Americans are right to feel miserable about the economy, Reagan economist Art Laffer says

businessinsider ^ | 01/02/2024 | George Glover

[ChicagoConservative27]

Americans are right to be feeling so down about the economy, according to Art Laffer.

The former economic advisor to President Ronald Reagan said Saturday that he can understand why people's views on the jobs market, inflation, and growth remain negative, despite a strong 2023 where price pressures cooled and the US managed to dodge a long-expected recession.

"Let me just give you where the huge disconnect comes here," he told Fox Business. "People care about jobs, not unemployment rates, and so when you look at total jobs, it's way down."

[ChicagoConservative27]

I have always liked Laffer

[griswold3]

Small business owner in bulk ag. I’m doing ok. Not great.
Grandson, married 2 years just found out a baby is on the way. Getting laid off. He’s freaked out unfamiliar with what happens during these times. Thankfully wife is employed by the State.

[Chicory]

Sometimes stores are accused of marking goods up and then having a huge sale where prices are “slashed.”

So they mark their products up by 50% and have a 40% off sale...

That is what Biden is doing. I am still paying over $1/gallon more for diesel fuel than I was with Trump, even though it has gone down from paying $2.50/gallon more than under Trump.

[brookwood]

He makes a great point, actually one I already made on another thread, missing one factor - illegal immigration.

In January 2020 the number of employed in the US was 158.8 million. In November of 2023 it was 161.8 million. So there are 3 million more people with jobs than before the pandemic. But in this time period at least 8 million illegal immigrants entered the country. If they all got jobs, then the legal population must have 5 million fewer jobs than 4 years ago. If none of them got jobs, then the legal population has 3 million more jobs but we have 8 million people who can only survive by having their food, their shelter, their health care, their education, their clothing, and everything they consume provided for them by the legal population through taxes and government subsidy payments to the illegal immigrants. No one is sending these people money from their home countries. They send money back to their home countries, and support themselves off our welfare state.

https://www.bls.gov/charts/employment-situation/civilian-employment.htm

[Magnum44]

[SaveFerris]

I was hoping.....

[Magnum44]

If I could reassign my screen name occasionally just for fun, one of the top candidates I would use would be Abe Froman. ;)

[SaveFerris]

The Sausage 🌭 King of Chicago!!

[brookwood]

Here’s another way to look at it. Those Americans who have worked hard and are employed, can see what is going on around them. We are wasting money on ugly wind farms, and their power prices are going up. They see homeless on the streets on Fentanyl or “tranq” every day. The FBI decides to “change the reporting system” for crimes so that 30 percent of the cities don’t report using the new system, so we don’t have the clear data showing the rising post-BLM crime, which the media calls the post-pandemic crime. The media compares 2023 to 2022 and gloats that crime is down a little, but never reports the increase from 2019 to 2022. Tbey see the illegal immigrants who are gang members or who were released from Venezuelan prisons and mental wards specifically so they could enter the US. I saw a woman literally taking a crap on Third Avenue and 77th street, the Upper East Side. No one cares about the fake “unemployment rate” cooked up by government bureaucrats who have lied about everything to protect their power structure, for example by hiding crime statistics like 1950’s Communists in the USSR, when you can see the decay everywhere. The Federal budget deficit is 1,700 times the entire expenditures of the Federal government 100 years ago (under Coolidge the budget was $1 billion).

[rlmorel]

Hahahahah...one of my favorite all time movies!

“Bueller? Bueller? Bueller? Bueller?”

I loved the sequence where he is lecturing the class (from your graphic) and one of the female students looked like she was ready to commit murder!

[gattaca]

Laffer ping.

[genghis]

Two problems1- fed spending 25% of GDP up from pre covid levels of 20%. This makes growth impossible I don’t care what the numbers say. 2- deficit 8% of GDP makes controlling M2 and inflation possible. This does not end well

[DIRTYSECRET]

Laffer supported BJ. Thought he was a back stabber to the cause but then there must of been something to it.

[Vaduz]

Bingo it’s one thing everyone should know it very simple and accurate.

[SunkenCiv]

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