Trump’s economic numbers look good so far, but you wouldn’t know from reading the news
Will economic improvements swing the midterm vote?
The latest statistics show the U.S. economy is improving steadily, particularly in the shift from government employment to private-sector jobs and toward new hires going to native-born Americans instead of immigrants. Opinion polls, however, show Americans are displeased with the current state of the economy, and young people are turning toward socialism.
The smart course for the Republicans would be to pass major reforms to shrink the welfare state and cut federal spending and regulation instead of mildly reducing scheduled increases.
The concerns about the economy reflect three major factors: one, stubborn economic distortions caused by longtime government policies; two, the lingering effects of acute Biden-presidency price inflation; and, three, dishonest media reporting.
The average inflation rate during the Biden administration was 5%, nearly double the current rate. Real, inflation-adjusted average weekly earnings in private-sector jobs decreased by 4% while Biden was in office. Home prices rose by 37.4%, sparking a housing affordability crisis. Publicly held federal debt increased by one-third, igniting the price inflation.
That has changed dramatically in just one year. “Since President Trump took office, headline inflation has been running at 2.4% (much lower than 3% inherited from Biden) and core inflation has been running at 2.4% (much lower than 3.3% inherited from Biden),” the White House stated correctly last month.
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