The Crisis that Crisisn't
Recession forecasters who promised Category 5 winds now watch as the US economy saunters past them in shorts and sneakers.
There’s nothing like a disaster to get journalists over-excited.
For months, they have been telling us the US economy is in crisis, about to implode.
The GOP talking points they have been parroting have, of course, helped. Bidenflation is the new Jimmy Carter. Gas prices just won’t stop going up. Ever.
On Twitter, things are even worse. The crypto crash has killed a whole generation of HODLers. The “tech rout” has destroyed the confidence of every investor too young to remember Y2K. Heck, Elon Musk now has so many kids to feed, he can’t even afford to buy Twitter anymore.
Things were so terrible I didn’t know how I was going to cope. But thankfully, Friday’s jobs report snapped me out of my Twitter-induced Great Depression and back to reality.
372,000 new jobs—nearly 50% more than the “experts” had predicted.
Unemployment at 3.6%—a fifty-year low.
Hourly wages up 5.1%—again, above analysts’ estimates.
Could it possibly be that…
We’re not in a recession?
There’s a famous viral video from 2018, in which the Weather Channel’s Mike Siedel is seen bracing himself against the powerful winds of Hurricane Florence, only to be shown up by two pedestrians who casually walk past him in the background as if it was just a normal day.
Of course, The Weather Channel wants the weather to be dramatic.
Of course, business and financial media want to be ahead of the curve, telling us how bad things are going to be. But America has been talking itself into a recession for months now.
It’s still not here. And those journalists are getting impatient.
Maybe the “economic crisis” they’re warning about will hit soon. Maybe it won’t. In the meantime, savers can celebrate higher interest rates for the first time in years. That’s good news for those seeking higher-yields!
And in case they didn’t tell you on Fox News:
Gas prices have now gone down for 25 days in a row.
July 9 2022 data via https://fuelinsights.gasbuddy.com/
If you’ve already boarded up your windows waiting for the “Category 5” recession to hit, here’s a Twitter thread by Simon Rosenberg to help you stay calm.
As Rosenberg points out: Biden has created 9M jobs in just 17 months, which is “4 times as many Biden jobs as last 3 GOP Presidents COMBINED.”
On a monthly basis, Biden has delivered 529,000 jobs per month vs. 9,700 jobs per month during the terms of the last three GOP presidents.
Whether you’re out having fun in the sun or sitting gloomily waiting for the next recession to (inevitably) start, can we at least agree that Biden has done a great job with the economy so far, with lots of good infrastructure things still to come.
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