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Recent Economic Success Is Hard to Hide, But Media Does Its Best
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Recent Economic Success Is Hard to Hide, But Media Does Its Best

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NEW YORK – October 19, 2018

President Trump says the US economy is the best it’s ever been.

He has been repeating this message in the run-up to the mid-term elections in November, when voters will choose members of both chambers of Congress, some state governors, and state and local officials.

According to one estimate by the Washington Post in early September, the president had made the claim — or a variant of it — 40 times in the previous three months. And he has his reasons.

The U.S. economy is soaring at all levels. Unemployment is at record lows, taxes are down, the stock market is up, investment is up, and the US has captured the world's top spot for economic competitiveness. But the mainstream media, particularly the big television networks, are doing their best to ignore and underreport the good news because the goal of most journalists is to elect Democrats and destroy President Trump.

In order to seem more objective, they recognize the success of Trump and his team, but do so reluctantly and in an offhanded way.

They prefer to talk about the trade war with China and Europe, the approaching global economic crisis, the discord with the Fed about the key rate, leaving the really important economic news in the background.

Here's an example of some news that hasn't made the top of the headlines:

There are 7.1 million job openings, a record high, according to the JOLTS report through August, as tracked by the Bureau of Labor Statistics.

Job openings continue to soar above the number of people seeking jobs. This lifts people of all races, both sexes, and all education levels. It shows that tax cuts indeed trickle down as they always have.

Here's another one: Americans quitting their jobs at the fastest rate since 2001, and that's a good thing.

The percentage of people in the private sector who left their jobs by choice rose to 2.7% from 2.5%, the government said this week. The so-called quits rate among all workers edged up to 2.4% from 2.3%. Both hit their highest levels since 2001.

People are quitting their jobs at a high rate, knowing that there are other jobs out there and raises, bonuses, and other benefits probably available.

Instead of this, the media says, “Yes, the economy has been doing well — but there have been periods when it was even stronger, and there are open discussions on some indicators that have not really improve — such as wage growth and household income.”

The growth in GDP — the value of goods and services in the economy — has been strong. It reached an annual rate of 4.2% for the second quarter of 2018.

That’s the best in several years, but the media prefers to stress that it is less than the 4.9% achieved in the third quarter of 2014. And there were times in the 1950s and 1960s when GDP growth was even higher.

The same holds true for the rate of unemployment — another frequently used yardstick — which was measured at 3.7% in September this year.

They say that back in the 1950s, there were years when the unemployment rate was even lower.

Talking about Trump’s record low of African-American unemployment, they admit the fact that in May this year, unemployment for black Americans fell to 5.9%, the lowest figure since the 1970s. But some US media reporting at the time also highlighted some important caveats:

  • The figures tend to be volatile and vary from month to month
  • The rate is still statistically higher than for other ethnic groups

As for wages, they admit there was an average hourly earnings growth throughout 2017 from between 2.5% and 2.9%, but they emphasize that this is a continuing upward trend which began during President Obama’s administration.

They acknowledged the increase in September of this year, but at the same time necessarily add that inflation was at 2.7% in August this year, so adjusting for that means real income growth is much less.

They use the same trick when speaking about household incomes.

Real median household income has been growing for the past three years — but the rate of growth has slowed, according to official figures. So, they say that rate of growth has slowed and forget to mention the three years of growth.

Generally, the media prefers to speak about how long the current economic trajectory can continue than about Trump’s success in the field of economy.

Why do liberals and their mainstream media do this? Because they're afraid. Behind the political squabbles, in reality, there is a very concrete problem — the inability to ensure sustainable economic growth (which may be “a steady decline,” to use more precise terminology). They understand that the system they have created based on the dominance of the US dollar as the world currency is falling apart, and they understand that they will not be able to maintain their position within the framework of a trans-industrial society.

Their assets will be devalued (who needs the derivatives and liabilities of bankrupt companies?). The new economy will need people who can do something with their hands (workers,) minds (scientists, engineers) or manage various industries (managers and specialists of industrial and space programs), but not financial managers and bankers.

They understand this very well, but try to cling to the phantom reflections of the former glory, populist slogans, and fictional values. They propose reversing the tax cuts and increasing the regulations to get back to Obama-era policies that yielded the slowest economic recovery in seventy years. They want less drilling, fewer pipelines, and less coal so we can be more dependent on Saudi Arabia and Russia. It’s absolute nonsense.

They say they want a sanctuary country, which is pure stupidity too. But they cannot offer a sound economic policy, they have no logical and reasonable arguments anymore, and therefore have to lie, cheat, and use all ways and means, in particular the print and audio-visual media, to regain power, or at least slow Trump down.

Author: USA Really