We have been waiting patiently to see what the big boys in journalism have to say about the recently reported 4.1% growth in the U.S. economy.
The answer is not much. In fact, the illustrious media has all but ignored this salient economic news.
It seems the Fourth Estate’s finest are busy with more important stories that affect Americans. Indeed, they are headlining such things as “Trump team’s new ‘alternative facts’ to explain its falsehoods,” “Why Russian Money Ends Up in U.S. Elections,” and my personal favorite:
“The Gift of Menopause.”
Meanwhile, Rome is on fire — not regarding destruction but in terms of a stoked U.S. economy. The Commerce Department’s Bureau of Economic Affairs just revealed a 4.1 percent growth for the second quarter of this year. And the reaction from the media elite is – silence.
So, here’s the good news. In addition to the 4.1% GDP, the unemployment rate stands at 3.9% and inflation at 2%.
And the Winners Are…
Just who is benefitting from these latest numbers? Remember when candidate Trump said, “I love the poorly educated.” It seems he does.
Those without so much as a high school diploma are getting jobs. Even the New York Times had to admit, “The unemployment rate for those without a high school diploma fell to 5.1 percent in July, the Labor Department reported Friday, the lowest since the government began collecting data on such workers in 1992.”
Back in the salad days of President Obama, this demographic posted a 15.6% unemployment rate. One might surmise from that whopping number that the poorly educated were not on Mr. Obama’s “A-list.”
Recently, Liberty Nation reported the unemployment rate for people with disabilities has fallen. Previously we noted that unemployment dropped for blacks and Hispanics. These are the very target groups that the left claims Mr. Trump despises. Perhaps they believe the president to be despondent over the uptick in the economy because it benefits those he loathes and derides.
Could it be that he doesn’t feel contempt for these people after all? Why that would undoubtedly ruin the leftist narrative, now wouldn’t it?
Trump v. Obama
So how does the Trump economy measure up to Obama-the-great? The average growth during the Obama years hovered around 2%. The graph below reveals the leader in GDP per capita was FDR. We can also ascertain that Mr. Obama’s numbers were down in the gutter with Herbert Hoover.
The American public has repeatedly been told by those on the left that President Trump’s tax cuts primarily benefit the wealthy. But if this were true, those with little education and those with disabilities as well as minorities would not be getting jobs. Today’s economic expansion is being fueled by a cut in tax rates for American business because they have more money to invest. Thus, job creation is the natural outcome. As Mike Solon opined in the Wall Street Journal recently, “Are low taxes key to a booming economy? Their success is harder than ever to deny…”
Meanwhile, the much-ballyhooed Armageddon expected from a trade war with China has yet to materialize. Case in point — the heavily trade-dependent manufacturing sector added 37,000 new jobs in July. As well, the hospitality industry added another 40,000 jobs, and business and professional services just over 51,000.
So, there you have it, folks – all there is that appears not to be “fit to print” by the leftist media. As for the “The Gift of Menopause,” we’ve got nothing for you on that. But you can always check out the front page of the New York Times, August 6th edition if you are so inclined.Whatfinger.com