When asked about the US economy and inflation, those on the right view the situation as dire. They lament that President Biden and the Democrats have destroyed the booming economy created by Republicans. The country is in a recession. Inflation is out of control—reaching a four-decade high—caused by reckless and excessive spending by Democrats. The…
If you listen to Republican officeholders and the conservative media, they’ve been telling us for almost two years that Biden is solely responsible for high inflation; and that he and the Democrats have utterly failed to address the problem. They want voters to kick Democrats out of office in the upcoming November midterm elections. If…
Americans received welcome economic news on August 5, 2022, as the July Jobs Report (Bureau of Labor Statistics) indicated a whopping 528,000 jobs were added during the month. Also, the unemployment level dipped to 3.5%, matching the lowest level in 50 years that was achieved in February of 2020. Let’s take a look at how…
Below is a cut and paste from the July 28, 2022 news release by the Bureau of Economic Analysis (BEA) providing the Advance Estimate for the Second Quarter GDP. Just as I predicted, the Republicans, Fox News, and the conservative media have used this information to declare that the U.S. economy is in recession based…
It’s not surprising that a very divided America can’t even agree on whether the country has entered a recession. Republicans and the conservative media are certain that all that is needed is two consecutive quarters of GDP decline. While this measure is a popular rule of thumb, it is not the official definition. The National…