Why Are Americans So Down on the Economy?
The New York Times Has to Ask!
A recent New York Times “think piece” (that’s what they call them!) asks why Americans are so down on the economy.
One easily wearies of the Times tendentious and partisan analysis. The piece is sprinkled with nonsense like this tweet from someone described as the founder of the Center for Economic Policy and Research: “Think of where Biden would be if the NYT, WaPo, CNN, NPR and the rest weren’t doing everything they could to trash his performance on the economy.”
There are psychological reasons that inflation might have a depressive effect on the national mood, explains the Times.
Right. If the reality of Bidenomics and inflation itself is too much for the Times editors to process, we can hardly expect them to expand the scope of their inquiry to include the collapsing retirement hopes of the people. But consider, as the Times crosstown rival reported recently, Americans’ 401(k) retirement plans have lost $2.1 trillion just since the first of the year!
The average 401(k) retirement plan has lost 25 percent of its value in less than a year. Traditional pension funds are getting crushed, too. (We thought this important enough to pass along in our RME radio messages.)
That is Bidenomics. Those losses are not just psychological. They are real. But one searches the Times piece in vain for even the word “stocks,” “retirement,” or “savings.”
It grieves us to think that the New York Times is considered the newspaper of the intelligentsia. We trust all the senior White House and Fed officials read it. And take it seriously.
If that is so, it confirms what we have long suspected. The blind are leading the blind. As long as they are, you need to protect yourselves for they are about to stumble into a very deep ditch, taking the whole country along with them.