Key economist explains why people are unhappy with Biden's economy
(Image courtesy Pexels)
By Harold Hutchison
Daily Caller News Foundation
Economist Art Laffer said on Wednesday that corporate media outlets were failing to understand why voters had a dim view of the economy.
President Joe Biden currently has a 32.4% approval rating on the economy compared to a 62.4% disapproval rate, according to the RealClearPolitics average of polls between Nov. 29 and Dec. 18. “You’ve got people making comments what they think the economy is right now and how they feel right now,” Laffer told “Kudlow” guest host David Asman.
“People care about jobs, not about unemployment rates and so when you look at total jobs, it’s way down,” Laffer added. “We have a very low employment rate even though the unemployment rate is low, people have just left the labor force. So jobs are way down which is what people feel.”
WATCH:
Laffer also noted the same dynamic affected the media’s coverage of inflation. The Consumer Price Index rose 3.1% in November, following a 3.2% increase in October, rates much lower than the high of 9.1% in June 2022.
“People worry about prices, not about inflation,” Laffer said. “Now inflation is related to prices over long periods of time but right now prices are up, I think it is 17.7% since Biden took office. Even though the inflation rate is down quite substantially, the prices are not down at all and it is prices that are killing people, so they obviously are upset.” Inflation has risen 17.2% since Biden took office in January 2021.
Biden blamed the media for not painting the economy in a positive light, telling members of the press to start “reporting it the right way” when asked about how he viewed the economy Saturday, according to Fox News.
“The last thing is GDP growth, this last quarter was almost 5%, which is a very nice number, except GDP is what’s really low. It’s not kept track with what happened after Trump left office,” Laffer added. “It’s not caught back up yet at all and they are looking not at growth rates, people look at output, not at output growth. So, all of these things, there is a disconnect how people report the news as being low inflation, low unemployment and very high GDP growth. No one cares about those, they care about the levels of this. So, that is why people are feeling bad. They will continue to feel bad for quite some time to come and they are correct.”
Asman also noted the increase in mortgage rates. “That puts the American dream out of reach,” Asman said. “It does, and that’s what people feel and know and what is reported, especially on other channels, by the way, but here too, what is reported is not really what people care about,” Laffer said. “They care about prices, jobs and mortgage rates.”
This story originally was published by the Daily Caller News Foundation.
Content created by The Daily Caller News Foundation is available without charge to any eligible news publisher that can provide a large audience. For licensing opportunities of our original content, please contact licensing@dailycallernewsfoundation.org.
IMPORTANT NOTE TO WND READERS: America – long the freest, most prosperous, powerful, altruistic and Christian nation on earth – is on the brink of destruction. Every decent and aware American adult knows this. The evidence is everywhere.
Democrat politicians today overwhelmingly favor late-term abortion up to the very moment of birth – formerly known as "infanticide." They encourage children too young to drive or vote to have their breasts and/or sex organs amputated in pursuit of a "gender transition" that is both delusional and impossible, and which leads to staggering rates of depression and suicide. They have not just allowed, but ENGINEERED, a full-scale foreign invasion of America across her southern border.
Their standard bearer, President Joe Biden – a senile, pathologically dishonest and epically corrupt career political hack – is destroying America's economy, energy sector, military, law enforcement, election integrity, national security, Constitution and overall national wellbeing as rapidly as possible. At the same time, Team Biden demonizes and, increasingly, IMPRISONS critics as "violent extremists," "domestic terrorists," "white supremacists" and "insurrectionists." Indeed, they're currently engaged in an obviously corrupt multi-front legal war against Biden's chief political rival, Donald J. Trump, in an attempt to send the 45th president of the United States to prison for the rest of his life.
None of this constitutes "politics" in any conventional or traditional American sense. Rather, it is all darkly spiritual. The greatest nation on earth is in the throes of a full-blown spiritual war between good and evil.
The big question, then, is WHAT CAN BE DONE TO SAVE AMERICA? Fortunately, real answers and uncommon wisdom are showcased in the December issue of WND's critically acclaimed monthly Whistleblower magazine, "CAN AMERICA BE SAVED? The world's freest, most Christian nation is on the brink of destruction."
In this very special issue, readers will experience the best and deepest thoughts and strategies on how to restore America to her former goodness and greatness, from some of the nation's most respected analysts – everyone from Tucker Carlson to Dennis Prager to Victor Davis Hanson to Newt Gingrich and many more.
WHISTLEBLOWER is available in both the popular print edition and a state-of-the-art digital version, either single issues or discounted annual subscriptions.
For 25 years, WND has boldly brought you the news that really matters. If you appreciate our Christian journalists and their uniquely truthful reporting and analysis, please help us by becoming a WND Insider!
SUPPORT TRUTHFUL JOURNALISM. MAKE A DONATION TO THE NONPROFIT WND NEWS CENTER. THANK YOU!
The post Key economist explains why people are unhappy with Biden's economy appeared first on WND.