Americans Don't Believe Joe Biden's Data
Why are Americans so down on the economy when Joe Biden's own statisticians say their boss is doing a fine job?
Recently the Wall Street Journal published a 3000 word essay on that very question -- that's 10 pages paperback. Note the Journal has been among Joe Biden's most loyal cheerleaders, so one might read this as almost an apology.
They kick off noting that Americans are spending briskly, inflation has come down from the Biden highs -- although new numbers say it's rising again. And GDP just turned in a solid 3.1% for the year. Official unemployment has been below 4% for 24 straight months, the longest stretch since the 1960's.
Americans aren’t buying Bidenomics
And yet in opinions surveys Americans almost universally think Biden's doing a crap job, with just one in 7 Americans saying they're better off since Joe was installed. Indeed, Biden has the worst approval ratings for a third-year president in history -- suck on that, Jimmy Carter.
The Journal ventures some guesses. Including that a college degree is no longer a golden ticket to the middle class, the endless wars, and the "Uninspiring" leadership and a government "widely seen as dysfunctional" -- the border and America's crime-ravaged urban hell-holes being exhibit A.
Of course, they miss the big one, which is that all those numbers are fake.
Not necessarily fake as in they made up the numbers, although there's a fair amount of that lurking in things like seasonal adjustment or hedonic adjustment for inflation.
No, more like fake as in the statistical series are cherry-picked, ignoring the many elephants in Joe Biden's economy.
Lies and Statistics: Jobs
Take unemployment. 3.7% is stellar until you recall that unemployment doesn't count people who have dropped out of the workforce. It only counts people actively looking for work.
So all those fentanyl addicts sleeping on the streets of Philadelphia are, statistically, retired. They're not unemployed, officially.
Neither are the 6 million plus Americans who dropped out of the labor force since Covid, likely forever.
Count them and you're closer to 7% unemployment. Which is actually pretty bad -- comparable to the lead-in to 2008.
It's similar with GDP -- the other big economic number. That impressive GDP is driven by federal deficits buying growth and soaring social spending. Both of which are bankrupting -- they're not making us rich like GDP is supposed. Without them, we’re stagnant.
Again with consumer spending, fueled by soaring levels of personal debt, rampant doom spending, and now jumps in defaults.
And, finally, the big one: inflation.
I've mentioned in recent videos how the progress in inflation has entirely been one-offs from supply chains and energy, while underlying inflation kept marching almost twice the Fed's target and now rising.
So, yes, gas has come down since Ukraine kicked off and you can actually get a washing machine delivered, but underlying prices have kept on marching in the dark.
Put it together, and Americans aren't spending because they're optimistic for the future. They're borrowing to keep their head above water.
What’s Next
Granting that Americans are discouraged partly because they're led by a moron who starts wars in between drools while importing every welfare case who might vote democrat, it’s more than that.
It’s that they can see with their own eyes that the “Everything is Fine” narrative is built on lies. Built on statistics that are very carefully crafted to hide, not to inform.
It's progress for mainstream media to even consider the possibility that Americans might have a point when they say things are tough. Still, we've got a ways to go until media fully understands how much it has been gaslit by a regime that's given up on serving the people.
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Another good piece Peter.
So much of our "economics" is nonsense.
The Government is NOT a wise spender, savvy investor or in any way structurally incentivized to do anything but SPEND.
The Gov spends to expand its radius, and earn larger returns in the next financial year.
Now we're importing the lowest economic value migrants possible to:
1) bulk the census
2) increase surface area for Gov entitlements
3) turn purple states blue, and turn red states purple
We see it all very, very clearly now.
This "inflation" is also a cruel joke -- intentionally inflamed by the Elite.
Forced transfer of wealth from savers + the Future to the Net Present Value of today's asset owners... aka the Elite.
The Elite are global, they have more in common with fellow Elite in the next country over than their own countrymen.
Yeah, I don’t believe you either. Biden is no hero to all, but he’s so far above the crap Trump put us through. These “fake” numbers use the exact same calculations Trump used for 4 years. At least there is job growth, Trump was the only President to lose more jobs than he created. You’re the one who’s cherry picking data by not considering the alternative. Trump nearly destroyed this country, yet he’ll praise himself as the only true savior of America. Trump added more debt than any President in our history…by trillions. Biden is at least decreasing the deficit. Plus, if you disagree with Biden….so be it. It’s literally okay to disagree with him. He’ll still work with those who don’t see things the same way. Disagree with Trump? Traitorous, instant RINO, expelled and ridiculed by the Party…insufficiently loyal to the man who has a choke hold on democracy. He demands loyalty to him and it’s a one-way street. The crimes he’s committed, the fraud he’s perpetrated for decades…the porn stars he’s “grabbed”, the Miss America contestants he’s “examined” as property. Trump is not a good person. He’s not even a decent human being. He’s bankrupted hundreds of small businesses by stiffing, then suing them into oblivion. He’s lost more money than any other businessman in our country (over the span of his career). 6 bankruptcies while reporting his condo as 3 times the square footage (then trying to claim the elevator’s as living space). There’s so much the Fox News’ of the world won’t let you learn about. They treat him like the true American Idol…worship the man like he’s a god. He is the narcissist of narcissists…and it’s all okay to overlook. Nothing to see here folks….move along, move along. Trump is only capable of tearing us apart, he thrives on creating division, hatred and lie after lie after lie. Harp on Biden and the “fake” numbers all you want. He’s not the solution to all of our problems, but he’s so far above the low bar that Trump lives under. It’s horrifying that you bow down to a man who can only spread hatred, at all times. It’s all he talks about…he ridicules and slanders and spews vitriol. Yet, you still worship him like he’s the only solution to all of our many problems. It’s sad and it’s not a winning strategy…read the tea leaves. Since Trump took over the Republican Party, you keep losing. Trump is incapable of building up others…he’s a master of tearing down everything in his orbit. He’s incapable of bipartisanship in any form…narcissists can’t do anything unless it serves themselves. Americans are more than the Republican Party, so in order to see true growth and success, you’ll need to learn to work across the aisle. That will never, ever happen while Trump is your so-called leader.