William H. “Bill” Freeman with President Joseph Biden Jr. at a Miami fundraiser on Jan. 30. Mr. Freeman is a longtime contributor and former finance chair for the Tennessee Democratic Party. Among the hosts of the Miami fundraiser was Coral Gables attorney Chris Korge, a longtime Democratic donor and the national finance chair of the Biden Victory Fund, the joint fundraising apparatus shared by the Biden campaign, the Democratic National Committee and state Democratic parties. Korge is also finance chair for the DNC.
I recently stumbled upon a column by USA Today’s Rex Huppke that left me both chuckling and nodding in agreement. Huppke’s tongue-in-cheek exploration of the MAGA faithful’s dilemma in a booming Biden economy is simultaneously amusing and surprisingly accurate — and perhaps a bit gratifying.
Huppke titled his article, “True MAGA patriots must remove themselves from Biden’s booming economy, cash out 401(k)s.” They must do this despite the income they’re seeing, Huppke writes, going on to discuss numbers that detail an improved economy. He humorously states that “no matter how much we say the economy is terrible, it keeps unpatriotically refusing to be terrible.” Huppke adds mockingly that “it’s clear Democrats are manipulating the economy and making it the strongest economy in the world in order to fool voters into thinking Biden is a competent president.”
Well now, that’s quite the conspiracy theory. If any group had the power to manipulate the economy in that way, it seems logical that such influence would have been wielded ages ago, sparing America from economic downturns altogether.
Let’s dive into the definitive facts about the current state of our economy.
Despite some Republicans’ fervent attempts to downplay it, according to recent reporting from CNN, the U.S. economy remained robust in the fourth quarter of 2023, closing out a remarkable year. Gross domestic product “rose at a seasonally and inflation-adjusted annualized rate of 3.3% from October through December,” which “trounced the 1.5% that economists were expecting.” “Consumer spending, business investment, government outlays, exports and improvements in housing conditions” all contributed to this unexpected economic strength. “Consumer spending, which accounts for about two-thirds of the U.S. economy, grew at a healthy 2.8% rate in the fourth quarter … [while] business spending accelerated to a 1.9% rate.”
Also according to CNN, reporting on information from the Bureau of Labor Statistics: “The U.S. economy added 353,000 jobs last month. … January’s gains blew economists’ expectations out of the water: Consensus forecasts had called for a net gain of 176,500 jobs last month, according to FactSet.” The article further notes that with the unemployment rate remaining at 3.7%, “it’s the 24th consecutive month that the nation’s jobless rate has been under 4%.”
These numbers showcase the strength of the U.S. economy in the face of a presidential election, despite the gloom and doom coming from the Trump camp.
As the United States gears up for this election, these economic indicators provide evidence that the economy is far from recession territory. Despite Trump supporters’ attempts to sow fear, as noted by CNN, “Americans are still opening their wallets and U.S. consumer sentiment is soaring, mostly thanks to slowing inflation.” The U.S. stock market’s record high, alongside steady wage growth, further contributes to this positive economic outlook.
As we head toward a presidential election, President Joe Biden’s administration is expected to emphasize the nation’s strong economic performance, acknowledging existing inequalities that still need addressing.
Let’s return to Huppke’s entertaining take on the situation. In a mock-serious tone, Huppke outlines the apparent fear among MAGA faithful as positive economic news threatens to shift the GOP narrative. The call to “remove themselves from the CORRUPTLY BOOMING BIDEN ECONOMY” is accompanied by humorous suggestions like cashing out 401(k)s, quitting jobs and refusing pay raises. While these suggestions are presented in jest, they do serve as satirical commentary on the reluctance of some to acknowledge these positive economic trends.
In all seriousness, Huppke makes a compelling case for the stark contrast between the reality of a thriving economy and the attempts to negate its positive aspects. The numbers speak for themselves, so why not enjoy our improving economy — and contribute to its continued success? When the numbers speak so emphatically, it’s only right that we feel gratified and want to relish the fruits of our economic achievements.
Bill Freeman
Bill Freeman is the owner of FW Publishing, the publishing company that produces the Nashville Scene, Nfocus, the Nashville Post and The News.
