The U.S. Government reported retail sales for November were up 0.7% from October, the third quarter GDP was revised up to 3.1% and the Federal Reserve reported the Personal Compensation Expenditures Price inflation index was up only 2.4% in November year to year. It was 2.3% in October.
In the 46th month of the Biden administration, retail sales continue to be bullish, the consumers are still spending, the GDP is healthy and the unemployment rate is still at historically low levels at 4.2%. During the same period of time during the Trump administration in November 2020 the unemployment rate was 6.7%, the GDP for all of 2020 was a minus 2.8% and job creation was still in the losing column. Yet, the negative voices of doom and gloom, the sky is falling on the economy are still pushing their propaganda and BS about the Biden economy.
The U.S. economy under the Biden administration has performed better than it did during the inflationary period of the early 1980's in every category and consumer spending, job creation, lower unemployment have remained strong for the past 46 months. The administration has been able to keep the economy strong despite the massive record deficits left by Trump, 2.7 million jobs lost, COVID, which Trump only winked at, record federal spending and an economic recession that the National Bureau of Economic Research, the arbiter of U.S. recessions, reported took place in February 2020, two months before COVID shut down the nation.
The real reason for the negative voices reflects the attitude of Trump, the GOP and a willing media to divide the country, its people and blur the facts. An alternate world to deal with the ignorant. The final results of Biden's full term in office when he leaves in January will provide evidence just how well the economy performed on the President's watch and PolitiDose commentary will be there reporting the facts
This commentary written by Joe Lorio
