The Democrats are absolutely out of their minds after Nate Silver pointed out that the emperor has no clothes. Biden and his willing accomplices have tried to make the case that the economy is doing great. No one is buying that and we are on the verge of a recession. The GDP is expected to drop for this quarter and it’s bound to get worse. People are putting off purchases due to the high cost of gasoline and inflation.
Silver points out that real wages are declining, wiping out the gains we saw under Trump:
“Real wages are declining and real disposable income has declined for 7 months in a row. The idea among some folks on here that voters are silly to be concerned about inflation and that Actually The Economy Is Great, But The Media Won’t Tell You is ridiculous.”
Silver posted the latest report from the U.S. Bureau of Labor Statistics that shows that real wages are declining. He included a graph that shows that the decline started, in the middle of 2021. It was not so slow and has been tapering off ever since.
Real wages are declining and real disposable income has declined for 7 months in a row. The idea among some folks on here that voters are silly to be concerned about inflation
and that Actually The Economy Is Great But The Media Won't Tell You is ridiculous. pic.twitter.com/aMfU29GWVc— Nate Silver (@NateSilver538) April 5, 2022
Silver added:
“This economy is creating weird distributional effects and there are certainly some winners, but there are also lots of losers, e.g. people on fixed incomes or who haven’t recently been able to renegotiate wages/salary. Not the media’s doing that some people are unhappy about it.”
Comments include:
“If the media is telling it straight, why are people so wrong about the state of the economy?” replied another critic.
“Media loves bashing Democrats on economy in name of ‘both-sides'” read another tweet.
“Economy is booming massively; media ignoring it to get access to Republicans they think will win,” claimed another detractor.
Economist Paul Krugman tried to argue against Silver’s position, calling it a strawman argument fallacy.
“As of February 28 percent of the public had heard unfavorable news on employment, only 13 percent favorable news. Pretty amazing amid a jobs boom,” said Krugman, citing a poll.
“Maybe this isn’t the media’s fault, just people hearing what they want to hear. Maybe it wouldn’t make any difference if people knew the reality. But just dismissing the issue feels like bad faith,” he concluded.
