The Positive News On The U. S. Economy Continues.

 The U.S. Commerce Department reported that inflation for May increased only 0.1% over April's inflation and that inflation is up 4% over the previous 12 months, the lowest in over 2 years.  Another piece of good news on the economy reports retail sales were up 0.3% in May.  Economist were predicting retail sales would be down for the month.  With job creation at 339,000 for May, the month was positive despite the negative doom and gloom voices.

After 28 full months in office (Feb 2021-May 2023) the Biden Administration's policies are still working for the economy and producing results.  The consumers are still spending, unemployment has stayed in the 3% range for the past 16 months, the longest string since the Kennedy-Johnson Presidency, record job creation, rising wages and America is leading the free world and democracy at home and abroad.  For those 28 months the negative voices have been wrong on every phase of the economy.

The media during those 28 months unfortunately, for the country and its people decided to push the negative doom and  gloom predictions about everything connected to the economy rather than the positive results of the economy and the President's policies.  So now they are pushing the negative voices predicting an economic disaster later this year.  

The sane voices of the President and the democratic party are working for America and its people in a positive and progressive way that continues to move the country forward for a better economic future.  The democratic party represents America's best interest and are the only party that is working for America and its people.  And that really says it all.

This commentary written by Joe Lorio 

The U.S. Economy, Job Creation and the Unemployment Rate for May 2023.

 The U.S. Labor Department reported the U.S. economy created 339,000 jobs in May and that the unemployment rate came in at 3.7%, up from 3.4% in April.  It was the 28th straight month of positive job growth and over shocked the usual negative voices who predicted only 160,000 jobs would be created.  So the negative doom and gloom voices who have predicted an economic recession for the last 15 months now say maybe before the end of the year.  They want to see it so bad it is driving them crazy.  The negative voices have been wrong on the economy for the past 28 months, ever since Biden took office.

There are so many ignorant voices on the economy just like there are on the federal budget.  Opinion writer Catherine Rampell of the Washington Post in a New Orleans Advocate of 6/6 titled, "What the heck is going on in the U.S. economy?" still don't understand and offers several suggestions.  The key to the economy is jobs because consumer spending represents 70%  of the economy according to the CBO.  Democrats understand that and that is why their priority policy is related to job creation.  And precedent over the past 92 years supports that.  From 1929 -2021 when Trump left office seven Democratic Presidents and 8 Republican Presidents served a total of 92 years.  Democrats 48 years, Republicans 44 years. 

Those democratic administrations created 84.1 million net jobs and none lost jobs.  Those republican administration created 25.5 million net jobs and the administrations of Herber Hoover lost 6.4 million jobs and Trump lost 2.7 million jobs.  So far, the Biden administration has created a reported 13 million jobs in his 28 months in office, a record not included in the above numbers.  Past PolitiDose commentary has broken down each President's job creation separately.  Past PolitiDose commentary has also called the shots how the Obama and Biden administrations would bring the economy back with job creation, lower unemployment, lower deficits and reduced increases in federal spending and did so before they took office.  Precedent was on their side, the reason being that democratic administrations govern with policies and plans that address the issues at hand.  The GOP govern with ideology, an extreme one at that and tax cuts for you know who that never address the issues.  The disparity in job creation between the two parties tell an accurate story why the economy does so much better on the democratic watch.

Reagan, Bush 43 and Trump all cut taxes for corporations and the wealthy that were supposed to do wonders for the economy and job creation but all  three administrations gave the country an economic recession, 20 years of unbalanced budgets, record deficits and federal spending at the time.  Clinton raised taxes on those same folks, balanced the budget with surpluses and created more jobs in 8 years than Reagan, Bush 41, Bush 43 and Trump did in the 24 years they served.  Yes, my fellow Americans, precedent and policy tell the real story and how that can be a gauge to judge the future. 

What has taken place in that 92 year period is not a coincidence and is still playing out before our very eyes this day.  As the Sumerians said they were taught almost 6,000 years ago, "understanding the mistakes of the past is still the key to a better future" is alive and well.  And for the GOP, their future has been like their failed past.  And that really says it all.

This commentary written by Joe Lorio

Louisiana's Representatives Steve Scalise and Garret Graves: Still Ignorant On The Federal Budget.

 When Bill Clinton took office as President, some in Congress were shocked to learn his knowledge about the federal budget.  How could this be, a kid from Hope, Arkansas knew more than many in Congress who worked with the budget for many years?  There lies the secret why the government and its people did so well fiscally and economically on his watch.  Twenty two years later, the GOP, the media, Garret Graves and Steve Scalise are still ignorant on the federal budget.

In a New Orleans Advocate article dated 6/1 titled "House oks bill to avoid default" by four Associated Press writers, they quote GOP representative Graves as saying: "Republicans were fighting for budget cuts after Democrats piled on to deficits with extra spending."  Graves statement shows he is not  serious about deficit spending he is ignorant.  Deficits were not piled on by any extra spending or any spending at all.  Federal spending at the end of the Trump/GOP's last fiscal year was $6.8 trillion, a record.  Federal spending at the end of Biden's first fiscal year that ended 9/30/22 was $6.2 trillion a reduction in federal spending of 8% as published by the CBO.  And when it comes to deficit spending, the Trump/GOP administration holds the record.  The federal deficit in Trump's last fiscal year came in at $2.7 trillion.  The budget deficit in Biden's first fiscal year came in at $1.3 trillion, a 50% reduction.  Plus in just 4 fiscal years under the Trump/GOP crowd, federal spending crossed the $4,5 and 6 trillion mark.  The very first administration to exceed the trillion mark three times.  It has actually been the GOP who has piled on the deficits and the national debt with extra spending.

Scalise demonstrates his ignorance of the federal budget in the article and was quoted as saying. "For once in a long, long time, Washington is actually going to spend less money next year as it did this year and that's a reform that all of us can support."  That statement is false and displays Scalise's ignorance on the federal budget.  As stated in the paragraph  above Washington spent less money last fiscal year than it did the previous fiscal year which was Trump and the GOP's last fiscal year.  The reduction was 8%.  So it has not been a long, long time ago since spending was less.  And since 1946. year to year federal spending declined 8 times.  It was down 3 times on Truman's watch in 1946, 1947 and 1948.  It was down 3 times on Obama's watch in 2010, 2012 and 2013.  It was down one time on Biden's watch in 2022.  It was down one time on Eisenhower's watch in 1955.  Scalise's ignorance goes back a long, long way.  

President Biden and past Democratic administrations have "walked the talk" of fiscal responsibility.  The GOP has not.  They recently proved that under Trump and that was not a long, long time ago Mr. Scalise. 

This commentary was written by Joe Lorio.

  

President Biden and His Administration Delivered For America and It's People As The GOP's Debt Ceiling Charade Comes To An End.

The U.S. House and Senate voted to end the GOP's debt ceiling charade with the democratic party supplying the majority yea votes in both chambers of Congress.  The total democratic yea votes was 210, (165 in the House and 45 in the senate.)  The total GOP yea votes total was 166. (149 in the house and 17 in the senate.)   The legislation suspends the debt ceiling for two years and will not be a factor in the next Presidential election as a hostage issue.  The GOP's weakness in their votes was an indication of their charade all along.  The legislation also ended the GOP's legislation passed earlier in the House that called for major cuts in federal spending and President Biden's priorities.  

Those who are familiar with the federal budget know that the GOP's debt ceiling charade and their rhetoric are incapable of "walking the talk."  THIS generation of the GOP has it's roots in the Reagan-Gingrich era that began when Reagan was elected in 1980.  Since then, Reagan, Bush 41, Bush 43 and Trump during the 40 year period they served, never "walked the talk" of fiscal responsibility or large cuts in federal spending as demanding the democrats do in the House bill they passed a few weeks ago. 

As a reminder how those 4 GOP administrations brought fiscal disaster to the federal budget lets recall what Vice President Dick Chaney said when he said, federal deficits don't matter.  Evidently President Bush agreed with his V.P. because federal spending increased 61% during Bush's 8 fiscal years, never balanced one budget, the national debt increased 105% and Bush's last fiscal year saw a record one year deficit that hit $1.4 trillion.  Trump broke that record with a $3.1 trillion deficit in his 3rd fiscal year and than a $2.7 trillion deficit in his last fiscal year.  

The Trump generation of the GOP have no record of being fiscal conservative and join Reagan, Bush 41 and Bush 43 in that regard.  That is why they loss the debt ceiling charade before it even started.  The facts escaped the media because they are ignorant when it comes to the budget numbers and therefore are enablers of the GOP talking points concerning the budget.  

The CBO reported the debt ceiling agreement would reduce deficits $1.5 trillion in the next decade, a goal of the GOP.  Well President Biden's administration reduced deficit spending $1.4 trillion in his very first fiscal year budget.  The deficit came in at $1.3 trillion compared to Trump and the GOP's last fiscal year deficit of $2.7 trillion, a reduction of almost 50% in just one short year.  So the GOP is happy to reduce deficit spending close to President Biden's number but they want to take 10 years which is what a decade is.  

Opinion writers who are ignorant concerning the federal budget numbers and the two parties performance, never picked up on the facts and reported that democratic administrations have already cut federal spending long before the GOP's debt ceiling charade.  In fact year to year federal spending was down on the watch of 3 democratic Presidents that took place 7 times.  Year to year spending under President Truman was down 3 times, in fiscal years 1946,1947 and 1948.  It was down 3 years on Obama's watch in fiscal years 2010, 2012 and 2013.  It was down in fiscal 2022 8% on President Biden's watch.  It was down only one time in the last 68 years on President Eisenhower watch in 1955.  For the record federal spending in Trump and the GOP's last fiscal year budget was $6.8 trillion.  It was $6.2 trillion in Biden's first fiscal year budget. 

THIS generation of the Trump/GOP has no record of "walking the talk" of fiscal responsibility and that is why their debt ceiling talk has been a charade.  The President, the democratic party, the country and its people have won the debt ceiling debate and continue to be the only sane voice for America to move forward and leave the toxic rhetoric behind. 

This commentary written by Joe Lorio