Posted on 06/03/2019 2:08:57 PM PDT by Diana in Wisconsin
Democratic Party candidates for President in 2020 have been claiming that Trump’s economic successes are really the result of Obama administration policies.
A while back, the Federal Reserve Bank of St. Louis created a summary report that measured the American economy while President Obama and the Democrats were in control.
It’s a trip down memory lane, and shows that Democrat claims about the “Obama Economy” are nothing but smoke and mirrors designed to fool the American people.
While Democrats were in charge everything that should have been up, is down, and everything that should have been down, is up. Take a look at this:
Meanwhile Reuters reports that the economy under President Trump is booming and workers are reaping the benefits.
Three quarters of Americans surveyed by the Federal Reserve last year said they were living comfortably or doing OK in 2018, roughly unchanged from the year before but continuing a six-year trend that has reflected the ongoing economic recovery and falling unemployment, the Fed reported on Thursday.
“This generally positive assessment of economic well-being is consistent with the continued economic expansion and the low national unemployment rate,” the Fed said, noting the steady upward trend in the survey results since 2013, the first year it was conducted. At that point just 62% of households felt they were OK or living comfortably.
The change over last year, however, was not considered statistically significant, evidence that a round of tax cuts, wage hikes and strong 2018 growth had not registered deeply in household sentiment that may have plateaued.
The central bank’s latest Survey of Household Economics and Decisionmaking also pointed to some continuing gaps in the recovery.
Around 12% of respondents still said they could not cover an unexpected $400 expense, similar to last year, and 30% reported they were “either unable to pay their bills or are one modest financial setback away from hardship.”
That was a decline from 33% in the year before, but still evidence of financial fragility.
In addition, “another year of economic expansion and the low national unemployment rates did little to narrow the persistent economic disparities by race, education, and geography,” the Fed reported.
Among those without a high school degree, around 68% of whites still reported doing at least OK, compared to 61% of blacks and 58% of Hispanics. For each race, the number was about 20 percentage points higher among those with a college degree, with nearly 90% of college-educated whites saying they were financially alright.
The online survey, covering 11,440 adults in October and November and weighted to be nationally representative, captured the mood of households across a broad set of issues as the U.S. economic recovery approached the decade mark.
Its 19 sections included questions not just about income and employment but neighborhood satisfaction and the prevalence of gig work. The survey found 30% of respondents had done some sort of temporary work over the year – including things like dog walking alongside tasks like driving for a ridesharing company – and were slightly more likely to have trouble meeting emergency expenses.
Surprisingly, at a time when housing costs in “superstar” cities like San Francisco have become a focus of discussion, the survey found that even those with lower incomes for those cities reported being more satisfied with their housing and neighborhoods than those in less-expensive places.
“Adults with relatively low income for their city are slightly more satisfied with their housing and neighborhoods in more expensive cities,” the Fed concluded, a finding that may counter theories that high housing costs are dissuading people from moving to those places.
Yeah, it’s not the best, but The Federalist Papers is a pretty good website. I enjoy them, anyway. :)
You can click the link and comment directly to them if you’d like. They won’t bite! ;)
“Big Rock Candy Mountain”
An excellent addition. LOVE that song. :)
When I tweet a link to this article I get: This request looks like it might be automated. To protect our users from spam and other malicious activity, we can’t complete this action right now. Please try again later.
Twitter censorship?
“One of the worst things was the huge amount of capital and companies that fled the U.S. for foreign countries. To be expected when you have the highest corporate tax rate in the developed world.”
President Trump seems to be luring them back - and another term will certainly help.
We CANNOT let him fail in 2020. And then we ALL need to vet, vet, vet any candidates coming up behind him.
As a Teen, I became interested in politics, and I’ve been running businesses for others since my 30’s. I’ve been waiting FOR-EVER for a ‘Businessman’ to be President.
In so many ways, America IS a business. The People’s Business! MAGA! :)
I don’t use Twitter, so I’m not sure. I read TFP through Facebook (Yes, I KNOW, Mom!) and FB goes to great lengths to have TFP seem to ‘fall off’ my News Feed every few weeks. Jerks!
All Social Media platforms run by Socialists seem to have THAT in common. :(
Where are all of our Conservative IT/Platform Design Guys? Is it down to just Jim and John Robinson? ;)
Correct. The vast majority of politicians have no clue how the real world works, economically. Look at the financial collapse of 2007-08. That was ENTIRELY caused by government and their screwing around with the markets and our financial system. (E.g. forcing lenders to give out billions of dollars in bad loans, which were then “guaranteed” by Fannie/Freddy.) It basically enabled all the bad actors to do their thing, and then were shocked when the whole house of cards fell down.
What you are saying may be true, but I don’t think they care. The important thing was to get mortgages for marginal buyers and let banks suffer any consequences.
I couldn’t agree more; Government produces NOTHING and consumes EVERYTHING! :(
Who is the rabbit with the shades?
Kamala Harris?
Willie Brown?
5.56mm
The Energizer Bunny? ;)
Aha!
5.56mm
I believe many of the other charts are ok and present a good, balanced picture. But I expect stupid economic games from the left, not the right...someone needs to go back to Econ 101.
I tweeted the FR article link with the story. It got through in a sneaky way.
Odd that we have data and charts for the Obama years and Trump tweets for the Trump years.
Wow - relieving a leftist lunatic of his job because of leftist lunatic policies must be one of the most rewarding experiences of a lifetime. That should be on everyone’s bucket list.
Are they still counting the number of jobs “saved” like they did under Obama?
Many rank and file Democrats have no idea what it means to run a business, large or small. No idea of the risk, no idea of all the BS regulations, taxes, expenses, never mind the 18 hour days and sacrifices it entails. They have a cartoon perception, they believe small business owners just rake in the cash, pure profit, and are greedy. It is profoundly sad.
*WINK*
In, Around, Under or Through! :)
Absolutely. Lemme put it this way. The Great Depression couldn’t have been worse for most than the Great Recession was for me. Could. Not. Have. Been.
My income is up 1/3rd in the last two years and my tax rate has been cut 5% under President Trump.
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