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  • user warning: Table './conserva_drupal/cache_filter' is marked as crashed and should be repaired query: UPDATE cache_filter SET data = '<p>ECONOMY: May 2, 2019</p>\n<p><img alt=\"\" src=\"http://www.conservativechronicle.com/sites/default/files/Elder.gif\" style=\"width: 300px; height: 116px;\" /></p>\n<p>Many &ldquo;experts&rdquo; expected, predicted and warned of instant economic disaster under a Donald Trump presidency. But a funny thing happened on our way to economic oblivion. The economy took off.<br />\n Former President Barack Obama presided over the worst economic recovery since 1949. He became the first president to preside over a recovery without at least one year of gross domestic product growth at 3% or better. Last year, under President Trump, the economy hit 3% GDP growth. And despite the predictions of an economic slowdown at the beginning of this year, the economy, according to the advance estimate by the Bureau of Economic Analysis, showed a healthy 3.2% GDP growth the first quarter.</p>\n<p> ECONOMIST Paul Krugman, with his column in the New York Times and appearances on cable, is one of the nation&rsquo;s most widely read and influential economists. How wrong was Krugman? He predicted Trump would cause a &ldquo;recession.&rdquo; Just hours after the 2016 presidential election, he called Trump &ldquo;the mother of all adverse effects.&rdquo; Krugman wrote:<br />\n &ldquo;The disaster for America and the world has so many aspects that the economic ramifications are way down my list of things to fear.<br />\n &ldquo;Still, I guess people want an answer: If the question is when markets will recover, a first-pass answer is never.<br />\n &ldquo;Under any circumstances, putting an irresponsible, ignorant man who takes his advice from all the wrong people in charge of the nation with the world&rsquo;s most important economy would be very bad news. What makes it especially bad right now, however, is the fundamentally fragile state much of the world is still in. ...<br />\n &ldquo;Now comes the mother of all adverse effects &mdash; and what it brings with it is a regime that will be ignorant of economic policy and hostile to any effort to make it work. ...<br />\n &ldquo;So we are very probably looking at a global recession, with no end in sight. I suppose we could get lucky somehow. But on economics, as on everything else, a terrible thing has just happened.&rdquo;<br />\n Filmmaker Michael Moore, one of the few to predict a Trump victory, nevertheless predicted post-election economic doom and gloom. Weeks before the 2016 election, Moore said, &ldquo;So when the rightfully angry people of Ohio and Michigan and Pennsylvania and Wisconsin find out after a few months in office that President Trump wasn&rsquo;t going to do a da-- thing for them, it will be too late to do anything about it.&rdquo; In August 2017, Moore said: &ldquo;I have no stocks. I advise people not to invest in the stock market, not now. Way too dangerous.&rdquo;</p>\n<p> THE NASDAQ recently hit a new high, and the Dow Jones is close to one. Not going to do &ldquo;a da-- thing for them?&rdquo; Consumer confidence polls show a level of economic optimism not seen in years. A February 2019 Gallup poll, for example, found that 69% of Americans expect their personal finances to be even better &ldquo;at this time next year.&rdquo; How impressive is this level of optimism? Gallup&rsquo;s Jim Norman wrote:<br />\n &ldquo;The 69% saying they expect to be better off is only two percentage points below the all-time high of 71%, recorded in March 1998 at a time when the nation&rsquo;s economic boom was producing strong economic growth combined with the lowest inflation and unemployment rates in decades. ...<br />\n &ldquo;Fifty percent say they are better off today than they were a year ago. That 50% still represents a post-recession milestone &mdash; the first time since 2007 that at least half of the public has said they are financially better off than a year ago.<br />\n &ldquo;Ten years ago, as the Great Recession neared its end, the percentage saying their finances had improved from the previous year was at a record low of 23%. More than half the public, 54%, said they were worse off. Now, with unemployment below 1998 levels and the job market growing steadily, the number saying they are worse off than a year ago has dropped to 26%, the lowest level since October 2000.&rdquo;<br />\n Then there&rsquo;s Steve Rattner, an MSNBC economic analyst and money manager who served as then-President Obama&rsquo;s &ldquo;car czar.&rdquo; In October 2016, Rattner said: &ldquo;I have never seen an election in which the markets had so strong a view as to what was good and bad about the outcome. And what you saw was the markets rallying yesterday because of the FBI thing on Sunday. And the reason I mention this particularly is if the unlikely event happens and Trump wins, you will see a market crash of historic proportions, I think. ... (The markets) are terrified of him.&rdquo;</p>\n<p> WILL SOMEONE please tell Paul Krugman and his fellow doomsdayers they can crawl out from under their beds?</p>\n', created = 1575954626, expire = 1576041026, headers = '', serialized = 0 WHERE cid = '2:e4eba28b97e12b14d45864a77c1cc298' in /home/conserva/public_html/includes/cache.inc on line 112.
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Fake news: The post-Trump economic disaster

ECONOMY: May 2, 2019

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