Despite government reports that desperately attempt to put a positive spin on the latest figures and the low-key coverage of a largely partisan media, the United States economy is in terrible health. The Federal Reserve gimmick of keeping interest rates artificially low cannot hide this reality.
An objective reading of essential indicators is distressing:
The Federal Reserve Bank of Atlanta forecast for GDP growth in the first quarter has fluctuated between a horrible 0.1% and an even worse 0%.
The U.S. Census Bureau’s latest balance of trade figure reports a record high trade deficit in February of $35.4 billion.
Bloomberg News reports that the “Institute for Supply Management ‘s Index declined to 51.5, the weakest since May 2013…the gauge has fallen five straight months.”
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The Bureau of Labor Statistics notes that the number of those 16 years of age and older who didn’t participate in the labor market increased to an all-time high of 93,175,000 in March, and the number of long term unemployed accounted for 29.8% of the unemployed.
The standard White House response to poor—in this case terrible—economic news has been to point to the impact of the last recession. Unfortunately, however, many of the downturns over the tenure of the current Administration have come from figures that had at least slightly improved since then, meaning that these troubling numbers are the results of its own mismanagement of the economy.
That mismanagement promises to provide future harmful effects as well. As outlined in the Daily Signal, the federal debt has been hiked by 70% since the President took office, to a record $18 trillion-plus, with another $486 billion added in the past fiscal year despite record increases in revenue.
All of that record-setting deficit spending under the current White House produced no gains for the U.S. economy, and provided no substantial assistance to the aging national infrastructure. American national security has been weakened due to cuts in defense spending, and business start-ups continue to fall behind the number of business failures. The Brookings Institute found that business start-ups have reached a 30 year low.