Eric Boehlert: Everything the press said about the economy was wrong

[babylonsister]

https://pressrun.media/p/everything-the-press-said-about-the

Everything the press said about the economy was wrong
It's surging

Eric Boehlert
3 hr ago

snip//

The specifics:

• The government dramatically undercounted the number of new jobs from June through September, so we now know an additional 626,000 jobs were created those months, blowing away the idea of a stymied hiring pattern nationwide. Remember the “disappointing” jobs report from August, with 235,000 jobs? It was actually 483,000 new positions. It turns out there’s been a jobs explosion this entire year, and all indications are the trend will continue into 2022.

• Goldman Sachs predicts by the end of next year the U.S. unemployment rate will drop to a 50-year low, thanks to a "red-hot demand for workers.” Under Trump, the rate peaked at nearly 15 percent.

• Retail sales surged 1.7 percent in the month of October, as consumers flocked online and into stores, splurging on electronics and home-improvement projects. American consumers spent $638 billion in October, a 16 percent increase from last year.

• JP Morgan upgraded its growth expectations for the economy, raising its forecast for the U.S. gross domestic product to climb to 5 percent in the fourth quarter.

• Biden’s pandemic stimulus plan has worked: “Households are sitting on a collective $2.5 trillion in savings built up during the pandemic,” the New York Times reports.

It’s a royal flush of economic good news.

snip//

The press wasn’t holding up a mirror to the U.S. economy. The press painted its own picture. Desperate for a dramatic angle to lure consumers back to TV news and websites, and weirdly anxious to bury Biden, the Beltway media have gone all in on the Doomsday narrative. Remember that corporate media owners benefit from tax breaks when Republicans are in office.

The panicked tale was never true. In recent days, the new data points paint a clearer picture of the economy — it’s a surging one that’s powering through a stunning pandemic recovery and stands poised to blast off in 2022. An unemployment rate all the way down to 3.5 percent? A stock market sitting at the once-unthinkable 45,000 mark? Both are entirely possible in the next calendar year.

Today’s press coverage suggests the economy is an albatross around Biden’s political neck. In reality, it’s booming.

[Qutzupalotl]

1. "corporate media owners benefit from tax breaks when Republicans are in office."

This, exactly.

Additionally, most talking heads make over $400K, so they have skin in the game.

[spanone]

2. The media is in the horse-race business....controversy brings eyes & ears.

[Cha]

12. The m$$$$ is in the

manufacturing & manipulating business, too

[calimary]

3. Kicking for truth-telling!

[SmittyWerben]

4. Once the BBB passes Biden needs to act on the student loan issue

If he does not, that savings will begin to decrease and student loan debt will once again be a huge drag on young folks trying to get moving. If student loan debt is not addressed we will lose many people who voted for dems because we promised relief. This will hurt in the midterms and in 2024 if this is not addressed. I firmly believe that people are more able to choose where they work and how many jobs they have because they have not been saddled with student loan payments for the last year and a half. This needs to be addressed before March 1.

[IbogaProject]

6. yes

I think it needs to be a direct grant of some form as forgivving debts with out rewarding those who paid them off will not be as good politically as some hope. I'm in favor but I've seen how some get really p-d off if they scrimped and paid theirs off already.

[IbogaProject]

7. yes

I think it needs to be a direct grant of some form as forgivving debts with out rewarding those who paid them off will not be as good politically as some hope. I'm in favor but I've seen how some get really p-d off if they scrimped and paid theirs off already.

[love_katz]

5. Kick and rec.

[Tommymac]

8. But But inflation.

Fuck the M$M.

Greed is what is going to do in Democracy.

The M$M wants to bury President Biden because he pulled the US out of Afghanistan and The Endless War...he ended the 1% Arms for Sale Gravy Train. THAT was their MAJOR source of global profits...that is what has them all pissed off and sicking their Media lapdogs on him.

The result will most likely be an Authoritarian USA in a few years, as the public is just not receiving the REAL news.

And an authoritarian society is going to insure Climate Change will doom the human species.

I'll be dead in 20 years or so regardless...good luck with that future brought to you by independent 'low info low educated' voters who just don't give a fuck, and only care about their fake reality TV shows.

Sorry - really really pissed off and depressed today...those in power seem to think it is still their Father's Democracy.

[crickets]

9. K&R for visibility.

[ck4829]

10. K&R

[Cha]

11. I was wondering when

I read this tonight..

Trump's Ego Sure To Take A Brutal Blow After Forbes Reports Biden's Economy

https://www.democraticunderground.com/100216073665#post6

💙Eric Boehlert