Biden wins again as Trump’s economic forecast turns out to be pure garbage
Inflation slowed in May more than anyone was predicting. The markets soared in response to this latest round of good news, which comes just days after a “blowout” employment report showed broad-based gains in all areas of the job market. In January, Donald Trump told conservative radio host Lou Dobbs that he was pulling for the economy to crash in 2024. Trump described the economy as “fragile,” said that the nation was about to “hit a wall,” and worried that he’d be left looking like Herbert Hoover if the stock market didn’t crash before the election. That wasn’t the first time Trump predicted an economic crash. In the 2020 election, Trump centered the potential of a stock market crash if Joe Biden was elected in his campaign speech. He also predicted that Biden would bring on an economic depression, and he’s been making more predictions of doom ever since. Seriously, for a guy who is supposed to be a wealthy businessman, Trump seems to have no clue how the economy works. The latest numbers show that inflation plateaued in May, beating estimates and lowering the rate over the last 12 months to 3.3%. That’s still higher than the 2% rate that the Federal Reserve would like to see, so interest rates are likely to remain steady when the Fed meets on Wednesday. Still, May’s 0% increase is a strong indicator that consumers can breathe a sigh of relief. While this won’t bring down prices at the grocery store, the inflation improvement isn't completely invisible to consumers this time around. Gas prices are dropping across the nation as the summer travel season begins, with the national average standing at $3.44 and prices below $3 in many areas. Several factors are contributing to this drop. An increase in electric vehicles, hybrids, and other fuel-efficient transportation is cutting demand for gas while production in the U.S. is at a record high. There’s another reason that oil prices are dropping around the world: Saudi leader and bone saw enthusiast Mohammed bin Salman has been cutting production in an effort to buoy up global oil prices. But the efforts that he and Vladimir Putin have undertaken to shape the market using OPEC just aren’t squeezing the industry the way they used to. This is also cutting into Putin’s ability to pay for his illegal war in Ukraine. That’s all because of Biden. OPEC's current weakness is directly connected to policies from Biden, who “broke OPEC” through savvy use of America's oil reserves. Fed up with how the oil cartel continues to manipulate the market and sabotage the U.S. economy, Biden drove down prices, forced OPEC to rethink its policies, and even turned a profit in the process. This is a triumph of both economic policy and statesmanship that is simply not getting the attention it deserves. YouTube Video Americans are heading into summer with cheaper gas and more security in an economy that is roaring with low unemployment, rising wages, falling inflation, abundant energy, and massive stock market gains that have created a record number of 401K fund millionaires. That's a story no one should be afraid to tell. Trump has been consistently wrong about the economy, and Biden has been consistently right. And for media outlets that insist that the economy is bad with no basis: You know where to stick your "vibes." Hopium Chronicles' Simon Rosenberg joins Markos to discuss the “red wave-ification” of the economy and how prepared Democrats are for November. There is still work to do but we have a better candidate—and we have the edge. Embedded Content Campaign Action
JoriPress
Inflation slowed in May more than anyone was predicting. The markets soared in response to this latest round of good news, which comes just days after a “blowout” employment report showed broad-based gains in all areas of the job market.
In January, Donald Trump told conservative radio host Lou Dobbs that he was pulling for the economy to crash in 2024. Trump described the economy as “fragile,” said that the nation was about to “hit a wall,” and worried that he’d be left looking like Herbert Hoover if the stock market didn’t crash before the election.
That wasn’t the first time Trump predicted an economic crash. In the 2020 election, Trump centered the potential of a stock market crash if Joe Biden was elected in his campaign speech. He also predicted that Biden would bring on an economic depression, and he’s been making more predictions of doom ever since.
Seriously, for a guy who is supposed to be a wealthy businessman, Trump seems to have no clue how the economy works.
The latest numbers show that inflation plateaued in May, beating estimates and lowering the rate over the last 12 months to 3.3%. That’s still higher than the 2% rate that the Federal Reserve would like to see, so interest rates are likely to remain steady when the Fed meets on Wednesday. Still, May’s 0% increase is a strong indicator that consumers can breathe a sigh of relief.
While this won’t bring down prices at the grocery store, the inflation improvement isn't completely invisible to consumers this time around. Gas prices are dropping across the nation as the summer travel season begins, with the national average standing at $3.44 and prices below $3 in many areas.
Several factors are contributing to this drop. An increase in electric vehicles, hybrids, and other fuel-efficient transportation is cutting demand for gas while production in the U.S. is at a record high.
There’s another reason that oil prices are dropping around the world: Saudi leader and bone saw enthusiast Mohammed bin Salman has been cutting production in an effort to buoy up global oil prices. But the efforts that he and Vladimir Putin have undertaken to shape the market using OPEC just aren’t squeezing the industry the way they used to. This is also cutting into Putin’s ability to pay for his illegal war in Ukraine.
That’s all because of Biden.
OPEC's current weakness is directly connected to policies from Biden, who “broke OPEC” through savvy use of America's oil reserves. Fed up with how the oil cartel continues to manipulate the market and sabotage the U.S. economy, Biden drove down prices, forced OPEC to rethink its policies, and even turned a profit in the process.
This is a triumph of both economic policy and statesmanship that is simply not getting the attention it deserves.
Americans are heading into summer with cheaper gas and more security in an economy that is roaring with low unemployment, rising wages, falling inflation, abundant energy, and massive stock market gains that have created a record number of 401K fund millionaires.
That's a story no one should be afraid to tell. Trump has been consistently wrong about the economy, and Biden has been consistently right. And for media outlets that insist that the economy is bad with no basis: You know where to stick your "vibes."
Hopium Chronicles' Simon Rosenberg joins Markos to discuss the “red wave-ification” of the economy and how prepared Democrats are for November. There is still work to do but we have a better candidate—and we have the edge.
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