The November midterm elections fast approach. Democrats are touting their massive stimulus, the mendaciously named Inflation Reduction Act, and the constitutionally illegal student loan giveaway.
, with an unemployment rate at or above 6% and sustained inflation of 4%-plus.
Put simply, Democrats are arguing that a white-hot labor market, with very elevated wage inflation, almost 7%, and the highest level of consumer inflation in almost 40 years justifies voter trust and the reelection of a Democratic majority to both bodies of Congress. That position is laughable when compared to what Republican tax and economic policies accomplished during the Trump administration.
In the fourth quarter of 2019, just before the COVID pandemic washed over the country, people were enjoying a true"Goldilocks economy." This involved low, well-contained inflation, full employment, and real wage gains in line with secular growth in productivity. Describing the 2019 labor market, the Bureau of Labor Statistics
:"The U.S. labor market remained strong ... as the unemployment rate fell to 3.5%, the lowest rate since 1969. The employment-population ratio and the civilian labor force participation rate increased over the year."a real inflation-adjusted increase in personal disposable income of 1.5% coupled with very low, stable inflation of 1.6%.
By contrast, Democratic economic policy can best be characterized as an embrace of Modern Monetary Theory: helicopter drops of money and massive deficit spending. We might have a full employment economy, but we also have a
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Jordan Diaz’s first MLB hit sole highlight in A’s loss to AstrosOakland A’s Jordan Diaz makes MLB debut in rough loss to Houston Astros
Read more »
Maine rematch could be a bellwether for control of CongressA midterm rematch in Maine could help decide which party will control Congress.
Read more »
BTC, LINK and ETC Price Analysis for September 17Can BTC or ETC follow the growth of LINK? eth_classic ETC $ETC EthereumClassic crypto EthereumClassic LINK $LINK Chainlink LauraE789 LinkFinland CraptoeG
Read more »
Maine rematch could be a bellwether for control of CongressA midterm rematch in Maine could help decide which party will control Congress
Read more »
GOP Sen. Rounds says he doesn't support Sen. Graham's abortion billSome Republican lawmakers have distanced themselves from the proposal ahead of the midterms.
Read more »
Lindsey Graham Defends Abortion Proposal Despite GOP WorriesSen. Lindsey Graham defended his bill to ban doctors from performing abortions after 15 weeks of pregnancy, despite backlash in his own party
Read more »