Addressing the issues with the American economy could be a very cut and dry proposition.
The middle class has been shrinking consistently for the last 45 years with no signs of stopping, regardless of who controls the levers.
Don’t get me wrong—Democrats are CLEARLY better at managing the economy than Republicans are, and that’s borne out by the data, but let’s be real, it’s not a particularly high bar to clear. Now, put the pitchforks away please.
Trump is going to mismanage this economy. That seems very apparent at this point.
Over 95% of economists claimed the blanket tariff approach would be bad, and while it might not be as catastrophic as what was projected, it seems like the signs are present that a recession is likely.
Despite returning back to 3% GDP growth in our second quarter this year, the first quarter showed negative GDP growth for the first time since the pandemic.
If you read this publication, then you already know about the abysmal job numbers for July, and that May and June had been revised 19,000 and 14,000 jobs, respectively. These numbers led to the firing of the Commissioner of the Bureau of Labor Statistics, Erika McEntarfer, despite not having any real impact on the reporting of those numbers.
Standard Trump behaviors that, for better or worse, have become par for the course.
Now, go get your pitchforks again: We are not far off from the trajectory that Bidenomics had us on, and if Democrats cannot acknowledge this, we will be in for more of an uphill climb than we realize.
Polling data shows that the only thing less popular than Donald Trump right now, is the Democratic Party.
I’m now going to take some time to explain myself.
Today, Trumpers are trying to portray the FED, or Jerome Powell as some kind of partisan hack. What if I told you I have concrete evidence that he isn’t.
Go ahead and give this interview a listen.
That’s me chatting with the Senior Economist and Associate Director of Policy and Research at the Groundwork Collaborative, Dr. Chris Becker. During our conversation, we’re lamenting the fact that Powell decided to do his 5th rate increase of the year back in 2022, despite that not being the driving force behind the cost of inflation.
I don’t know about you, but I’m old enough to remember the Republican Party trying to convince people that inflation had run amok due to government spending, while the Democratic Party was trying to convince us that it’s wasn’t as bad as we thought.
2 options that, in my humble opinion, were not very indicative of the real problem facing the American working class, flagrant corporate greed.
In fact, as few months prior, I had done a show focusing on a report that addressed this very issue.
The report referenced 30 different earnings calls from C-Level employees, bragging about their ability to artificially raise prices behind the guise of Covid, supply chain issues, and the war in Ukraine.
Low and behold, a second report came out last month highlighting the same situation, but with a different culprit: tariffs.
Company, after company, after company, bragging about using future tariffs as an excuse for artificially inflated prices, and call me crazy, but this time I think it will be Republicans pretending the economy is stronger than ever, and it will be Democrats blaming the current administration’s economic policy.
So what I’m highlighting for you here is that over the course of the last 3 years, we’ve averaged (roughly) 3% GDP growth per quarter, we had unemployment around 4%, and the stock market has trended upwards.
And yet, depending on the time period within those 3 years that you ask somebody about the state of the economy, you’d get different answers based on political affiliation.
Here’s the hard truth: Whether it was Biden or Trump in charge the last 3 years, the only thing that’s been happening consistently happening is that companies have artificially inflated prices, to the tune of billions in profits, banking on the greater portion of the population to blame partisan politics.
And the crappiest thing about this is- they were right.
It’s not going to be enough to point out that Trumpenomics isn’t working. That much will be obvious. The harder part will be acknowledging that it wasn’t working before he got here either.
The American population is getting fleeced, they are looking for answers, and it’s pretty clear that for the next 3.5 years they won’t get them.
The question will be: Do Dems have it in them to step up and fill the void, or will they do the milquetoast thing that sinks them EVERY SINGLE TIME?
I have a guess, but I hope I’m wrong.
[Groundwork Collaborative] [WHBY.com] [Independent.co.uk] [epi.org]
