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MSN Money: 6 myths about the US economy that are just plain wrong
Soon after the sequestration was passed there were forecasts of gloom and doom by various economists. Even today, one can find articles on the internet that are all gloom and doom; however, there are others which are more positive. Which ones to believe? I suppose it depends on how it affects you personally. Or if you were a part of the military industrial complex.
I am not one to take sides, but I cannot help but notice that the economy doesn't seem to be as bad as some politicians back in 2011 had predicted. The above article by Michael Bush can be dismissed by the gloom and doomers, but he does make some points that seem to contradict the populist gloom and doom views pushed by Sanders and Trump. A few key points:
While the Gross Domestic Product (GDP) is trudging along at 1.1 percent in the first quarter, the Gross Domestic Income (GDI) was a more robust 2.9 percent.
Auto sales are at record levels — 17.7 million expected this year to compare with the record 17.5 million in 2015.
Employment growth is strong — 255,000-292,000 new jobs in June-July, and 204,000 a month on average over the past 12 months.
Consumer spending is strong at almost 3 percent in the first half of the year.
Wages rose 4.6 percent in the first quarter for those workers remaining in the same jobs. This goes against the myth that wages have been stagnant, which is true if you consider the wages of retiring baby boomers versus the younger less experienced workers replacing them.
I will be the first to agree that the economic growth has been uneven, but it seldom is even. There are always sectors of the economy that do better than others, and some that just suck. If you are an unemployed oilfield worker right now you feel the economy sucks for you...ditto for an unemployed coal miner. We have booms, bubbles and busts. Always. Most people move on when jobs go away. Some cannot for whatever reason. We certainly need to do more to help those less fortunate, but lets not forget that many Americans will find ways to overcome hardships and move on. I guess it's in their DNA.