I & I Editorial BoardThe economy appears to be booming, consumer confidence is rising, inflation is coming in lower, and job growth higher, than expected. Normally, we’d all be celebrating good news like this. But not when Donald Trump is sitting in the White House. Then it must be ignored or explained away.
Ever since Trump took office, we’ve been treated to a steady diet of doomsaying. His tariffs would fuel inflation. He was driving the economy toward a recession. When the Commerce Department reported a slight contraction in the first quarter – so slight that future revisions could show that the economy expanded in the first three months – the same cast of characters started shouting “See, we told you so!”
But then the data started coming in, and suddenly those voices went silent. Why? Because it’s all been “unexpected” good news.
On Monday, for example, the Atlanta Federal Reserve Bank updated its GDPNow forecast – which projects quarterly economic growth in real time based on ongoing data releases. The current “nowcast,” as it’s called, shows growth in the second quarter of 4.6%, which is up from the 3.8% growth figure released last week.
The latest Consumer Price Index shows inflation in April was just 2.3%, marking the third consecutive monthly decline under Trump, and hitting a low not seen since February 2021, which, for those keeping score, was the month before Joe Biden went on his $1.9 trillion “American Rescue Plan” spendathon.
The monthly jobs report for April came in higher than expected, with the creation of 177,000 jobs, after the March report came in significantly higher than expected. Yesterday, the Bureau of Labor Statistics reported a “surprising” increase in the number of job openings.
People are noticing these positive trends, as well.
The Consumer Confidence Index jumped more than 12 points in May after a series of declines, and the Conference Board’s “Expectations Index” — which measures consumers’ short-term outlook for income, business, and labor market conditions — surged 17.4 points.
“Consumers were less pessimistic about business conditions and job availability over the next six months and regained optimism about future income prospects,” the Conference Board says.
In addition, more than half of those surveyed by the Harvard/Harris poll now say the economy is strong, which is the first time that’s happened since June 2021.
And, to top it off, Trump’s job approval has been trending upward. The spread in the RealClearPolitics is now just -2.2 points – it was -7.1 points in late April. The public’s approval of his handling of the economy, in particular, has improved.
And a larger share of people think the country is on the right track than at any time in the past 16 years.
“It’s true that this is just a couple months of data, and things could turn south with more tariff wars,” note our friends at the Committee to Unleash Prosperity. “But it’s noteworthy that the economic ‘experts’ and the media were all doom and gloom six weeks ago.”
And the ongoing success of the economy now rests heavily on the shoulders of Republicans in Congress, who still can’t seem to get their act together to do what needs to be done: keep Trump’s 2017 tax cuts from expiring,
For now, enjoy watching those with advanced cases of Trump Derangement Syndrome suffer from fits of apoplexy as the good news keeps rolling in.
— Written by the I&I Editorial Board
Unleash Prosperity
Since we are all American citizens and since, I bet, we agree on 75% of the important issues, it makes sense for each party to praise the good ideas of the other.
It is the party operatives, extremists, weasels actually, on both sides who hole themselves up in the left and the right end zones of policy, and issue damaging declarations, unproductive accusations, mindlessly parroted by the murmurations of the main media, which seek with their own vicious determination to weaken our country.
Looking forward, there is one party, the No Labels Party, which is striving to be heard as representing the 75%. Worth listening to them for our future elections.
One Party? Look to Commiefornia to see the results of one party rule.
Democrats, Republicans and No Labels adds to three parties to consider.
Today’s post on CC is BY FAR Liberals report they have poor/bad mental health than Conservatives.
Conservatives report having for more good/great mental health than liberals!
https://www.commoncts.blogspot.com
It’s amazing that you want comments at all. Considering you put all kinds of Restrictions on how and what can be said. I guess Free Speech Guaranteed under the Constitution of the United States just ISn’t your thing. Apparently Only Comments you agree with are consider Civil and on Topic. This has always been a Tactic of the Left and Totalitarians so their Readers don’t have to have their Sensibilities and Feelings Threatened. Or perhaps it’s the fear they might actually Hear something that threatens the Control Over what some might Call Dictatorial Behavior of those supposedly wanting Comments. That isn’t Freedom, but shielding oneself from alternative ideas like any and all Dictators have done throughout Human History!
If you bother to read comments we post, you will notice that many disagree with our positions. And, your comment notwithstanding, we expect comments to be something more than spurious rants before we inflict them on our readers.
There is a couple things that give around 6 Senate Republicans pause as far as passing the “Big Beautiful Bill” (BBB) and that the Senate must now address.
The Senate Republicans include dye-hard Trump supporters (Johnson, Hawley, Paul). It seems the other and these three are afraid that Medicaid will be downwardly affected. Paul and Johnson also are afraid that the BBB adversely affects US debt and the deficit.
I do too. Trump BBB is asking to increase the debt (which is now at $37 Trillion, I believe) by $5 Trillion (around a 14% increase).
This scares me too. But I know that Trump is not only jump-starting our hollowed out economy, he is also energizing-battery it.
I&I points out the wonderful things he has predicted that will occur once he started to construct his economic plans. He was right!
I voted for Trump (3 times-not in one election) because I think he is very savvy and smart. Apparently, he believes that growing the economy heartedly will increase tax revenues so much that the debt and deficit are addressed.
I can sympathize with Paul and Johnson’s argument about the debt and deficit (esp. since we have been out of balance since the Clinton era), but I voted for Trump because I trust his intelligence and wisdom (not to mention his Cabinet’s intelligence and wisdom), so I say-as I would of a racehorse-give President Trump his reins!
Investors are relying on TACO. When TACO is no longer the rule, the markets will react appropriately to the president’s ignorance. Pray for TACO, I guess.