The media has been pushing hard the last few weeks that the economy is booming. They cite the stock Market and Real Estate as proof that we are now in an economic golden age. They ignore wage stagnation, lackluster job growth and the fact most of the reduction in the unemployment rate was due to people unable to find jobs. None of these facts are getting out to the public instead its the economy is rating and we have prosperity. A UCLA professor debunks the Obama Boom theme.
The country’s tepid growth in its gross domestic product isn’t creating enough good jobs to build a strong middle class, according to a UCLA report released Wednesday.
“Growth in GDP has been positive, but not exceptional,” UCLA economists wrote in their quarterly Anderson Forecast. “Jobs are growing, but not rapidly enough to create good jobs for all.”
The report, which analyzed long-term trends of past recoveries, found that the long-anticipated “Great Recovery” has not yet materialized.
Real GDP growth — the value of goods and services produced after adjusting for inflation — is 15.4% below the 3% growth trend of past recoveries, wrote Edward Leamer, director of the UCLA Anderson Forecast. More robust growth will be necessary to bring this recovery in line with previous ones.
“It’s not a recovery,” he wrote. “It’s not even normal growth. It’s bad.”
Sadly facts do not matter in Obama’s America. With backing from the media and Hollywood, many Americans think Obama is doing a great job and the economy is booming. The logic is that they may personally may not be doing well, but their neighbors are. This thought process is created by media propaganda that would rival Soviet claims of increased grain production that never occur.
This is the new normal for the economy.
Tags: Stagnation, The Obama Boom, UCLA
