Diane Sori
by on November 7, 2019
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By: Diane Sori / The Patriot Factor / Right Side Patriots on American Political Radio
There's more great news on both the jobs and economic front, yet it can all be wiped out in a heartbeat if Democrat presidential contender Elizabeth Warren was ever to become President of these United States.
But first the good news Democrats are obviously not happy about. And I'll start by saying something I've said many times before yet it bears repeating again...the 2020 presidential election will not be about impeachment...it will be about the economy...always has been...always will be...and it's time the Democrats wise up to that fact.
And to that affect know that President Trump's economic policies are indeed working. In fact, as per the latest Labor Department numbers for October, the unemployment rate still held near a 50-year low, wages increased, and 128,000 new jobs were created last month. And as an added bonus, the all-important labor force participation rate rose to 63.3%, the largest share of the working population employed or looking for work since 2013.
Specifically, as per the Bureau of Labor Statistics, 128,000 non-farm payroll jobs were added up from the 85,000 that were expected; the unemployment rate was 3.6% which is statistically the same as September's 3.5%; hourly wages increased by 0.2% as opposed to no increases in September; and average hourly earnings 'year-on-year' held steady at 3.0%. And in the end these continuing good numbers will show that come November 6, 2020 all the Democrats impeachment brouhaha will have been for nought as middle and especially working class America will still be enjoying more monies in their pockets, and they will remember where and whom it came from.
And while politics is indeed a dirty game which does grab and then holds onto the media headlines, partisan driven politics cannot successfully compete with economic successes no matter how hard it tries.
And so with the October jobs numbers showing that the biggest numbers gains were in the leisure and hospitality sector with 61,000 new jobs being created, as well as October seeing yet another 34,200 jobs being created in the health care and social assistance sector...the media as well as the Democrats are still more than a wee bit shocked that those two sectors together were able to offset what was expected to be and was “softness” in manufacturing. And that “softness” was directly due to the 40-day United Auto Workers (UAW) strike against General Motors (GM)...a strike supported by 46,000 union workers. And while manufacturing jobs did decrease overall by 36,000 in October due to both the strike itself and its so-called “ripple effect” on GM’s suppliers, even those jobs lost were almost 20,000 under the 55,000 jobs that were projected to be lost. Translation: even a large strike in a key manufacturing area could not deter nor diminish October's overall strong net gains.
Now add in that the September and August final jobs numbers were revised and were significantly higher than first reported. In fact, August’s initial low estimate of 168,000 jobs being created was revised up to show that 219,000 jobs were actually created, while September’s final job numbers rose from 136,000 to 180,000 jobs being created. And this means that when all the final numbers are calculated for October that those numbers most likely will increase as well. And still the Democrats are trying to get the American public to cower in fear of what they claim is an upcoming recession...just more nonsense spewed as numbers don't lie.
And while these newest jobs numbers are great, know that there was also another October plus of sorts buried within those numbers...something we knew would be coming and which we should shed no tears over...as in the reduction of what are more useless “big government” employees. How so? Federal government employment numbers themselves fell in the month of October mostly due to 3,000 temporary workers, as was expected, now leaving their temporary positions...temporary workers hired by the feds for the 2020 census. Remember, this is the upcoming census where the liberal courts ruled that key questions regarding a persons legal status cannot be asked by those conducting the census...so I ask why even hire extra workers, temporary or otherwise, to do what amounts to a dishonest job. And with those temporary jobs now gone it allows that portion of our our taxpayer monies to be spent in more important areas, like helping to secure our southern border or helping our homeless veterans perhaps, and honestly we need more of the same federal type job cuts being made.
So with what President Trump rightfully calls the “longest economic expansion in its history”...an expansion that began soon after he became president...over 6.7 million new jobs have been created which is almost 2 million more jobs than the Congressional Budget Office projected would be created in its final forecast before...with “before” being the key word...the 2016 election. And that projection is really not at all surprising for such a miscalculation is quite expected when those involved in such a critical numbers game probably flunked both economics 101 and general math.
Simply, whether the Democrats like it or not the American labor market not only remains strong and robust, but it's growing more so by the day. How so? It's because most states themselves are continuing to see what are record-low unemployment numbers which helps to prove that President Trump's sound economic policies are working to benefit both local communities and the American worker. And something else that cannot and must not be overlooked...whether it's seen specifically in October's jobs numbers or overall since Trump took office...is that the U.S. stock market itself is one of the biggest benefactors of Trump's economic policies. And remember, when the stock market soars it's actually a prime indicator of just how strong our country's economy really is.
Again how so? Simply stated, to date the Dow Jones finished through October with an overall 15.94% yearly gain, and the S&P 500 gained a minimum of 21.7% through October 31st, together translating into an overall full year stock market gain to date of roughly 37.64%. Even Nasdaq is showing a probable year-end gain of 42.81%. And with last Friday's Dow Jones reaching an all-time high of 27,347.36, and with the S&P 500 hitting 3,066.91, there should be no doubt that Trump's economic policies are on strong footing both at home and abroad. And with the way the economy is now we should see at least another 5% gain in those overall numbers by years end proving once again that the economy drives the stock market as much as the stock market drives the economy.
And even with the still unsettled trade war with China being a point of contention...a point of contention that finally seems to be winding down which translates into another economic plus...that coupled with consumer confidence will most assuredly drive not only our domestic markets even higher but the foreign markets as well, especially with stocks now entering what’s actually historically been a strong end-of -the-year period for all equity markets.* In fact, data shows that November through January is the strongest three-month span of any given year, and according to Market Watch when the Dow and S&P 500 are up by numbers like those witnessed in October...as in 0.3% and 0.5% respectively... and with Nasdaq ended October up 0.6%...all are practically guaranteed to rise in the next two months according to previous patterns.
Bottom line...without a strong economy...without consumer confidence due to Trump's economic policies working...these stock market numbers would not be the numbers we're seeing today.
Now for the bad news and it concerns Elizabeth Warren...Pocahontas if you will...and her inane nonsense regarding “Medicare for All.” And while the concept alone is not something the majority of Americans want or need, as it would be a government-run health insurance program that would completely do away with private insurance...let's first talk about it strictly from a numbers angle to see just what a nightmare such a program would be.
So let's begin with a really big number, as in the actual cost of “Medicare for All” that Warren is proposing... which is somewhat different than what Bernie Sanders is now proposing...as in it costing a whopping $52 trillion... yes trillion dollars...over the next ten years making it more expensive than Medicare and Medicaid combined within the same time period. And get this...Elizabeth Warren's “Medicare for All” proposal actually is more than double the current national debt which stands at over $23 trillion and counting.
And while Ms. Warren claims that her vision of “Medicare for All” would cut costs by reducing spending on actual health care...death panels anyone...how does she propose paying for such a program...basically by raising taxes on businesses and the super wealthy, imposing new levies on investment gains and stock trades, eliminating the critical Overseas Contingency Operations military fund, and by counting on state and local governments to contribute additional monies to help pay for the very program that will severely alter consumer spending and critical business investment.
Simply, the robust economy we're all now seeing under President Trump will start to unravel. And why...because when taxes are significantly raised...as they must be for such a single-payer program as “Medicare for All” to even have a snowball's chance in hell to succeed...history itself has shown that it's the economy that takes a direct hit. And again why...for the simple fact that with the raising of taxes, no matter which segment of the population is now affected, it translates into the American consumer having less money to spend...hence less disposable income...to keep bolstering what is now a thriving economy.
And while Warren continues to claim that she will not be raising taxes on the middle class, know that is simply not true especially when then heavily taxed businesses will have to pay the government a similar amount to what they're currently spending on their employees' health care. And that in turn will either force employers to withhold more monies from their employees' paychecks (as in cutting salaries), put raises including COLAs on hold, or actually let some employees go in order to make up what will then be the difference in cost. And that difference will translate into what's estimated to be an $8+ billion payroll tax on employers...a tax which will then have to be passed onto their employees which in turn will have to passed onto the customer via an increase in consumer prices...something itself being a tax of sorts on the middle class.
And then there's this little piece of not so good news concerning the taxing of businesses that seems to be being hushed up...as in there is actual business inequity for employers with fewer than 50 employees under Ms. Warren's “Medicare for All” proposal. How so...while such small businesses are currently not required by law to provide health insurance, the fact is that a bit over half do. And right now Warren’s proposal states that small businesses “would be exempt from the Employer Medicare Contribution unless they are already paying for employee health care today.” Translation...that in itself places a direct penalty on small businesses that currently offer employees health insurance in that they will have to continue to pay a cost their competitors have until now dodged.
And so the woman whose proposal sees taxes being raised with the government alone setting the prices doctors, hospitals, and pharmaceutical companies can charge, has also publicly stated that she will totally do away with all private insurers. So what is Warren's “Medicare for All” but yet another form of redistribution of wealth in disguise.
But know that some in her own party, including House Speaker Nancy Pelosi and her nomination opponent Joe Biden, are not really smitten with what she is proposing. And why is that...because her plan does not seem to be politically viable, it will never pass in Congress, it's technically and monetarily unworkable, nor can it ever meet its stated goal of actually covering all Americans. And with “Medicare for All” doing away with all private insurance...a key sticking point remains for many moderate Democrats...especially those moderates up for reelection in red states.
So the bottom line with Elizabeth Warren's “Medicare for All” proposal is that it simply cannot work as it's unfair to some while at the same time it caters to others, and it's all at the expense of not only “We the People's” health, but with it's outrageous implementation cost it would most likely crash the American economy as well...something Pocahontas is probably secretly wishing would happen.
So there you have a dose of both good and bad news on the economic front, but hopefully the good news surrounding the jobs numbers will override Elizabeth Warren's “Medicare for All” nonsense...nonsense that just might with a bit of good luck become like shriveled up grapes left too long on the vine...as it simply withers and dies what is an ever so rightful political death.
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* Equity markets are markets where shares are issued and traded, either through exchanges or over-the-counter markets.
Copyright @ 2019 Diane Sori / The Patriot Factor / All Rights Reserved.
https://thepatriotfactor.blogspot.com/2019/11/op-ed-numbers-dont-lie.html
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For more political commentary please visit my RIGHT SIDE PATRIOTS partner Craig Andresen's blog The National Patriot to read his latest article, The Insanity at CNN Continues.
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RIGHT SIDE PATRIOTS...LIVE!
Tomorrow, Friday, November 8th, from 7 to 9pm EST on American Political Radio, RIGHT SIDE PATRIOTS Craig Andresen and Diane Sori discuss 'Numbers Don't Lie...Democrats Do'; 'The Insanity at CNN Continues'; and important news of the day.
Hope you can tune in at: http://listen.samcloud.com/w/73891/American-Political-Radio#history...or on Tune-In at: https://tunein.com/radio/American-Political-Radio-s273246/
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