Democrats and their pet media who all pushed the “coming recession” doom and gloom hit the hardest (oh, and Glenn Beck, who pushes this for his advertisers like Gold Line and prepper foods)
Recession fears recede in boost to Trump
After a summer dip, consumer spending has roared back to life heading into the holiday shopping season, giving the stock market a boost and fending off recession fears with less than a year until the 2020 elections.
The improving economic picture could be a boon for President Trump, who has made the economy a central argument for his reelection.
Recent economic data stands in contrast to just a few months ago, when economists were worried that consumer spending would be the next shoe to drop after manufacturing hit a slump and as investment was in the midst of contracting.
The tumultuous summer was also marred by a rocky stock market, escalating trade tensions with China and repeated warning signs from the bond market that a recession could be on the 2020 horizon.
By the time fall rolled around, analysts were forecasting flat or even decreasing sales for Halloween, a further sign of declining consumer sentiment.
But sales beat expectations, raising prospects for the all-important holiday shopping season.
“Consumers are in good financial shape and willing to spend a little more on gifts for the special people in their lives this holiday season,†said National Retail Federation President and CEO Matthew Shay.
While there were certainly real concerns, and still are, for some international markets, particularly in Europe (which has killed its economy through Progressive regulations and climate change policies), the U.S. was never really in danger. The media just liked to over-hype dangers to the economy, because Trump is in office, which hurt consumer confidence, which is now rising up
“Consumers are finally acknowledging that consistent — albeit moderate — wage inflation and steady job gains combined with subdued price inflation have made them financially better off than they were 12 months ago,†Morning Consult wrote in an analysis of the polling data. (snip)
The economic news is likely to benefit Trump. Despite the effects of his ongoing trade war with China and criticism over the high cost and uneven benefit of the 2017 tax-cut law, the economy has proven resilient. And Trump has taken notice.
So, expect the media to tout how bad the economy is and that doom is coming next year in an attempt to defeat Trump, in complete defiance of the economic indicators.
