I don’t plan to do a lot of writing about politics or the mainstream media, but as a former member of it, I am appalled at the quality of the information the media is attempting to shove down the public’s throat. I wrote about CNBC Chief Washington Correspondent, John Harwood previously.
A headline in the Washington Post Opinion page by stated Trump is being handed a great economy. What happens when it goes south? As if the economy declining after the new president takes office is a foregone conclusion.
Here are some of the details I am aware of on the present state of the economy. I bet you know others from your own experience …
Lowest labor participation rate since 1970s which makes the current unemployment rate much higher than is being reported
Almost 95 million Americans have left the labor force
Many Americans forced to work two part time jobs to make ends meet
In a Treasury Department poll of 50,000 people, less than half said they could raise $400 cash in a week if needed for an emergency
Worst recovery since the 1940s
Lowest home ownership rate in 51 years.
Almost 13 million MORE Americans on food stamps than when Obama was elected
Over 43 million Americans living in poverty
One in 5 families without someone in the workforce
Obama put the country into more debt than all previous presidents combined
Suicide rate among middle aged men in the Rust Belt is up
40 % of student debt is in arrears – $1.3 trillion
This is what the Washington Post calls a great economy. How much farther south can this economy go? Is it any wonder that the mainstream media is losing credibility and readership?
As a matter of fact, the Dow Jones Industrial average gained around 2400 points this year, of which 1400 came after the November 8 Presidential Election. So, clearly, investors feel differently than the Washington Post about the future prospects for the economy.
Happy New Year!