Ali Velshi called out the mainstream media for a critical failure to accurately describe the state of the economy.
Ali Velshi calls out media on economy
Ali Velshi continues his usual excellent economic analysis. If one listens to Republicans, Centrist Democrats, and the media, mainstream or Right-Wing, one would get the impression the economy is crashing.
“It’s time for an economic reality check,” Ali Velshi said. “The news media hasn’t done a great job of communicating where the country is really at. You see a lot of doom and gloom and not a lot of substance to back that up economically.”
After calling out the media for their inaccurate reporting on the economy, Velshi provided accurate data.
“The stock market, a key indicator of economic health for the former president, is going strong,” Velshi said. “The S&P500 ended 2021 with a 27% gain. Now, about half of Americans are not invested in the stock market, which means that about half are. And that market performance helps your 401k and your IRAs. Then there are jobs. The unemployment rate is at a pandemic low of 3.9%, almost as low as it was before the pandemic and far lower than most economists will tell you is something called full employment. Average hourly pay has risen. As a result, 4.6 percent in the past year, and all of these are signs of a strong economy.”
Velshi made it clear that there were problems like inflation that so far are not transitory. He most importantly reminded us that the monthly child subsidies were no longer there. The failure to pass Build Back Better because of heartless intransigent Democratic Senators Joe Manchin and Kyrsten Sinema will cause pain to many Americans. As such, Americans who took advantage of the subsidy will feel the inflation drag.
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