This article isn’t rare enough. It’s the type of article I’d expect from desperate Democrats hoping and praying that nobody will notice that the economy is actually lifting all ships. Laced throughout the article are paragraphs like this:
On paper, Esther Mabior should be fine. She has a degree from Iowa State University, where she majored in economics, and lives in a city where her chosen profession, the insurance business, employs thousands of people.
But Ms. Mabior, 26, can’t find a job as an insurance adjuster. And she says her own experience is a lot like the stock market highs and the ever-expanding gross domestic product she keeps hearing about: It all looks good on the surface, but deeper down things aren’t so rosy. “There may be people doing well,” Ms. Mabior said after attending an event for Pete Buttigieg’s campaign in Des Moines over the weekend, calling herself “living proof” that as far as the economy is concerned, “it’s not that great.”
That’s the type of story that I’d call an anecdote. That doesn’t mean Ms. Mabior isn’t tell us the truth about her life. I don’t find a reason to doubt her. What I don’t find is a reason to make policy based on her testimony.
Let’s look at actual data. This is from the Atlanta Federal Reserve:
On November 25, Fed chair Jay Powell gave a speech titled “Building on the Gains from the Long Expansion,” in which he observed that “Recent years’ data paint a hopeful picture of more people in their prime years in the workforce and wages rising for low- and middle-income workers.“
This is the supporting graph:
In making this point, Chair Powell used a cut of the Atlanta Fed’s Wage Growth Tracker that looks at the median annual wage growth of workers in the lowest 25 percent of the wage distribution. As the following chart shows, the lowest-paid workers have been experiencing higher median wage growth (the blue line) in the last few years than workers overall (the green line). This reverses the pattern seen in the wake of the Great Recession, when median wage growth for lower-paid workers slowed by more than for workers overall.
It’s time to reject the Democrats’ version of the economy. At the Democrats’ last presidential debate, Vice President Biden insisted that the economy wasn’t that great. Today, a Democrat strategist insisted that people were worse off thanks to higher health insurance premiums. What this strategist didn’t mention was that the Trump-GOP tax cuts put lots more money in families’ pockets so they could afford higher health insurance premiums.
It’s worth noting that every Democrat in Congress voted against the Trump-GOP tax cuts. Imagine how families would be fighting if not for the tax cuts and if President Trump hadn’t cut energy-related regulations. Those regulation cuts alone restored a dying energy industry. That, in turn, has led to rising wages for blue collar workers. The guy that’s supposed to connect with blue collar workers, Joe Biden, is regurgitating the Democrats’ spin:
“An awful lot of people, middle-class folks, are in real trouble, and they’re not at all certain about their future,” Mr. Biden said in Fairfield, Iowa, on Saturday. “So the idea that everybody’s doing well is just simply not true. The very, very wealthy are doing very, very well, but the rest are scraping along.”
If VP Biden’s speeches were rated by the Washington Post’s fact-checker, he’d get 4 Pinocchios each speech.
When she took the stage herself, Ms. Warren of Massachusetts argued that the economic recovery had failed to touch the most marginalized communities or rural areas. “Why is America’s middle class being hollowed out?” she asked. “And the answer is in who our government in Washington works for.”
Let’s see how plays with this news:
Overall, 35 percent of respondents said that economic conditions were “very good,” and 41 percent said they were “somewhat good.” According to CNN’s analysis of the data, the 76 percent net positive is the largest share of Americans to feel good about the economy since 2001, when 80 percent of those queried said things were going well.
When three-fourths of the people think that the economy is very good or somewhat good, it’s difficult selling what the Democrats are pushing. I’d rather sell ice cubes in Antarctica than talk down this economy heading into President Trump’s SOTU Address.
Biden must think that we’re dumb enough to think that Schiff and Nadler are honest. The only way Biden maintains his frontrunner status for the nomination is because the others are worse candidates than he is. Actually, that’s precisely the case.