are out of step with today's economic news. Here's what really is happening: First, the stock market is at an all-time high, which is good news for people with 401k retirement plans; second, unemployment is low and new jobs are being added to the workforce in record numbers; and third, the inflation rate has tumbled.
This week the Stock Market closed at over 38,000 for the first time ever. Today, the unemployment rate is hovering around 3.9 percent. It was 6.3 percent three years ago. Since 2021, more than 13 million people have found new jobs. And lastly, this morning’s Los Angeles Times reports inflation dropped from 9 percent in 2022 to 3.4 percent last year.
According to Olu Sonola, head of U.S. regional economics at Fitch Ratings, "Whichever way you slice it, 2023 caps a year of stellar economic growth and performance." Because gas prices have come down and paychecks have begun outpacing inflation, is it any wonder consumer confidence is up?
Back when I was 13, I wanted to be a mathematician. That's because I was good with numbers. Sixty-plus years later, I'm still looking at numbers. As far as my 8th grade self is concerned, numbers don't lie. Will there be financial bumps in the road this year? Of course. But overall, the big picture is clear: The Biden economy is working quite well, thank you.
I wonder what Trump and Haley will say about all these numbers?
-DF
Incredibly they don't have to say anything. People haven't felt the economy getting better for them, food prices are still higher than last year, gasoline is still higher than last year. People expect everything will go back to the way it was - not going to happen. Dems communications strategy has to change. Consistency, Constancy are the key words. Every Dem has something they want to bitch about, noting consistent and certainly nothing with constancy. If the Dems don't get their house in order and marching to the same tune, it will be a disaster. The news media doesn't care because trump gives them so much to talk about.
Spot on, Denny. This letter should be sent to every newspaper in the country. And I suspect you already have done that. 😉