The Corporate Media and Economic Gaslighting
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After two and half years of President Biden’s administration, we are experiencing the lowest level of post-pandemic-level inflation of any G7 nation, and workers’ wages are outpacing that inflation.
Gross domestic product (GDP) increased by a 2.1% annualized rate last quarter and continues to improve.
The Standard & Poors (S&P) 500 index is up 16%.
Thanks to a key provision in the Inflation Reduction Act (IRA), Medicare is now permitted to start negotiating for more affordable pharmaceutical drugs, and companies that report more than $1 billion in profits are required to pay a 15% minimum corporate tax rate.
Wealthy shareholders have to pay a 1% tax on stock buybacks.
Americans making under $400,000 have not and will not see a cent increase in their federal taxes.
All federal employees and federal contractors must now be paid at least $15 per-hour minimum wage.
We will finally start manufacturing some technology again in America thanks to the “Creating Helpful Incentives to Produce Semiconductors for America (CHIPS) and Science Act”.
The advanced Child Tax Credit implemented after Biden signed the American Rescue Plan reduced child poverty by 30%.
Unemployment plummeted to 3.8%, the lowest in over half a century, and worker pay increased by 4.6%.
So why are two-thirds of Americans so unhappy about the economy?
Two words: messaging and skepticism.
According to a recent Harris poll, many Americans are unaware of upward economic growth or just simply don’t believe the positive economic news coming out of the White House.
Two-thirds (68%; republicans: 69%, Democrats: 68%) of the poll’s respondents reported difficulty feeling happy about positive economic news when each month they feel financially strained.
Two-thirds (65%) believe the economy is worse than the media reports.
51% believe (incorrectly) unemployment is nearing a 50-year high.
A recent U.S. Census Bureau report attempts to shed some light on this disparity. It states that, corrected for inflation, most U.S…
