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Tuesday, October 23, 2018

Trump economy. No brag. Just fact.

I will answer the question for you: Yes, you are better off today than you were two years ago.

President Trump provided the prosperity. CNBC provided the facts. I provide the commentary.

First, the facts, some I have added from other sources.

Unemployment is at a 49-year low of 3.7%. Two years ago it was 4.9%.

Employment is up 9.7% as the number of people employed grows at 5% per year under Trump.

A record 149.5 million people have jobs (the non-farm labor number). That is up 4.4 million.

Likewise wages are up 5% to a record high average of $27.24 per hour, up from $25.88.

Consumer confidence is at an 18-year high of 138. That is up 37% from two years ago.

The National Federation of Independent Businesses reports small business confidence is up 13%.

The Institute for Supply Management index of manufacturing is up 15%. Those jobs are coming back.

Greenhouse gas emissions fell 2.7% in President Trump's first year. Tired of winning yet?

The corporate income tax is 21% -- down from 35%. The taxman has gone from here's two for you, one for me to here's four for you, one for me.

The Standard and Poor's 500 index is up 32%. That's where all my small investment is.

The net worth of all Americans hit a record $100 trillion in June.

The median net worth of the average U.S. household is $97,300.

CNBC reported, "The chart doesn't include GDP growth, which has averaged 2.72 percent since Trump took over, compared with the 1.6 percent gain in 2016. But the numbers provide a solid overview of how conditions have evolved during the 45th president's time in office."

Obama failed. He oversaw the slowest and dullest recovery ever. He said 2% growth was the new normal. But he averaged 1.5% growth.

Now he wants to take credit for the Trump economy. As I said early today, Obama did not build this.

This was not how things were supposed to be. Two years ago economists predicted a recession.

Bloomberg News said, "Recession May Loom for Next U.S. President No Matter Who That Is."

Economist Tom Saler said, "Recession likely no matter who wins."

Citigroup said, "A Trump Victory in November Could Cause a Global Recession."

Market Watch said a week before the election, "The stock market could crash if Donald Trump is elected president."

CNBC said, "Trump or Clinton, it doesn’t matter — a bear market is coming whoever wins."

Bull.

We are in a bull stock market.

And finally there was the Election Night mental breakdown by Nobel Economics Laureate Paul Krugman. He wrote, "It really does now look like President Donald J. Trump, and markets are plunging. When might we expect them to recover?

"Frankly, I find it hard to care much, even though this is my specialty. The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.

"Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.

"Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world’s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in, eight years after the great financial crisis.

"It’s true that we’ve been adding jobs at a pretty good pace and are quite close to full employment. But we’ve been doing O.K. only thanks to extremely low interest rates. There’s nothing wrong with that per se. But what if something bad happens and the economy needs a boost? The Fed and its counterparts abroad basically have very little room for further rate cuts, and therefore very little ability to respond to adverse events.

"Now comes the mother of all adverse effects — and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. Effective fiscal support for the Fed? Not a chance. In fact, you can bet that the Fed will lose its independence, and be bullied by cranks.

"So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened."

When I read Krugman's piece, I knew everything would be all right.

Never bet against Donald John Trump.

###

Please enjoy my books in paperback and on Kindle.

Trump the Press covers the nomination.

Trump the Establishment covers the election.

Fake News Follies of 2017 covers his first year as president.

For autographed copies, write me at DonSurber@gmail.com

14 comments:

  1. "It ain't bragging if you really done it." - Yogi Berra

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    Replies
    1. I think it was Dizzy Dean, but Yogi probably said it, too.

      Delete
  2. What we all want to know is this.....

    As Obama tours the country talking about his greatness and misrepresenting his record under the guise of campaigning for other Democrats.....

    Does he bring along some cast members from Saturday Night Live to sing, " To Sir With Love", so the SJW'S in the audience can hug one another as their eyes well up with tears?

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  3. Thank Obama for the economy! Let's get the orange spray tan one fitted for his orange jammies.

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    Replies
    1. Brilliant!

      Did you graduate from an Ivy League college, or one in Russia?

      Delete
    2. NPC College with a master's from Shark U, churning out free thinkers since never.

      And the truth about the Ivy League is that it's just a really sports league.

      Delete
    3. Snark U. Stupid autocorrect.

      Delete
  4. The fed is as politicized as the doj, fbi, irs, cia, etc. They gave obama 7 years of zero interest and now they raise rates fast to try to kill President Trump's economy.

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    Replies
    1. I’m fed up with the Fed. Leave the economy alone. Tinkering only harms.

      Delete
    2. You really think POTUS Trump will not reeducate the Fed,wait till after Nov 6 ad the Red Wave.

      Delete
  5. Is there anything sadder than a Nora Desmond living in the past and waiting for their close up like Obama and Biden?

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  6. It has been decades since Krugman has even been close to right, when I read that commentary I knew Trump was going to be good for the economy.

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  7. krugman has never been right about a single thing period...he is an embarrassment

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  8. Meanwhile the media runs with the usual tripe, the recovery is leaving people behind, some people aren't seeing wage increases, you name it. They run this crap when the economy is good, when it is bad, you name it.

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