The Economy is Good!

Some people in the mainstream media are trying to rain on President Joe Biden’s parade. They are saying that the economy is no good. They are saying that Joe Biden is in trouble. Some are even saying that the economy would be better under Donald Trump.

I can only laugh.

One of the benefits of being old—yes, I am old—is that you gain some perspective along with the gray hairs. With little difficulty, I can remember the years from 2016 to 2020.

Donald Trump did not have an economic policy. He started a trade war with China, and I remember how this hurt American farmers and manufacturers. China didn’t pay the tariffs he imposed: they passed the costs along, and we paid, at the retail store.

Donald Trump also had tax cuts for the rich. Those tax cuts were very beneficial if you were rich. Millions and millions of dollars’ worth of benefits. Most of us got nothing because most of us are not rich. Oh, and I think that it must be said again, trickle-down economics (believing that tax cuts for the rich benefits everyone) doesn’t help the economy.

Maybe I missed something, but as I remember, that is the whole of Donald Trump’s economic policy over his four-year presidency.

The real economy today is good

The recent economic data has been excellent. Gross domestic product is up. The economy grew at a rate of 3.3% year over year. This is extremely robust. At the same time, we must remember that a year ago, many “very smart people” told us that the sky was falling.

That’s what virtually every economic pundit in the country was saying: that inflation would eat us all like a giant sea monster from Greek mythology, and then a slowdown would plunge us into the poverty of a recession. Remember how media and TV pundits all said a recession was inevitable? “The chance of a recession in 2023-2024 is . . . 100%!”

Yet, somehow, we have skillfully gotten inflation under control. Last year, at this time, the annual inflation rate was 6.4%. Now, our annual inflation rate is 3.35%. Is it perfect? No, it is not. But it is heading in the right direction. Also, the employment rate has held steady at 3.7%–the first time that’s happened in 60 years.

Meanwhile, a year ago, the Fed began slowly and surely raising interest rates in hopes of finding that mythical beast, “a soft landing.” And everyone said it would not, could not, happen. Had never happened. Well, guess what, folks? It happened.

The US economy added 353,000 jobs in January. Inflation is still down. Wages are still up and at a higher rate than price hikes. And the economy has landed softly.

Folks, this is all GREAT news. Real wages have been on a steady increase since early 2022. Americans, real average Americans, are putting more money into their pockets.

Trump continues to lose

E Jean Carroll took Donald Trump to court once again. She won an earlier case in which she claimed that Trump had sexually assaulted her. The jury in that case agreed that Trump had sexually assaulted her and that he had defamed her, using the Oval Office to call her every name in the book, starting with “liar”. And they awarded her $5 million for the libel.

Shortly after losing that case, Donald Trump began his assault again. This time, it was a verbal assault. We are all familiar with his sharp, childish rhetoric. Figuring she’d just won one court case against Donald Trump, she decided to take Donald Trump to court again, this time for continuing the verbal assaults. She again sued Trump, claiming more defamation.

Once again, she was victorious. Only this time, E. Jean Carroll’s lawyers asked the jury to determine how much it would take to force Donald Trump, as a confirmed recidivist, to shut up. And they came up with an answer: Donald Trump was ordered to pay E. Jean Carroll an additional $83 million for his reckless defamation and unstoppable, petulant mouth.

I remember when parents would warn a child, “If you say that again, I’ll wash your mouth out with soap.” And if you did, they did. Well, clearly, it’ll take a lot of Ivory to wash out Donald Trump’s mouth.

Rather than rejoice over Donald Trump’s misfortune, I would rather rejoice over E Jean Carroll and her strength, tenacity, and courage. Think about it just for a second. There have been other people who have taken on Trump and have gotten run over. Rosie O’Donnell comes to mind. Honestly, I don’t know what happened in the feud between Donald Trump and Rosie O’Donnell. I don’t want to know. I’m happy for Ms. Carroll and that Trump is a loser, literally.

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ABOUT AUTHOR
Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.

Books

A Letter to America

The Thirteeneth Juror

Where is The Outrage Topics
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