Friday’s blockbuster jobs data capped a long line of recent strong economic reports which has led to much brighter forecasts for American growth under President Donald Trump.
The Atlanta Fed on Friday said it expects U.S. gross domestic product (GDP) to expand at a 4.8 percent pace in the second quarter, up from 4.7 percent on May 31. Friday's revision was just the latest in a recent handful of surging revisions. On May 25, the measure predicted four percent GDP growth.
Meanwhile, the New York Fed’s Nowcast also rose Friday, to 3.5 percent from 3.0 percent a week ago
The improved forecasts come even as the stimulus from a $1.5 trillion income tax cut package and increased government spending is yet to be fully felt.
Meanwhile, the government said Friday that U.S. job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8 percent, pointing to rapidly tightening labor market conditions.
The strong employment report added to a string of recent upbeat economic data, including consumer spending, industrial production and construction spending, that have suggested economic growth was regaining speed early in the second quarter after expanding at a moderate 2.2 percent annualized rate in the January-March period, Reuters explained
REASON 1 WHY THIS IS BAD FOR MARXIST/PROGRESSIVES (DEMOCRATS)
James Carville was correct in 1992 when he explained why Clinton would beat Daddy Bush with his comment, “It’s the economy stupid.” Let the Marxist/Progressives (Democrats) beware that in 2018 this still holds, and one can see from the news that the economy does not favor them. Despite Don Lemon downplaying the incredible employment numbers for Blacks, the polls strongly indicate that Blacks would prefer to bring home a paycheck as opposed to receiving a welfare check. This could spell bad news for Marxist/Progressives (Democrats) who have encouraged the Black population to aspire to being slaves of the government as opposed to seeking the opportunities of a capitalist economy.
REASON 2 WHY THIS IS BAD FOR MARXIST/PROGRESSIVE (DEMOCRATS)
The intellectually insufficient Minority Leader of the Marxist/Progressive (Democrat) Party unknowingly (unknowingly because she does not have the intellectual capacity to have any idea what Marx meant) said the growth we are experiencing in the job market are not good jobs. These bad jobs have greatly lowered the food stamp roles and other government assistant roles. The Marxists need to grow the food stamp and welfare roles as did Comrade Obama, because this enslaves people to the government and greatly enhances the chances of a Marxist being elected.
The Marxist opposes the type of economic growth we are beginning to witness because it goes against the Marxist philosophy of reducing economic prosperity to its lowest common denominator, so all are equal. This is the result of the “share the wealth” and “from each according to his ability, to each according to his need” policies. Socialism will always diminish prosperity by pulling down while capitalism will always increase prosperity, lower poverty, and increase living standards by pulling up. Obama was meeting his goals when the growth of the economy kept pace with the growth of the population because this is what Marx said was the most favorable. With tepid growth, the net worth of the individual would stay the same as opposed to growing. Obama and his Comrades only want their individual net worth to grow. They do believe it is justified if their personal net worth grows because they are social justice warriors.
We will hear from these social justice warriors more and more that the economic expansion is bad for all the reasons Marx and Engels said it was bad. But, Carville was correct, “It is the economy stupid” because we are still Americans.