WASHINGTON, April 4, 2016 – Republican presidential frontrunner Donald J. Trump said something that upset the press the other day. No, it did not concern the dead horse of American politics, abortion, but the state of Obama’s economic recovery.
“I think we’re sitting on an economic bubble,” Trump told the Washington Post. “A financial bubble… we’re at 5 percent unemployment… a number that’s probably into the twenties if you look at the real number. That was a number that was devised, statistically devised to make politicians – and, in particular, presidents – look good. And I wouldn’t be getting the kind of massive crowds that I’m getting if the number was a real number.”
According to the Economic Policy Institute, “In today’s labor market, the unemployment rate drastically understates the weakness of job opportunities. This is due to the existence of a large pool of ‘missing workers’ – potential workers who, because of weak job opportunities, are neither employed nor actively seeking a job. In other words, these are people who would be either working or looking for work if job opportunities were significantly stronger. Because jobless workers are only counted as unemployed if they are actively seeking work, these ‘missing workers’ are not reflected in the unemployment rate.”
The number of “missing workers” currently stands at 2.2 million Americans. And among skilled workers ages 45-54, unemployment stands at 28.7 percent.
These are the people who are the beating heart of author Amity Shales history of the Great Depression, “The Forgotten Man”:
“He was the man who paid for the big [government] projects, who got make-work instead of real work. He was the man who waited for economic growth that did not come… those farmers who found themselves forced to kill off their piglets in a time of hunger because FDR’s Agricultural Adjustment Administration ordained they must.”
Getting back to Trump, the Washington Post was quick to say his recession prediction did not “match data from the Bureau of Labor Statistics” and that “Trump’s view also runs counter to that of most economists, whose rough consensus is that the U.S. economy has about a 20 percent chance of slipping into recession this year largely because growth remains weak across the world.”
Billionaire investor and Hillary Clinton supporter Warren Buffett says Trump’s talk of impending economic Armageddon is “dead wrong” and that “babies being born in America today are the luckiest crop in history.”
If you are the “anchor-baby” of illegal immigrant parents, Buffett’s claim is certainly valid.
He told the Manchester Guardian, “It seems highly likely to me that climate change poses a major problem for the planet.”
Realistically, which is the greater threat: a second financial crisis triggered by the explosion of debt through government deficit spending and the quantitative easing of central-banks, or the menace posed to our entire planet by Al Gore’s invisible comic book villain global warming?
Democratic National Committee spokesman Mark Paustenbach told The Hill, “First, he [Trump] said we should abandon our relationships with key allies, undermining our security, and his latest irresponsible comments only serve to undermine our economy.”
Military intervention in Libya by Obama and his European NATO ally’s was and remains a strategic and humanitarian disaster. And intervention in the global economy by the world’s central banks is proving to be as ineffective and dangerous.
If the words of Donald Trump can bring down our economy and threaten our national security, that in and of itself is a damning admission of failure by the party that gave us the presidency Barak Obama and now threatens the “forgotten man” with Hillary Clinton.