The U.S. Economy is strong and has been for the past 20 months according to the economic data. Job creation has been the best (over 10 million jobs) in any 20 month period, the unemployment rate has fallen from 6.3% when Biden took office to 3.5% in September 2022, wages increased 5.9% in 2021 and are increasing 5% so far this year. Consumers are still spending despite inflation and driving the economy. (Consumer spending represents 70% of the economy.) Unemployment is at a historically low rate. Inflation will probably run 8% for 2022, a far cry from 11.2% in 1979,13.5% in 1980 and 10.3% in 1981. The President's infrastructure and inflation reduction legislation will start to kick in and continue to move the economy forward, create more jobs and lower unemployment even more. American manufacturing has announced plans to increase their manufacturing footprint domestically. The positive news on the economy goes on and on.
Yet, all we hear from the GOP and their supporters are doom and gloom every day. And the media is willing to wage its 24/7 news cycle to repeat those negative voices. For the past 7 months the negative voices of recession said it would take place before the end of 2022. Now, they say some time in 2023. They are predicting millions of jobs being lost and higher unemployment, A worldwide recession with $200 barrel of oil. They talk about today's inflation being the worst in the last 40 years but during the inflation of the 1980's unemployment stood at over 10% for 10 straight months from Sept. 82 to June 83, the highest unemployment in the past 70 years. But the negative voices continue to take up the media's time with their doom and gloom wishes for the economy. Every month they are still predicting job creation to be a disaster and every month they are wrong, but the media still carry their negative voices.
The media has chosen sides and chose to ignore the good economic news for the country and its people for the past 20 months and instead enabled the negative voices by publishing their false statements 24/7 and flooding the news cycle with doom and gloom. By their negative voices who just want to see the President and the country fail. The media has failed the people and the country at a time when truth, facts and democracy are under attack by the negative voices.
This commentary written by Joe Lorio
