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Tuesday, October 02, 2018

Washington Post swings at Trump -- smacks Obama

"The bottom 90 percent are still poorer than they were in 2007" the headline screamed over Ace Reporter Matt O'Brien's big scoop for the Washington Post.

However, the headline was factually flawed. The data covered only 2007 through 2016.

Here is the chart. It begins in 2007 and ends in 2016.



Instead of getting President Trump, Ace O'Brien's story and chart showed that Obama was good for the rich, but bad for the poor. Elon Musk got billion-dollar subsidies. The poor got food stamps as enrollment set records. Almost 1 in 7 Americans received food stamps.

This is why the wealthiest men on Earth supported Obama. Quantitative easement -- the manipulation of the stock market by the Federal Reserve -- turned mere billionaires into multi-billionaires.

But since Scoop O'Brien works for the richest man in the world, he cannot tell the truth. He made it sound like Donald John Trump did this.

Oh no.

It is all on George Walker Bush and Barack Obama.

O'Brien failed to blame Obama (and Bush) for this mess.

Instead, O'Brien wrote, "Indeed, according to numbers put together by researchers at the Federal Reserve, the top 10 percent of working-age households were the only ones who, adjusted for inflation, were richer on average in 2016 than they were in 2007. Everyone else, as you can see above, was somewhere between 17 to 35 percent poorer than they’d been almost a decade before.

"So why hasn’t the recovery, which has seen housing prices rebound by 26 percent and stocks by 160 percent from their post-crisis lows, reached less exclusive income groups, too? Well, the question answers itself: Because they don’t own as many houses or stocks as they used to. Part of that, of course, is due to the fact that middle-class families were more likely to have lost their homes during the crash — that’s why their wealth fell further than anyone else’s in the years immediately after — but not as much as you might think. The bigger factor, the researchers found, is that tighter lending standards have made it harder for people to buy a home in the first place. Consider this: Between 2007 and 2016, home ownership fell 12 percentage points among the middle class, 9 percentage points of which was due to people who had never owned a home in the past never buying one during that time. The housing crash, in other words, turned more people into renters, so the housing comeback hasn’t helped nearly as many people as had been hurt."

That all was as of 2016.

Under President Trump, jobs are more plentiful, wages are rising, and home ownership is on the rise.

Snotty O'Brien wrote, "To take one rather pertinent example, President Trump’s Treasury Department pulled the plug on the myRA plans that had begun under Obama — offering low-risk savings plans to people who couldn’t get them at work — because spending 0.0003 percent of the government’s budget on trying to do something about the savings inequality that’s leaving people further and further behind each year was apparently too much. Giving corporations, who already had record-high profits as a share of the economy, the bulk of the GOP’s $1.5 trillion in tax cuts was more important.

"But don’t worry, I’m sure the recovery will trickle down."

It is. Companies are investing and building factories because they have more money.That means more jobs and money for the 90%.

Under Obama, companies fled the United States for tax havens.

Under President Trump, trillions will be repatriated as companies invest in the USA.

O'Brien needs to get out more. He needs to stop hanging around Democrats and other Marxists because President Trump's plan is working.

It is called capitalism.

So far under Trump, unemployment is at its best under any president since LBJ. Of the 12 presidents from Truman to Trump, inclusive, Obama had the third highest unemployment rate.

Under Trump, the rate has averaged 4.8%. Under Obama it averaged 7.44%.

But there is the Washington Post trying to blame President Trump for Obama's ineptitude.

Americans we switched from the worst president in my lifetime to the best on 20 January 2017. The elitists cannot handle it.

It is fun watching President Trump's rabid opponents in the press beclown themselves.

To summarize: Under Obama the rich got richer and the poor got poorer.

###

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11 comments:

  1. Media loser swings at PDJT. hits his self in the jaw and knocks his self out!!
    An Ace in the hole.

    ReplyDelete
  2. Ha ha..."Scoop" O'Brien, and "Snotty" O'Brien!

    ReplyDelete
  3. In all fairness, Dubya did everything he could to stop the subprime mess; the 3 highest paid Senators in terms of bank money were the Hildabeast, Dodd, and Zippy.

    Ace O'Brien's story and chart showed that Obama was good for the rich, but bad for the poor.

    Hence, Trump's phenomenal approval among blacks and Hispanics.

    ReplyDelete
  4. This is a very good piece, blogging from the old school of Pristina Vertute.
    But, pardon me, hasn't Trump always been president? I remember he wanted everyone to have a house no matter his credit but only Obama spoke out against it from the floor of New York Stock Exchange The financial ruin that followed made Trump's New York cronies richer than Croesus. Obama railled at their greed in a speech televised from his modest walled compound in DC. I remember Trump wanted every citizen to pledge suicide at age 65 so their children could have free health insurance. Obama with Snoop Dog at his side spoke out from West Chicago against this mass slaughter in a most courageous way. When the Mideast started to collapse Trump invaded Lybia and abandoned Iraq. Obama denounced these irresponsible moves especially the murder of our ambassador and our courgeous troops who tried to save him. It was Obama who pleaded to help them in a dramatic inpromptu speech at a fund raiser as he denounced Trump's insanity. I remember it well, the tears, the righteous anger. It was Trump who wanted to gut the defense of Europe but needed to be elected again, to his 24th term (so selfish), so asked Putin to give him some space so he could deliver Poland on time and under budget. It was Obama who saw the devious Red peril and sounded the alarm. I remember when the people of Iran took to the streets but Trump did nothing but make a statement about a red line, which he promptly forgot because he has Alzheimers and has always been unfit for office. It was Obama who stood tall and denounced Trump's cowardice. I remember it was Trump who ordered the treasury to print a trillion dollars in crisp 100s and deliver them with his personal gift card to the Ayatollahs of Rock and Rolla via 63 MAC megatransports to fund what he called charity work in Iraq Lebanon Isreal Lybia Syria and Turkey. It was Obama who investgated these claims, found them false and exposed them to the world in a fiery UN speech, never to be forgotten for its passion and truth. Yes I remember all these things. Let's put a real leader in place next time, I say. Im sure his imperial highness Emperor Bezos von WaPo agrees with me. Viva la banderilla Rosa! Viva Prevogen. No 25 for 45!
    Pmd

    ReplyDelete
    Replies
    1. Overdosing on Orwell, again?

      Try doing that with Lovecraft.

      Delete
    2. Love it and you are good with the left's crazy logic, write more of this as it was fun to read.

      Kate

      Delete
  5. Obsolete term = Reporter

    Accurate term = Regurgitator




    I rest my case.

    ReplyDelete
  6. For the bottom 30%, they have almost no "wealth" -- they rent, have almost 0 savings, no "financial assets", they own their clothes and maybe own 1 or 2 (or more) cars; often only 1 that works.

    A better graph will be wages, and a more clear trend will be shown in % changes altho absolute amounts are also important.

    I didn't know about the myRA account - sounds like a reasonable idea. But the gov't cost, at $300 per account per year, is "gold plated toilet seat" expensive.
    https://www.forbes.com/sites/nextavenue/2017/07/28/r-i-p-myra-retirement-account-gone-too-soon/#4c0252477885

    It might be good for Trump to find a better, more market friendly way to get poorer folk to save more.

    But the most important is to have lots of jobs and a growing economy, which Trump is doing well. The US needs a better culture of saving, perhaps more than yet another gov't program.

    ReplyDelete
    Replies
    1. If you can't lift yourself up in this economy,You don't want up

      Delete
  7. The media tried the same old trick at the end of Reagan's presidency, writing stories and columns citing statistics supposedly showing RR's economic record wasn't that great.

    The late, great Warren Brookes noticed, though, that in order to perform this trick, they would start the clock in 1979, thus placing Jimmy Carter's recession, as well as the recession RR inherited from Carter, into the mix in order to bring down the numbers. The headline I wrote over the column was "Blaming Carter on Reagan."

    ReplyDelete