Nearly everything Americans believe about the economy is wrong . . .

Why isn't the real truth getting through?

If you have been following Rhumond Tonique’s logbook, you know that I have been trying to tell people that our economy is in stellar shape and we have Biden to thank for it. For that matter, I recently made the case that any Democratic administration is better for the economy than any Republican administration. Now, we have a new poll that confirms our worst suspicions. According to Catherine Rampell of the Washington Post,

“Nearly everything Americans believe about the economy is wrong, according to a recent Harris-Guardian poll.” According to the poll, the majority of Americans believe the economy is shrinking, and about the same number think we are in a recession. In fact, as I reported earlier, our economy is growing and outperforming most other advanced economies in the world. We are the envy of the world.

The same poll says that about half of Americans think that unemployment is at a 50 year high when the truth is that unemployment is at a historic low, below 4%, and has been for the last 2 years - the lowest since Nixon. The same percentage of Americans, roughly half, think the stock markets are down this year when the major indices have recently hit all-time highs. Similarly, three quarters of Americans think inflation is increasing when it is actually decreasing and has been for two years. Inflation is still higher than pre-covid levels, but it is decreasing, along with prices.

“Grocers are finally lowering prices as consumers pull back. Retailers like Target, Walmart and Aldi have begun rolling back costs in their food aisles and on other household staples.”

Am I the only one who saw this? Major grocery chains have been operating at the highest profit margins in two decades. So, yes, everyone is right. Food prices have been high. Now we know why (and it’s not Biden’s doing), and things are changing. Prices are high and people are buying less, so grocery chains feel threatened and lower their prices. The economy is working the way it is supposed to.

(source Twitter)

So how do we help people understand the truth about the economy? The truth is out there, but people have to want the truth. And to quote a famous movie line, some people can’t handle the truth. These are the MAGAts who only hear gaslighting nonsense from Trump and his sycophants. I read about this stuff every day, but I get the idea that there a lot of Americans who don’t read anything and just aren’t paying attention.

The media could help. I have quoted from at least three sources in this posting, but did you see any of these on CNN or NBC TV or MSNBC? No, you probably didn’t. So it is up to all of us to educate our friends and neighbors and make sure they vote. Feel free to forward my posts to anyone who you think might be interested in the information I am providing.

I have a pretty good bullshit detector, but some people just don’t have one and believe everything will be ok if they just look the other way. You can help them!

My final economic lesson for today: