That might shock those who swallow the Obama administration's argument that it has produced significant job growth and reduced unemployment. That's all wonderful until you run into someone who has been unemployed for years and is not even counted in the unemployment figures. The fact is that the American people can feel it when things are not improving, and despite being told that the nation is making the turn toward a strengthening economy, the public feels the squeeze at every turn.
Yes, we keep being told things are getting better, like the advance estimate of the first quarter's gross domestic product, which was originally reported at 2.2 percent. Oops, that number was revised at the end of May to be a tepid 1.9 percent. That is hardly news for celebration and additional reason not to trust any rosy projections that might arrive right before the November elections. Oh, and by the way, sales for existing houses dropped in April, shocking the experts who did not see it coming.
Of course we are all told, based on our antiquated way of measuring inflation, that the cost of goods and services in America is really not rising much at all. Perhaps that is the case, but it seems hard to leave a grocery store these days with any reasonable amount of products and not drop at least a hundred dollars. And all of this for food and other products that seem to be in smaller and smaller packages. I guess that's not inflation, it's just imagination.
As for the thrill we should all have over the decline in gas prices, well, many just are not so overjoyed. We are nowhere near the average price for gas on the day President Obama was inaugurated. That price, even "deemed" as correct under this new print media "judge and jury" known as "Politifact," was $1.79. While oil prices rise and fall (and, curiously, often fall when the public starts to really complain), the price in most areas of the nation is well into the three dollar plus range. Now, of course, that's not inflation, it's just imagination.
Let's just tell the truth: Our health care premiums are rising, interest rates on credit cards soared partially due to overreaction by the Obama administration, college tuition is getting out of hand, and the list goes on and on. Who wants to buy in an economy in which the statistics the government uses suggests costs are barely rising, but in which at the end of the week people have empty pockets or big additions to their credit cards?