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Every time I listen to CNBC I am made more aware how devoid of reality the titans of finance are from most of the problems of those living in America. They are even unable to relate their ideology of greed driven supply and demand to the current economic activity, changing their theories to suit the current conditions. That said, Democrats allow them to continue spewing their inconsistent and incoherent narrative without the necessary push back or context.
Democrats should be messaging all over this incoherent message
This jobs report is ‘bountiful,’ says Cramer from CNBC.
The most recent jobs reports can be spun two ways. One is based on fiction, hyperbole, and economic fraud and inconsistency. The other is based on facts, truth, and reality. The truth and reality are on the side of Progressives and Democrats, yet they are the silent ones as the Plutocrats, Oligarchs, and their minions appear on TV hyperventilating about the virtues and unmitigated strength of the United States’ economy. What a fraud.
CNBC starts its article titled “The May jobs report is great news for everyone — except Democrats running for office” as follows.
Friday’s monthly employment report was great news for anyone looking for a job in America – unless you happen to be a Democrat running for Congress. Among the many contentious topics swirling around this year’s campaign, none is more important than the perennial issue of employment. Voters who are employed are historically more likely to favor incumbents than those who are out of work. That poses a major challenge for Democrats in 435 House districts and 35 Senate races who are looking to unseat Republican majorities in both chambers. The economy added roughly 223,000 net new jobs in May, pushing the jobless rate a tick lower to 3.8 percent, an 18-year low.
The article truthfully tells an unfortunate fact Trump would never acknowledge.
Of course, the historic run of employment gains has been underway since the Great Recession ended, well before Republicans took control of Congress and Trump moved into the White House.
Then came the claim that Democrats are in trouble with voters.
“The labor market is tightening rapidly and declines in the unemployment rate are likely to continue, but at a slower pace,” Ben Herzon,” an analyst IHS Markit, wrote in a research note. That would make it harder for Democrats to argue that voters need a change in Washington, at least in terms of the most critical pocketbook issue.
Really? The number of jobs created on a monthly basis during the Obama administration’s post-recession growth was about 199.000 per month. Under Donald Trump that rate is under 170,000 per month. For some perspective, here is this from FactCheck.org.
The average monthly job gain under Trump is now 167,182, well behind the average monthly gain of 216,958 jobs during Obama’s entire second term. It’s also well shy of the pace required to meet his goal of 25 million new jobs over 10 years. Trump will have to pick up the pace if he is to fulfill his campaign boast that he will be “the greatest jobs creation president that God ever created.”
The talking heads at CNBC continued to give misinformation and outcomes not applicable to economic theory as we know it on a station that should be all about the way the economy functions.
- If unemployment is really low, why are wages not going up substantially?
- If we do not have enough workers why are record number of potential workers remaining on the sidelines?
- Why isn’t the business sector forcing the president to change his tune on immigration if the job market is really tight?
It is clear whose side the titans of finance are on when Kramer rejoices for a supposedly strong growth market with limited wage growth. It is good for businesses, not workers.
“You ever had wage growth and inflation low,” Kramer said as he was exalting the greate economy. “And you have tremendous job growth. That’s what the stock market wants.”
That says it all.
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The rich are as clueless of the conditions of the middle class as the middle class are of the poor. Either way, we have no way to accurately estimate the number of those who have been phased out of the job market entirely, left with little or know incomes. We get some clues, such as reports of the falling life expectancy of America’s poor, but even liberals dropped the issue of real US poverty since the Clinton administration.