Friday, May 13, 2016

Cheering Stagnation

Retail sales for April came out today up 1.3 percent.  That number, pitiful, in context, signals mostly more economic stagnation.  Steve Liesman, chief economist for CNBC was ecstatic.  Liesman, an Obama fan, thinks that, if the economy isn't collapsing, then all is well.  By his definition, no growth is a winner.

That's why the big disconnect between folks like Liesman and average Americans.  Liesman makes a small fortune hanging out on CNBC every morning.  But, the average American is not in his situation.  The average American's disposable real income falls every single month.  Liesman, meanwhile, gets richer and richer.

No wonder, Liesman doesn't mind economic stagnation and can't understand why the average American is not appreciative of the Obama economy.  It works for him (and for Obama).

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