The split personality on the state of the United States economy - as demonstrated by alleged journalist Don Lemon.
Fired by CNN, he is now wandering around - doing Man on the Street interviews with Bidenomics victims.
Behold one epic exchange:
Man on the Street: “Four years ago, it was much better. I made a lot more money than I do now.”
Don Lemon: “I know you feel that way - but that’s not what the record shows. The economy is actually better under Biden.”
Which causes the Man on the Street to burst into uproarious laughter. Because…what else could one do when confronted with that much-distilled idiocy?
Here’s a regular guy - reporting the facts of his life. And Lemon - who has known the regular guy for all five seconds - is stupid, hubristic, and condescending enough to correct him.
If Lemon had paid any attention to the world around him, he would have noticed what I LONG ago did. The numbers “The Experts” extrude to represent the state of the economy – which Lemon is mindlessly citing? They are almost always wrong - and in a VERY biased way.
Yes, Lemon is correctly citing the government numbers, which bizarrely say the economy is better now under Joe Biden than it was under Donald Trump.
This only goes to show how idiotic and corrupt the official numbers extruded by the government are. As our intrepid Man on the Street - intuitively knows this.
The LONG track record of economic numbers being retroactively adjusted downward during Democratic administrations - while being retroactively adjusted upward during Republican administrations - is the stuff of legend.
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This allows the government and Big Media to trumpet fake numbers and quietly whisper the adjustments.
Speaking of Bidenomics - and government lies:
We just found out the government overreported the number of jobs from March 2023 to March 2024 by 818,000. In the interest of consistency, the government also overreported the jobs numbers in January and February of 2023.
The government’s inflation numbers are also ridiculously skewed.
Under Biden, food prices are up over 20%. Gasoline prices are up over 60%. And electricity is up over 30%.
But with those three all-day, every-day, life-essential commodities averaging 36+% inflation? The government reports that the inflation rate under Biden averages 5.7% per annum.
Which makes mathematical sense to no one - save for the Don Lemons of the world.
The only actual economic growth that occurred under Biden was the government's taking its boot off the nation’s throat when it ended its China Virus lockdowns.
That growth would have occurred - under ANY president.
So Lemon was citing the “facts” as he had them - from the government that slants them.
Well, behold the following looming economic catastrophes. None of which would be looming - were the economy as good as the government and Big Media say it is.
We want to warn Mr Lemon that what follows will come as a galloping shock to you.
Our Man on the Street - already knows all of this.
It looks like our decades-long outsourcing industry—with its tens of millions of jobs and trillions of dollars—might not have been a great economic policy.
The US is now a 70% consumption economy. This means the Man on the Street HAS to keep spending - whether they can afford it.
Increasingly - they can not.
Credit Card Debt Hits Record High $1.14 Trillion: “That is an increase of 48% from 2021 and up 11% from August 2023.”
Credit Card Interest Rates Hit Record Highs in the US:
“The average annual percentage rate on credit cards - or the interest firms charge their borrowers - increased to a record-high 22.8% in 2023 from 12.9% in 2013….”
Pending Home Sales Hit Record Low in July:
“The National Association of Realtors said Thursday its Pending Home Sales Index, based on signed contracts, fell 5.5% last month to 70.2, the lowest reading since the series started in 2001….
“Pending home sales plummeted 8.5% on a year-on-year basis in July.”
Is hiring the Man on the Street any better for the Rich People? Heavens no.
We’re getting flashbacks to 2008. Remember residential Mortgage-Backed Securities (MBS)? There’s a commercial version - and it ain’t looking great.
The CMBS Market Is a Disaster: “John Devaney, United Capital Markets founder and CEO:
“‘The (commercial real estate mortgage backed securities) CMBS market is actually a disaster right now.…The bond pricing is telling us that things are very, very bad…. The liquidity is absolutely awful….’
“‘The biggest issue in the market now is office (space) by far…. There’s a slow-moving train wreck happening around America because of work-at-home.”
About which we’ve been warning for almost a year.
About which billionaire investor Dan Pena warned months ago.
All of the above - and MUCH more - is why Don Lemon’s Man on the Street laughed in Lemon’s face.
It remains highly dubious that even that caused Lemon to apply some thought to his government-numbers-parroting position.
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