(C) Daily Kos This story was originally published by Daily Kos and is unaltered. . . . . . . . . . . The Greatest Story Never Told - The Biden Boom [1] ['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.'] Date: 2023-10-30 We received some good news on the economy last week that will make the MAGA Republicans very angry. United States GDP soared to a blockbuster 4.9% in the the third quarter of 2023. That’s the highest since the end of 2021 and a big increase from 2.1% growth in the second quarter. Even Donald Trump was “impressed” by this report. Trump in 2018: “You look at GDP at 3.2 percent, we’re doing so well… Nobody would have believed it” The robust growth was powered by optimistic consumers who continued to spend freely, despite higher interest rates. The GDP report was a far cry from the recession that the mainstream press has been predicting for the last two years. “Strong economic growth under the President. Time for all the people calling a recession to acknowledge Joe Biden made the right calls in 2021/22!!” Ron Klain, former White House Chief of Staff. “I never believed we would need a recession to bring inflation down — and today we saw again that the American economy continues to grow even as inflation has come down,” President Biden said in a statement on October 26. on the new GDP report. “It is a testament to the resilience of American consumers and American workers, supported by Bidenomics.” The U.S. economy’s continuing strength has been largely ignored by the mainstream press. In addition, Fox “News” and other outlets in the GOP media have been relentlessly running down the economy and the country. The Biden boom is the greatest story never told. I plan to tell that story. The Huffington Post on October 26 did a great job in summarizing the current status of the economy: “Simply by the numbers, the U.S. economy is not only better than expected, it’s also in many ways doing better than it was before the pandemic, a period Trump has liked to call the best economy “in the history of the world.” The U.S. unemployment rate through September has been below 4% for 20 straight months, seven more than the longest streak during the Trump years. The number of people older than 16 who had a job was 161.6 million in September, above the 158.8 million that had been the pre-pandemic peak in December 2019. Retail sales hit $613 billion in September as they continued to shift up sharply from the trend before the pandemic, when they peaked at $457.7 billion. Personal income, even adjusted for inflation, is about 5% higher than where it was before its pre-pandemic peak. Domestic production of oil hit 12.991 million barrels in July, the latest month available from the Energy Information Administration, higher than any month in the Trump administration except one. Median household net worth — the worth in the exact middle of the distribution — rose by 37% from 2019 to 2022, thanks in part to generous pandemic aid, while the median leverage ratio, which measures indebtedness against income, fell to a 20-year low, according to the Federal Reserve.” We are not in a recession. The U.S. economy is expanding rapidly, and the labor market has produced approximately 14 million jobs since Biden took office. Inflation has fallen from 7% to 3.7% without a recession. In comparison, inflation was 4% in 1984 during Reagan’s optimistic “Morning in America” campaign. The United States now has the best economy in the first world. We’ve had stronger GDP growth and inflation came down more quickly and is now lower than the rest of the first world. Joe Biden is currently leading a stronger economy than The Former Guy ever did. Nevertheless, the American people are gloomy about the overall economy but remain optimistic about their own economic situation. According to a Federal Reserve study conducted at the end of 2022, 73% of the American people say their own financial situation is okay or good. In contrast, only 18% say the overall economy is good or excellent. The mainstream press has largely ignored the good economic news and has emphasized the grey lining in the silver cloud. At the same time, Fox “News” and the entire GOP media have been telling the GOP base that the economy is terrible — and it’s having a dramatic effect. According to an August 16, 2023, Quinnipiac poll, 57% of Republicans believe their own personal financial situation is good but only 5% of Republicans believe the national economy is doing well. In contrast, that same poll found that 71% of Democrats believe their own economic situation is good and 57% of Democrats believe the national economy is in good shape. “It’s not “people” who are unhappy about the economy. It’s Republicans. And it’s not because they’re personally doing poorly. It’s because Fox News and Donald Trump keep telling them the economy is lousy. Compared to the massive effect of this, everything else fades into irrelevance.” Kevin Drum on October 28, 2023. We should know by now that the media is not going to give credit to Joe Biden for the thriving economy he has created. We need to share this story. Please take the liberty of liking and sharing my posts about the economy. We have to act as fact checkers in a world filled with disinformation. The biggest threat to continued prosperity are the House Republicans. New Speaker MAGA Mike Johnson voted to shutdown the government earlier this year. The GOP’s last chance to win in 2024 is to wreck the economy and hope that the voters blame Biden. It’s America or the MAGA Republicans in 2024. Choose wisely. [END] --- [1] Url: https://www.dailykos.com/stories/2023/10/30/2202494/-The-Greatest-Story-Never-Told-The-Biden-Boom?pm_campaign=front_page&pm_source=more_community&pm_medium=web Published and (C) by Daily Kos Content appears here under this condition or license: Site content may be used for any purpose without permission unless otherwise specified. via Magical.Fish Gopher News Feeds: gopher://magical.fish/1/feeds/news/dailykos/