Jay Weber Show transcript 2/2/24
I did a segment yesterday about how-clearly- every left-wing ‘talking head’ has received his or her talking points on how they should go about selling Joe Biden’s economy as a great one.
Oh. The economy is singing. Americans should be thanking him. They aren’t experiencing what they are experiencing.
Forget that 17 percent, runaway inflation.
Forget the fact that prices are still going up.
Ignore that 2/3 of Americans say they are now living paycheck to paycheck.
Ignore that one-in-four Americans say they have ‘zero’ savings and that nearly half of Americans say they could not afford to cover a one-time, one-thousand-dollar expense if it popped up on them today.
Ignore the fact that grocery and gas prices are both up-30 percent-since Joe Biden took office, and yes, that’s even factoring in the recent drop in gas prices.
Americans are ‘experiencing’ what they are ‘experiencing’, and recruiting every democrat with a platform to convince the American people that Bidenomics has worked out wonderfully isn’t going to work.
It's only going to make most voters angrier.
I have-in my stack of stuff here- somewhere-
Yet another poll of Black Americans who site the ‘damage’ that Biden has done to their financial situation as the main reason they are abandoning him in fall.
That’s the first time i have seen a poll in which Black Americans say that- but we’ve seen that exact reason stated as to why -Hispanic Americans- have abandoned Biden in chunks: he screwed me, bro...is the stated reason.
I understand that -on paper- or using the latest government figures, this is an ‘improving’ economy. That’s the message the dems want you to hear.
What they won’t say is- this is an economy that is now finally ‘improving’ after they crashed it-completely unnecessarily- in 2021.
They don’t get credit for ‘effing’ us all for three years...and then easing back on the screw job because we’ve entered an election year.
Moreover- every economist in America seems to be saying that we are at the beginning of an economic slowdown again. One that will be experienced over the next six months.
And it is their precious ‘government measures’ that confirm this.
Over the last two days-we have gotten data that shows layoffs leapt hugely since the first of the year-and that the number of jobs being added has slowed to a crawl.
This? Is a strong economy?
There should be a release of January unemployment numbers this morning...and you can bet that the Biden labor department is going to be inflating them-
They’ve been inflating this measure every single month since Biden got into office. Then they go back and quietly revise it a month later...
But....the early preview from ADP, which measures private payroll growth.... suggests that only about 110-thousand workers were added to the private sector in January.
But ADP’s guess roughly matches with what employers have been saying-and doing. Layoffs have been surging-as companies prepare for these lean months to come.
Microsoft, Google, Paypal, and UPS are only some of the companies that have announced massive layoffs. It’s 12-thousand UPS employees who will be losing their jobs. 25 hundred for pay pal.
And why is UPS laying off so many people? Because the shipment of packages slipped dramatically last quarter. What does a dramatic dip in package delivery suggest?
Gee- people are buying less. Both nationally and internationally. The global economy is in more trouble than America’s is...but.... UPS deliveries are down because people are buying less.
And of course, they are: 44 percent say they have no savings, anymore, and 66 percent are saying they are living paycheck to paycheck-
And credit card debt has spiked up to 1.1 trillion dollars -a new all-time high- because so many Americans are having to put expenses on their credit cards.
But oh- this is the greatest economy since 1990- according to the NY Time’s idiot economist, Paul Krugman.
You might remember Steven Mnuchin: he was Donald Trump’s treasury secretary.
He was on with Bret Baier on Fox, who asked, how do you rate this economy, and Mnuchin said this:
BAIER: There are people saying that this could be the soft landing they were looking for, that the economy is still chugging along and kind of a good place. But people aren't feeling it, obviously. How do you see the U.S. economy?
MNUCHIN: Well, I definitely see the economy having significant issues. I mean we've had very high inflation. The Fed was late to raising interest rates. And this was a result of their view of inflation was going to come down when it didn't. They have raised interest rates to very high levels. The good news is that is slowing inflation. But as Chair Powell said today, they now want to be careful that they don't lower interest rates until they are clear they have inflation under control. So, inflation is still around 3%. They want to get it to 2%. And I think we're going to see a significant slowdown of the U.S. economy over the next six months.
BAIER: But you would concede that it's still the best place to put money around of the world?
MNUCHIN: Oh, it's absolutely. The U.S. Dollar is the safest place to put money. I think you are going to see the markets -- I expect to see a correction. But in terms of the U.S. Dollar, it is still the safe haven for the world.
I don’t want to bore you with too many dry ‘counterpoints’ to this claim this is a great economy, but in the Wall St Journal today, they make a strong argument that the biggest reason Biden’s economy managed to see 3.5 percent GDP growth in the fourth quarter and seems to look good on paper-is that we are still dumping way too much government spending into the mix...and they blame congressional republicans for going along with-years- of excessive spending.
The Wall St Journal editors say:
Retail spending growth continues to exceed pre-pandemic levels, and employers keep adding jobs despite higher interest rates. This has fueled a stock-market rally that adds to the wealth effect for those who hold shares.
They quote Jamie Dimon, certified liberal, as saying recently in Davos…... “but remember, we’ve had so much fiscal monetary stimulation.” Yes, we have.
The Biden admin is still dumping trillions of dollars of spending into the economy, due to the inflation reduction act, the chips and science act, and infrastructure bill. Republicans participated in two of those three massive expenditures.
The editors use as evidence that too much govt largess is sloshing around and is what is really propping up the economy -that-
Social security and Medicare spending climbed 12% to 13% in the first three months of this fiscal year compared to last. Sweetened subsidies are boosting Obamacare enrollment. Growing entitlement spending is one reason that government, healthcare, and social assistance accounted for more than half of the net new jobs in December, according to the bureau of labor statistics.
All this spending contributes to GDP, at least in the short term. But it isn’t productive growth that will improve things for the American citizen in the long term.
In short- Biden and his minions with their bullet points are trying to pass off an economy that is being propped up with glut after glut of taxpayer money- as a great one.
All that spending might help make the ‘govt figures’ look good for the Biden regime in an election year, but they don’t reflect what’s really going on in the economy.
We, the people, know what’s going on. We’ve been experiencing it, and it’s been painful, not positive.
story credit: Real Clear Politics
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