Trump-haters hype up a recession while the real economy is booming
S E E D E D C O N T E N T
President Trump made the economic case for his re-election in classic style the other night during his rally in New Hampshire.
"You have no choice but to vote for me because your 401(k)s will be down the tubes," He said . "Everything's gonna be down the tubes. So whether you love me or hate me, you got to vote for me."
But according to the people who hate the president, it's all going down the tubes now. On MSNBC, various analysts said the following last week:
"Trump waking up this morning to a trending hashtag he was likely desperate to change - #TrumpRecession. It came alongside headlines warning that the economy is in distress, maybe even headed for a nosedive, which Trump's own aides admit could spell political disaster for the president and could pose the gravest threat yet to his re-election prospects."
"I call this another Trump slump."
"A dark cloud has taken its new place on the horizon as potential big trouble for the Trump economy."
"The threat of recession is real.”
It's pretty obvious that these establishment Trump-hating hysterics -- all of them, of course, living comfortable coastal lives -- actually want a recession because they think that's the best way to get rid of Trump. At least one of them is honest about it.
"I've been saying for about two years -- that I hope we have a recession, and people get mad at me," said Bill Maher, host of HBO's "Real Time with Bill Maher."
Yeah, I wonder why, Bill. Perhaps because in a recession, real people - working Americans - get hurt, not you and your rich friends in the establishment state media, of course. They'd be reporting on a recession, not living it.
We saw all this talk of recession last week, not because of anything that happened in the real economy, but because of the fake economy -- the one conjured up by panicky idiots and algorithms on Wall Street.
In case you've never met any of these financial whiz kids, let me tell you who we're dealing with here. Let's put it this way: These Wall Street types, they're not exactly the kind of people you want your children turning into.
They're really not very smart. They're certainly not thoughtful or kind. They're often poorly-educated, mostly ignorant and always self-interested and greedy.
Last week, they got the whole world in a panic for no good reason. Thanks a lot, guys. (And yes, they are mostly guys.) They hear a rumor, massively overreact to a single piece of data, push some buttons and then follow each other like demented sheep.
The worst thing is, their panicky idiocy can have real-world effects. In the end, the economy is not some abstract thing. It is a human thing, the collective result of countless human decisions. Should I buy that new piece of furniture? Should I hire that extra worker? Should I open that new factory? All of these human decisions boil down to confidence about the future.
So actually, the Wall Street idiots and the establishment state media literally could cause a recession just by going on about it. The smartest thing I heard last week on fear of recession came from Brian Moynihan, CEO of Bank of America -- someone who probably knows what he's talking about. He blamed international factors for the turmoil in the financial markets and pointed out some basic facts about the real economy.
"The average worker is working, getting paid more," Moynihan said. "That's going to translate into good credit performance on the consumer side. The real risk for the U.S. economy is if the consumers slow down."
The most important point Moynihan made was when he said this: "We have nothing to fear about a recession right now except for fear of a recession."
That is exactly right. We must not let the panicky wall street wheeler-dealers and the Trump-hating establishment state media talk us into a recession. We must keep the focus on the real economy, not the fake economy.
Consumer spending is two-thirds of the economy -- and guess what, in July, it didn't go down, it went up. As the Wall Street Journal noted on Friday: "The robust report -- the strongest reading since March -- is a positive signal for the U.S. economy."
The United States' largest employer, Walmart -- its latest sales were not down, but up. It revised its profit forecast not down, but up. Forecasting firm, Macroeconomic Advisors, just revised its economic growth projections -- no, not down, but up. And the Atlanta Fed just revised its economic growth projections -- again, not down, but up.
In the real economy, the Trump administration's pro-enterprise agenda is working. Lower taxes and less regulation gave businesses the confidence to invest. That means more innovation and higher worker productivity. That means more jobs are created, and workers are paid more because they're producing more. The latest jobs report saw 164,000 jobs added in July, bringing the labor force to 163.4 million - a record high.
With President Trump, we have the lowest unemployment for 50 years, and the lowest on record for African-American and Hispanic workers. And just published -- the lowest summer youth unemployment in 53 years. Yes, the lowest since 1966.
Here's the bottom line: The Trump economy is fundamentally strong and delivering good jobs and higher earnings for the working Americans who suffered in the years of stagnation.
On workers' pay, new data the other week showed that earnings rose 4.5 percent in 2017 and 5 percent in 2018, even higher than previously reported - and miles ahead of inflation. While the Trump-haters pray for a recession and Wall Street plays around with the fake economy, the real economy is booming.
So is everything just fine and dandy, with nothing to worry about. Can President Trump and his team just sit back and ride the economic wave all the way to reelection next year?
Not at all.
There's no question that the rest of the world is doing poorly. China, Germany and the UK -- their economies are all heading in the wrong direction. So what should President Trump do to keep our economy moving ahead?
It's no use just yelling at the Fed -- there's a limit to what they can do. But there are two big things the president can do, on his own initiative, without Congress or anyone else.
First is something we told you about in June, a positive and practical idea from Grover Norquist, founder and president of Americans for Tax Reform. Get rid of the tax on inflation, and you'll see trillions of dollars redeployed to highest and best use," he said in an interview on "The Next Revolution. "And people have opportunities to do something with capital that's been liberated."
The second big idea is on trade and China . Look, I've been as tough as anyone on China, and as you know I completely support what the president has been doing. He's the first western leader in 50 years to stand up to China, and it's working.
But there's nothing wrong with a tactical pause to get the best possible economic climate for the re-election campaign. Make a deal now, and then hit them hard after the election.
Here's the bottom line: The Trump economy is fundamentally strong and delivering good jobs and higher earnings for the working Americans who suffered in the years of stagnation. The biggest threat to our economy comes from the loony left economic policies of the Democrats, which would scare off investment and bring back stagnation.
So the president and his team should take the initiative and take positive and practical steps to boost the economy now: index capital gains and a temporary trade deal with China.
Adapted from Steve Hilton's monologue from "The Next Revolution" on Aug. 19, 2019.
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"The average worker is working, getting paid more," Moynihan said. "That's going to translate into good credit performance on the consumer side. The real risk for the U.S. economy is if the consumers slow down."
The most important point Moynihan made was when he said this: "We have nothing to fear about a recession right now except for fear of a recession."
That is exactly right. We must not let the panicky wall street wheeler-dealers and the Trump-hating establishment state media talk us into a recession. We must keep the focus on the real economy, not the fake economy.
Consumer spending is two-thirds of the economy -- and guess what, in July, it didn't go down, it went up. As the Wall Street Journal noted on Friday: "The robust report -- the strongest reading since March -- is a positive signal for the U.S. economy."
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The United States' largest employer, Walmart -- its latest sales were not down, but up. It revised its profit forecast not down, but up. Forecasting firm, Macroeconomic Advisors, just revised its economic growth projections -- no, not down, but up. And the Atlanta Fed just revised its economic growth projections -- again, not down, but up.
In the real economy, the Trump administration's pro-enterprise agenda is working. Lower taxes and less regulation gave businesses the confidence to invest. That means more innovation and higher worker productivity. That means more jobs are created, and workers are paid more because they're producing more. The latest jobs report saw 164,000 jobs added in July, bringing the labor force to 163.4 million - a record high.
With President Trump, we have the lowest unemployment for 50 years, and the lowest on record for African-American and Hispanic workers. And just published -- the lowest summer youth unemployment in 53 years. Yes, the lowest since 1966.
On workers' pay, new data the other week showed that earnings rose 4.5 percent in 2017 and 5 percent in 2018, even higher than previously reported - and miles ahead of inflation. While the Trump-haters pray for a recession and Wall Street plays around with the fake economy, the real economy is booming. https://thenewstalkers.com/vic-eldred/group_discuss/6790/trump-haters-hype-up-a-recession-while-the-real-economy-is-booming
So you are linking a biased blog as proof? Really? Holy shit... LOL
His opinion article is much more than a personal blog. And his business experiences have shown his expertise to be right on. You progressives can’t will us and our country into a recession no matter how badly you all want one.
Us? What us? The dumbass author, Steve Hilton is not even an American...
So why are you posting an article about an existing article? Why not just go to that article and comment on it?
Does one have to be an American to know about economics? But by all means attack the author and his nation of origin instead of actually discussing the topic of the seeded article.
I seeded the article as written at Fox News and as spoken as the opening commentary on his Fox News show Sunday night.
U.S. Steel plans to lay off hundreds of workers in Michigan
I would think these folks are not thinking Mr. Trumps economy is working very well for them. It would appear their recession has already arrived.
It looks like someone’s decided to accentuate the thorns in a bed of roses 🌹.
More along the lines of speaking truth to a pile of malarkey.
I laugh whenever a Trump supporter pulls that ol talking point about black unemployment! When the reality is under Trump blacks are still making LESS than everyone else!
"On workers' pay, new data the other week showed that earnings rose 4.5 percent in 2017 and 5 percent in 2018"
Yeah thats true.....but if you break it down white weekly wages increased 5%, hispanics 11% and blacks? 1.3%!! So now we know what we got to lose with Trump.....MONEY!!
Only a loony lefty would consider a increase to be a loss
That is because they probably heard the lies some Democrats were telling about budget "cuts" that were actually budget INCREASES, just not as much as some of those Democrats wanted.
Only a nut ball right winger would consider the drop from 16.8% back in 2009 down to 7.7% (total drop of 9.1% during Obama administration) in January of 2017 is less impressive than the drop from 7.7% to the current 6.0% (drop of 1.7%) under Trump. I mean, how can anyone with more than half a brain imagine 1.7% drop in unemployment to be better than a 9.1% drop?
Doesn't matter how big or how little. An increase is not a loss no matter how you slice it or spin it. It is still a gain!
The lower the actual unemployment rate is the more impressive it is to see it continue to be lowered.
And only the wacky right would think because giving black people the scraps a good deal! Let me break it down every other demographic wages INCREASED on the same level or higher of earnings...except foe black folks who came in far less why? Because black unemployment is still DOUBLE the unemployment rate and Trump has done absolutely NOTHING to address that!
It was the same when Obama was president in fact the rare was higher. I don't remember you bitching then.
But thats different! Obama was the messiah who could do no wrong. /s
And of course you can show me the numbers to back that claim up right?
Show me the numbers to prove me wrong!
I will take the words of the multitude of economists saying that we are already experiencing a global economic slowdown over the uninformed opinion of someone named Steve Hillton. Who is this Steve Hilton anyway? Is he an economist? Nope, just a far rightwing pro-Brexit Brittish talking head. What? Britain does not even have a Brexit deal yet? Yeah, tthings are fixing to go cookoo for the world's economy and Trump just had to ruin it. Obama's Longest Economic Expansion In History couldn't last forever. Trump could fuck up a wet dream. The gop always lands us in another damn recession. It is like clock work...
Sure, all the economists are wrong, trump, who has failed in business over and over again, and told 12,000+ lies in just three years, is right....
LMFAO!!!
And if we slip into a recession? After three years of trump screaming about the economy....he will blame everyone but himself... Hell, he is already setting up his excuses... What a worthless POS.
His idiotic "govern by reaction" and by whatever he hears on Fox & Friends is pathetic.
His trade wars are hurting his base but they're too stupid to realize it.
Coal plants are shutting down under Trump's administration at a record clip - which actually isn't his fault, but since he lied and said he'd bring coal back and those poor suckers fell for his bullshit, he should be called out for lying. Do any of his supporters even give a crap about honesty and ethics?
'but since he lied and said he'd bring coal back and those poor suckers fell for his bullshit, he should be called out for lying. Do any of his supporters even give a crap about honesty and ethics?'
His administration also denied/pulled funding for those coal workers to train for other jobs.
Hillary at least was planning for retraining them for modern jobs, but the right wing media spun it into an insult to coal miners and Trump's supporters bought it - along with the lie that Trump isn't among the most elite of them all.
He insulted coal miners pretty badly several years ago, but if you only watch Fox and read InfoWars, you'd never know it.
“Dow jumps more than 250 points, Target and Lowe's surge on strong earnings
Stocks rose on Wednesday as strong quarterly results from retailers such as Target and Lowe's lifted investor sentiment.
The Dow Jones Industrial Average traded 264 points higher, or 1%. The S&P 500 gained 0.9% while the Nasdaq Composite jumped 1.1%.
Target shares surged more than 16% to a record after the retailer posted second-quarter results that topped analyst expectations. The company's same-store sales, a key metric for retailers, expanded by 3.4%. Analysts expected growth of 2.9%.
Lowe's jumped around 10% on its second-quarter earnings report. CEO Marvin Ellison said the company capitalized on strong "holiday event execution and growth in Paint and our Pro business to deliver strong second quarter results."
The better-than-expected results come at a time when traders are worried about a possible U.S. economic slowdown. Those fears have led investors away from riskier assets like equities in favor of traditionally safer assets like gold and Treasurys.
The Dow was down more than 3% entering Wednesday's session. The S&P 500 and Nasdaq Composite are down more than 2% each. Gold, meanwhile, has jumped more than 5% this month while the benchmark 10-year Treasury yield is down about 40 basis points, or 0.4 percentage points.
But Bank of America CEO Brian Moynihan thinks the U.S. consumer is strong enough to keep the economy growing.
"The underlying consumer is doing well and making more money. More importantly, they're spending more money," he told CNBC's Becky Quick, noting the bank's consumer base has spent $2 trillion in 2019 thus far. "The U.S. consumer continues to spend and that will keep the U.S. economy in good shape."
How conveniently you forget that it dropped drastically around a week ago. Not surprising, though - Trump's base will never accept any facts that don't put him in a good light.
They don't count any loss of yards in the Trump fantasy football stock market challenge. If they get sacked by 767 points 8/5, then 9 days later drop by another 800 points, they simply don't count in Trump fantasy land! In Trump fantasy land it's nothing but touchdowns! /s
Would you prefer it was where it was the day Trump was elected President?
Trump took over a thriving economy and through his own actions, has ruined it.
But let me guess....it's all someone else's fault?
Of course it is. /s
The economy was propped up by artificially low interest rates and 85 billion a year in quantitative easing the entirety of the Obama regime. Trumps economy has higher interest rates, no quantitative easing and is still causing low unemployment, rising wages, and a return of manufacturing to America and energy independence.
That was hardly worth your own vote up considering Trump only temporarily boosted the economy with massive tax cuts for the very wealthy and big corporations but that has already landed us with trillions and trillions in extra national debt which will end with us in another goddamn gop recession...
We were told those tax cuts would pay for themselves. Supply Side Trickle Down Voodoo Economics FAILED AGAIN! Since you obviously missed it the first time, Bill Clinton explained it this way, "Economics is just math"...
The fact is that flyover heartland middle America’s working and middle class are beginning to come back. Manufacturing and energy are returning, wages are beginning to go up again and Obama’s lie about the jobs never coming back has been exposed. Trump has found the magic wand Obama lost.
Yes, all of America has been coming back from Bush's Recession for ten years under Obama's Longest Economic Expansion in History up until Trump and the damn gop came along, again, to screw it all up, again, with their irresponsible dummbass tax cuts for the already unconscionably rich and and even more unnecessary military spending just to personally enrich themselves and their big money doners just like the damn gop always does...
On another seed similar to this, someone was bragging how this 'president' got 7 million off of food stamps and saying that he boosted their wages. I say bullshit. He kicked 7 million off of food stamps.
Are you speaking of coal? THOSE JOBS AREN'T COMING BACK.
What fucking magic wand?
Seems that US Steel missed the memo, HA.
" Trumps economy has higher interest rates, no quantitative easing and is still causing low unemployment, rising wages, and a return of manufacturing to America and energy independence"
Just in case you missed the 1st comment: Is not steel a manufactured product, were the workers not employed and I guess their wages will not be rising any time soon.
U.S. Steel plans to lay off hundreds of workers in Michigan
You might want to ask yourself why Trump is pressuring the Federal Reserve to lower interest rates...
Dude name me ONE business that has brought back significant jobs that wasnt already in the works since Trump has taken office! Name me ONE policy thats currently on the books that Trump has implemented you can say directly attributed to our economic growth. Point blank Trumps jobs numbers has not shown any significant increase to Obamas not to mention the tate in which unemployment has been falling.....in other words Obama hit a triple with the bases loaded and Trump became the designated runner who thinks he won the game!
But by all means....please continue!
So was that Obama's fault or some other President who's name rhymes with "tush".....hint quantitative easing started in 2008!
I was clearly and obviously speaking of manufacturing jobs.
Because the federal reserve was raising them too much too soon with no real inflationary pressure going on.
Of course you are correct...
Actually the Fed started QE during the Bush Admin and ceased it in 2014. So, no, not the entirety of the Obama Administration.
Then why is Trump demanding QE and a rate cut? Clearly he is either confused or rattled by some signs of impending recession that we can't see.
He's talking about a payroll tax cut but trying to pretend it has nothing to do with what he's doing to the economy.
Indexing capital gains taxes for inflation would be effective and it’s ridiculous that the government can benefit from the same inflation that harms savers and investors.
Trump started trying to spin it as "the media is lying about the economy to hurt my chances of re-election." He figured his base is so stupid that they'd fall for it.
It seems to have worked.
We really need an IQ test before people can vote; I don't think much of Trump's base would qualify.
We really need an IQ test on anybody who is running for office as well.
go ahead and write your proposed amendment to the US constitution regarding eligibility to run for office...Maybe your friends at the Heartland Institute could help you write it...
I think that all who live in California and New York along with Illinois should have to pay a poll tax to vote as our collective overall votes cause so much economic harm to America.
We are now into the Liberals third "R" TRY about Trump.
First it was "R"ussia !
Then it was "R"acist !
Now it's "R"ecession !
Liberals can be such "Maroons", "Ignoranamuses", Tararagoondeyas" !
The democrats and their three R’s! Remember the 1920’s!
"R"elief, "R"ecovery and "R"eform !
Trumps new deal , which the Liberals HATE, before they didn't ...… AGAIN !
our R’s are so much better for America than the Dems R’s are!
For sure !
Dems want "Followers/Lemmings"!
Repubs want "Leaders" !
We want Leaders who consider themselves to be public servants and the citizen to be sovereign while liberals want to be lemmings and follow after leaders who see us as their subjects.