Brenberg: Mainstream Media Ignoring Real American Recovery
The mainstream media, in an attempt to paint the past few months as an economic failure by President Trump, are ignoring the real American recovery. This is according to Brian Brenberg, a professor of Business and Economics at The King’s College in Manhattan.
Heading into the election, the mainstream media is attempting to downplay the economic recovery, says Brenberg. They are doing so in hopes of scuttling our President’s reelection bid.
“America is bouncing back more strongly than the loudest pundits and politicians are willing to acknowledge,” said Brenberg. He added that “voters need to know it as they decide whose policies will dictate where the recovery goes from here.”
“Grim headlines warn of an impending stall in America’s economic recovery. But as is often the case, the narrative the media is pushing isn’t the story people are living,” he added.
The Real Story
He says the real story is an increase in consumer confidence, a red-hot housing market and a plunging unemployment rate.
“Consumer confidence in September saw its biggest jump in 17 years as people reported that they expect to see higher incomes and more job opportunities in the near term. According to survey findings, respondents say business conditions are improving, it’s getting easier to find work, and they’re gearing up for more big purchases—like cars and appliances—in the months ahead.”
You don’t buy a house when you’re scared about your financial security, says Brenberg. This means the surge in home sales means Americans are confident about their future.
“The confidence boost also explains why the housing market has been red hot. This week the National Association of Realtors reported its index of pending home sales rose to a record high, and it follows news that both new and existing home sales continue to see sharp gains. These aren’t the kinds of moves people make out of fear, but when they see opportunity,” he said.
The “coastal media bubbles” are ignoring the real story of a booming recovery in middle America, says Brenberg.
“Too many journalists and pundits concentrated in coastal media bubbles have been missing this story of economic resurgence and hope, as Martha Raddatz of ABC News notably reported this week. After a 6,000-mile cross-country road trip that took her to places ignored by most national media, she expressed “surprise” that people were “talking about the economy more than anything else.”
Trying to Blame the President
He says it’s not a surprise that during the first presidential debate, Democratic nominee Joe Biden tried to lay the blame for the economic downturn at President Trump’s feet.
“It’s not an accident that Biden chooses to focus on the worst three months of this pandemic-ridden year rather than the full three and half years of the President’s economic record. But it is irresponsible.”
“Biden would like Americans to believe that the shutdown economy is representative of Trump’s economic record. But anyone willing to take an honest look at the data will immediately conclude the opposite.”
Brenberg says the real Trump economy produced record-high median income levels, and record-low poverty levels. It also produced benefits all across the socioeconomic spectrum.
“The pre-pandemic economy under President Trump produced record highs on median income, near record lows on poverty rates, generational lows on unemployment, and wages that grew fastest for groups that have historically lagged behind.”
He says American businesses, workers and families achieved incredible prosperity under Trump. Also, he mentioned that they need to remember this when voting in November.
“Americans have been producing historic, widespread gains in prosperity. Coronavirus shut those down for a time but didn’t knock them out. Businesses, workers, and families are on the move, investing, buying, and hiring. They’re regaining optimism and looking for political leaders who will help them unleash it.”
“Making a smart choice in November means examining the whole record, including what’s happening right now.”