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Yep, we borrowed money....from ALL of us to give it back to billionaires and corporations (mostly) with crumbs to some others...and even with that free money and the Fed stopping interest rates normalizing.....and an increased trade deficit (of all types)...even with ALL of that, we are barely growing.
Remember, when you pay those higher drug prices - that's GDP. If you are injured in a car crash - LOTS of GDP. I know one thing for sure - that MAGA 2018 isn't doing anything for my investments.
If inequality is increasing....and mortality is worse (we are dying earlier) and 46% of Floridians (one example) are not making it, then.....yes, something is wrong.
I'm the last one to pray at the Altar of GDP. It's really the happiness index that means something....and our inequalities and failure to address big problems is not good for the General Welfare and Happiness of the People.
Now, why did I use 2.9% in my column? Because I was comparing apples with apples.
The Republicans made a big point about how the economy never grew 3% in any year during Obama’s presidency. It was a wonderful, easy-to-understand symbol of what they depicted as Obama’s economic failures.
The best annual figure under Obama was 2.9% in 2015, and the Trump White House was sure it would beat that this year. It put everything it could into it: lots of jawboning, a big tax cut and a huge increase in government spending.
Unfortunately, the economy fell just short of Trump’s 3% goal post. According to the latest estimates, Trump’s best year just matches Obama’s best.
That’s why the White House switched to the 3.1% year-over-year figure when it touted Trump’s successes in its press release on GDP. The economic difference between 2.9% and 3.1% is trivial, but the political difference is the difference between the Greatest President Ever and the Kenyan Marxist.
Unfortunately for the pro-Trump spin machine, the best year-over-year growth in Obama’s presidency (3.8% from the first quarter of 2014 to the first quarter of 2015) is higher than the best year-over-year growth under Trump (3.1% from the fourth quarter of 2017 to the fourth quarter of 2018).
When the facts aren’t in your favor, change the subject. Or move the goal post.
^^I guess the lesson Team Trump has learned from this is that they need to run even greater deficits to obtain the bragging rights they so desperately desire.
I don't see why 3% would be trotted out anyway. If we cared about GDP, that number would suck anyway when we figure that many costs (health care, housing, etc.) go up MORE than that each year. I sit on a couple boards and we see regular services (contractors) and insurance and things going up by 3-5% per year. So basically 3%, IMHO, means "nothing happened - look elsewhere"........
And I do. At the stock market, interest rates (they should be higher so people with money can make money), housing starts, car sales and lots of other indicators are so-so or even poor compared to recent years.
It makes me choke a bit hearing talking heads discuss "the economy"...because they seem to just repeat what they are told rather than taking 1/2 hour to LOOK.
if the Economy was good....let alone GREAT....would 46% of Floridians WHO WORK be hardly making it?
"Despite being employed, according to United Way, many of these households are still unable to pay bills, afford health care, housing, transportation and essentially are one accident away from sliding into poverty. This is what we call "working poor."
This, to me, is the ultimate indicator. I think Trumpies either forgot that this particular "forgotten person" was supposed to thrive due to Trump admin policies.....or, they were insincere about it in the first place.
Under Republican control, this is what Florida has seen in 20 years:
"Florida’s national ranking in personal income, in the percentage of families living in poverty, in residents lacking access to primary care has declined under Republican rule. Median income remains mired in bottom 10 in the country. Among the five most populous states, only Florida’s ranking in per capita gross domestic product — a common standard of living measure — has regressed."
But our Gov. won't even admit it! He states clearly that Florida IS already Great and we have to keep it that way! That's the true picture of the "two economies". Worse, if 46% are not making it.....that doesn't mean the 54% others are going great. No doubt about 10% of us are well off - usually because we brought the money in from elsewhere. But it stands to reason that even the 10 or 20% who can pay 3 weeks of bills when a unforeseen event occurs aren't exactly "making it".
Short and sweet - in a highly populated state with unlimited work opportunities (tourism, services, ag, etc.) MOST PEOPLE cannot thrive.
Yeah, Trump's job creation numbers have been so-so at best. His 1st year he didn't even match ANY of the previous 5 years of Obama.
Last year was better, but still not up to EITHER of Obama's best 2 years.
And this was along with giving us a MONSTER deficit again.
Ken
Last edited by LordBalfor; 03-01-2019 at 01:59 PM..
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