As the Democratic Party continues to stoke fears of a recession under the Trump administration, new data shows “there’s no recession” and that the middle class is shrinking due to Americans moving up financially – with an inordinate amount of minorities reaping the benefits of the booming economy.
In addition, Democratic presidential candidates have accused Republicans of making the rich richer and poor poorer – another claim that has been proven false.
“[O]ne of the Democratic attack lines on GOP economic policies – no matter how successful they may be – is that they exclusively benefit ‘the rich,’" Townhall reported. “…That simply has not been the case during the current expansion.”
Trump’s economy working
New data unleashed by the United States Labor Department shows that President Donald Trump has gotten minorities back to work and is bringing them more financial independence than they have achieved under presidencies past.
The left-leaning daily in the nation’s capital, the Washington Post, put out a feature story showing that Democrats’ and the mainstream media’s narrative – of Trump leading a white-centric economy only benefitting the rich – is just more fake news, as indicated in the Post’s headline: “For the first time, most new working-age hires in the U.S. are people of color.”
Besides minorities, women are also flourishing under Trump’s economic policies.
“More evidence that the U.S. economic boom under @RealDonaldTrump is reaching everyone: ‘Women are predominantly driving this trend, which is so powerful that even many women who weren’t thinking about working … are being lured into employment,’" the Washington Post’s Andrew Clark tweeted Tuesday.
Minority voters who the Democratic Party rely on to win elections are being employed under Trump like never before.
“[Spikes in employment include] not just women generally, but black and Hispanic women, who are no longer ‘sidelined’ and ‘jumping into the workforce,’" Townhall’s Guy Benson reported. “The most recent monthly jobs report – which was a mixed bag over – showed record low unemployment among black Americans, with unemployment among Latinos matching a previous low.”
The employment numbers for women, blacks and Hispanics speak for themselves:
“Black unemployment fell to a record low in August, helped by a jump in the number of black women on the job,” CNN reported. “The unemployment rate for black workers fell to 5.5% from 6%, according to the Labor Department data – the previous record low of 5.9% was set in May 2018. The unemployment rate for black women fell to a record 4.4% from 5.2% in July [and] the unemployment rate for black men crept up to 5.9% from 5.8%, but the previous month's rate was a record, so the rate is still near its historic low. Unemployment among workers who identify themselves as Hispanic or Latino also fell in August to 4.2%, which matched a record low set earlier this year.”
Here's more bad news for Democratic candidates, but good news for the middle class:
“[P]oliticians often lament the contracting or ‘hollowing out’ of America's middle class, but new official data shows that the shrinking of the U.S. middle class can largely be attributed to households ‘graduating,’ – if you will – into the upper-middle class and beyond,” Benson explained.
Do denying economic success
Economic scholar, American Enterprise Institute’s Mark J. Perry, put America’s financial success into perspective.
“Maybe the most important finding from today's Census Bureau report on Income is: yes, the middle class is disappearing, but it's because they're moving up to higher income groups,” Perry tweeted Tuesday. “The share of U.S. households making $100K (2018 $$) has more than tripled since 1967 – from 9% to 30.4%.”
Even though many factors go into a burgeoning economy, it is argued that a substantial portion of the credit can go to Trump.
“[I]n addition to the tripling of the 'high-income' category (in inflation-adjusted dollars), the 'low-income' group has fallen by nearly 10 percentage points since the late 1960s,” Benson noted. “Obviously, neither political party can claim full responsibility for these positive trends, but the Trump administration can certainly crow about the notable increase of high-income households and a corresponding decrease in low-income households, over the last few years.”
New York’s biggest daily reluctantly conceded a Trump economy is helping out lower- and middle-income Americans.
“[The Trump-era economic recovery is] at last delivering income gains to middle-class and low-income families" the New York Times announced.
The world’s largest group of journalists also corroborated positive gains and reductions under a Trump economy.
"U.S. household income finally matches 1999 peak, while poverty rate hits lowest point since 2001," a bulletin from The Associated Press reads.
Additionally, CNBC indicated that news about an impending recession is indeed fake news.
“The labor market and the broader economy are both better than they look on the surface, and in fact have been mostly defying the continual patter of recession expectations,” CNBC reported. “By multiple measures, the U.S. is staying ahead of the global slowdown, the trade war with China and the bond market’s implication that the decade-long recovery after the financial crisis is coming to a close. Though the major Wall Street averages wobbled around breakeven Tuesday, stocks are back near record highs as investors shrug off the wave of fear.”
The report continues:
“More signs of a strong labor market came out Tuesday: The Job Openings and Labor Turnover Survey for July – the reading runs a month behind nonfarm payrolls – showed there are still 1.17 million more job openings than available workers,” CNBC’s Jeff Cox continued. “Finally, Tuesday’s National Federation of Independent Business Survey – which polls small businesses – found that 57% of all respondents reported that finding qualified workers remains their biggest staffing challenge.”
Financial expert Ed Yardeni, founder of Yardeni Research, put the final nail in the coffin of Democrats’ recession alarmism.
“Just about every labor market indicator that’s come out before and after the weak payroll number on Friday suggests the labor market is doing great,” Yardeni impressed, according to CNBC. “There’s no recession.”