It takes someone in the tank, if not brain-dead, to call this a 'Goldilocks economy'
Because of a decent jobs report and a lot of job openings, Catherine Rampell, a de facto Democrat campaign worker at the Washington Post posing as a journalist, believes we are close to a "Goldilocks economy" (not too hot, not too cold, as is said in the markets) when most of us know the economy is pretty darn cold.
Rampell also says that the consumer is in great shape, but many economic statistics show that is not true.
Here are some of the economic statistics that Joe Biden and his sycophants significantly ignore when they are bragging about how good the economy is because of their great policies:
Inflation is over 8%, a 40-year high, while after-tax earnings are going up around half that level. For consumers, that's losing ground.
Crude oil is up over 200% from under $40 per barrel to around $120 today since the day Biden was elected. That is what you get when one of the main Democrat policies is to destroy the fossil fuel industry. Democrats certainly don't care about the massive harm to the poor, the middle class, and small businesses.
The retail gas price was around $2.20 when Biden was elected and is around $5 today, up around 130%.
The inflation rate for the poor and middle class is clearly much higher than 8% when one of their major necessities is up 130% in 19 months.
Productivity is as bad as it has been in around 80 years, at negative 7%.
Besides inflation being at a 40-year high, productivity is in the biggest slide in almost 80 years. This has led to unit labor costs going up more than 11%.
Nonfarm business sector labor productivity decreased 7.3 percent in the first quarter of 2022, the U.S. Bureau of Labor Statistics reported today, as output decreased 2.3 percent and hours worked increased 5.4 percent. This is the largest decline in quarterly productivity since the third quarter of 1947, when the measure decreased 11.7 percent. (All quarterly percent changes in this release are seasonally adjusted annual rates.) From the same quarter a year ago, nonfarm business sector labor productivity decreased 0.6 percent, reflecting a 4.2-percent increase in output that was outpaced by a 4.8-percent increase in hours worked.
Consumer confidence rating when Biden took office: 79. Today, 58.4.
Small business–owners are at the lowest confidence level in 36 years.
The net share of owners expecting better business conditions in the next six months plunged to minus 49%, the lowest in monthly data back to 1986.
The housing affordability index is rapidly dropping.
The savings rate is at a 14-year low: "CEOs warn that US households are burning through savings at an alarming rate, and could run out within months."
Consumer credit is rising rapidly because consumers' cash flow does not cover the higher prices. This puts the lie to the talking points that consumer balance sheets are in great shape.
The spokespuppet for Biden says the administration has been working on the baby food shortage since February. The problem is not solved.
The president said he heard about the problem in early April but never said a word about it until mid-May.
The fact that the shelves are mostly empty in June is symbolic of the pure incompetence of the entire Biden administration.
We are also being told that there will be rolling blackouts throughout the country this year, not because of climate, but because of the intentional destruction of fossil fuel power-generating facilities.
As for the great jobs record: In February 2020, before COVID hit, total jobs were 153 million. Today they are 152 million. The economy was growing rapidly before Biden took office because of reopening and the vaccines, which Biden had nothing to do with.
I would challenge any of Biden's supporters to give a list of Biden's policies that helped replace the jobs lost when the virus hit. I can't think of any.
Less than 30% of the public believe the country is heading in the right direction.
All these bad economic data are occurring when the Federal Reserve hasn't yet raised interest rates above 1% to address inflation and is continuing to punish savers.
A "Goldilocks economy" occurred during the Trump years as journalists and other Democrats sought to destroy him every day.
We had record low unemployment for all races and people of all education levels, record low poverty, rapidly rising wages for those at the bottom, energy independence, and low inflation.
U.S. Poverty Hit a Record Low Before the Pandemic Recession
The share of Americans in poverty in 2019 declined and median incomes were the highest on record, a Census Bureau report showed.
Democrats clearly don't care about results, or they would have supported Trump's policies. Think how much better it could have been if the media and other Democrats really believed in unity and helping the poor and middle class.
Biden and his ruling leftists must stop caving in to the radical green agenda. We should drill. Begging countries like Saudi Arabia, Iran, and Venezuela for more oil is not a solution.
It is no wonder that so many young people are depressed and angry when they have been indoctrinated for decades by made-up predictions that we are destroying the planet and we only have a few years left to solve the problem. Of course, the fake doomsday date keeps rolling forward because it is just made up.
After decades of indoctrination, you may get a skull full of mush that wears a t-shirt saying we have only 1,028 days left from someone who ties and glues herself to a tennis net. She must have to buy a new t-shirt every day to change the number of days left.
French Open semi-final halted as protester ties herself to net
The bureaucrats and politicians can't control the border, crime, a virus, the price of gas, the price of food, the price of medical care, Putin, or other tyrants.
They can't even make sure we have an adequate supply of baby food, and they can't teach children so they can pass standardized math and reading tests.
They didn't keep their promise that we could keep our doctor, keep our health plan, and see our costs drop substantially if they passed Obamacare.
Yet, after billions of years where the climate changed cyclically and naturally, these same people say they can control temperatures, sea levels, and storm activity forever if we hand them trillions of dollars and give up our quality of life.
Isn't it naïve to believe these people and arrogant to claim that we can control the climate?
It looks like a pure power-grab to transfer money and freedom from common people and hand it to the powerful.
Biden and his supporters live in a fantasy world, so it is no surprise when they compare a bad economy to a "Goldilocks economy."
Image: In Pastel via Flickr, CC BY 2.0.