Saturday, March 9, 2019

It's Confusing: Do We Have a Strong Economy Or Not?


                                       Good Day World!

In the age of Trump it's nearly impossible to confirm if the American economy is really doing as well as he claims.

The reason being our liar in chief has a habit of muddling reality and his fantasies, and cracking down on any government reports that show our economy is slowing down -or not growing as fast as Trump maintains.

What are we supposed to think after hearing stories like the two following examples?

1) US Hiring Slows Sharply in February 

"The sluggish hiring and job cuts in February were widespread across industries. Construction cut 31,000 jobs, the most in more than five years. Manufacturing added just 4,000, the fewest in a year and a half." 

2) In Blow To Trump Trade Deficit Hits Record High

"America’s trade deficit in goods with the rest of the world rose to its highest level in history last year as the United States imported a record number of products, including from China, widening the deficit to $891.3 billion and delivering a setback to President Trump’s goal of narrowing that gap."

Other factors like Trump's $1.5 trillion tax cut have benefited the one percenters in America and corporations, leaving the average taxpayer with a ballooning national debt to contend with.

Despite these reasons, there are economists who still argue America is doing better than just okay. They point out increased wages and low unemployment are keeping the economy healthy.

Then we have Trump's tariffs. They have cost Americans $19 Billion in 2018. 

"In addition to the economic toll of the trade war the tariffs caused, they find that the full cost of the tariffs was passed on to US consumers, meaning the tariff hike was effectively a tax hike on all Americans. On top of that, in response to facing less international competition, American businesses have increased their prices."

It has to be difficult for the average American to understand why we have these competing versions of prosperity in our country today.

A big reason for that is most of our news sources have become infected with partisan views, making it that much harder to know what the state of the union really is. 

Related: As Budget Deficit Balloons, Few In Washington Seem To care 

Related: Two Economists With Opposing Views Weigh In On Trump's Economic Plan

Time for me to walk on down the road...

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