Want more about how great the economy has been? Over the past three years GDP has grown 1.4% faster than potential GDP:
This is not quite a 50-year record. The economy was slightly hotter during the dotcom boom of the late '90s. But it's still pretty damn strong.
That can not be true. Nearly 50% of the American voters know that the Harris Administration has ruined the American economy.
And the media seems to agree or at least pretends to.
“Job numbers are through the roof. Where are all the interviews with new workers?
News coverage of official reports – like the wildly positive jobs report issued Friday morning – lacks human faces.”
https://criticalread.substack.com/p/job-numbers-are-through-the-roof
From Dean Baker:
“ My Six Favorite Untruths About the Biden-Harris Economy
Number 1: The New York Times Picks an Atypical Worker to Tell a Story About a Divided Economy.
The fastest wage growth in this recovery has been at the bottom of wage distribution, with workers in the bottom decile seeing wage gains that outpaced inflation since the pandemic by more than 13.0 percent. Workers in second quintile (going from the 20th to the 40th percentile of the wage distribution) saw real wage gains of 5.0 percent compared to 2019.
So how does the New York Times deal with a reality that is directly at odds with the story it wants to tell readers? It finds an atypical low-wage worker to profile as a representative of the low-wage economy more generally…”
https://cepr.net/my-six-favorite-untruths-about-the-biden-harris-economy/
Surely all thise journalists hanging out in red state diners can find someone who has found one of those good-paying jobs to interview — but that would ruin on of their favorite (false) storylines “Democrats have nothing to offer/don’t care about those people.
Percent, or percent difference from?
What this really shows is Larry Summers was, and still is, wrong about everything.
So, this shows that our economy is now about where it would have been if Al Gore had become president in 2000?
A striking worker at Eaton Aerospace in Jackson, MI, “This is my first time being involved in a strike. We rejected three TAs last time. I think about the rich getting richer. I do think about being humble and accepting what they offer, expecting a trickle-down effect. Because it doesn’t really trickle down. They give you a raise and take it out of medical and raise the costs up there. It’s not a ‘win-win’ thing. I was talking to my daughter about why they aren’t taking care of us. We make all the money, they take it!” Almost all GDP growth has become surplus capital for the top 1% of income earners since 1980.