George Rebane
In the lead-up to the 2020 election, our Left has marshalled their legion of liars to spread the word to the lightly read that Trump’s revamping of our economy to historical levels has not happened, and that only the top 1% derived any benefit from the tax cuts and regulation rollbacks. This kind of concerted lying campaign does immeasurable harm to the lower half of the IQ curve, causing these folks to vote against their own self interests. But that makes no never mind to our progressive Democrats; do whatever keeps and increases your power, and bamboozling the snuffies has always been part of the drill.
It’s instructive to take a look at the magnitude of this particular stream of lies from the Left that started back in Obama’s time when we were assured that a max of 2% annual growth was going to be “the new normal”. And, of course, Team Obama demonstrated that dictum over his tenure which averaged growth under 2%. These people pulled every trick in the book to stifle the economy and keep workers’ wage growth essentially flat, all the while lying that they were helping the little guy and middle class. The little guys took it in the shorts also as the Dems boosted the minimum wage wherever possible so as to make the lower rungs of the economic ladder ever more inaccessible to our unskilled and youngest workers starting their careers.
Conservatives and capitalists have known for generations that a rising tide lifts all boats, in direct contradiction to the Left’s teaching that the only friend of the poor and unskilled is big and bigger government. Here’s a graphic from the Bureau of Labor Statistics to demonstrate the difference between Obama and Trump (filched from the 5jul19 WSJ).
By 2012 it was clear to most Americans that Obama was a socialist who had little interest in implementing demonstrated economic principles to recover the economy from its 2009 Great Recession lows. I waxed eloquently on this in my ‘What Recovery?’ essay. In that piece I presented a clear and concise systems flow diagram for how the GDP is calculated from its major components. It even pointed out how and where the government just pisses away generated wealth.
Most of us don’t have a clue when talking about economic recovery and growth. Recovery is in the eyes of the beholder, and economic growth is not experienced as a one size fits all – different sectors benefit differentially from any given level of quoted aggregate growth, as the following graphic illustrates.
America’s economy has grown in a remarkably constant range of 3.3-3.4% annually from 1880 to 2008 on the eve of the Great Recession. To explain the different recovery flavors, I indicated such an exponential growth as the green line in the above graph taken from ‘The Recovery Rigamarole’. The arbitrary GDP amounts shown vary as a function of time, say, in years. At year 40 a recession/depression occurs that takes the GDP from around 225 down to 135 over a ten year period. At year 50 the economy begins to recover. But from there several ‘recovery’ paths are possible, three of which (R1, R2, R3) are shown. At this point it’s important to keep in mind that if the economy’s dip (red line) did not occur, then it would have continued growing at its long term (green line) rate – e.g. at year 50 it would have been about 265.
R1 is clearly a true recovery that regains the long-term growth curve. R2 is a more tendentious recovery that does achieve the pre-recession growth rate, but perennially lags the sans recession GDP growth trend. And finally, R3 is at best a propagandized faux recovery, achieving neither the pre-recession growth rate nor its long term trend.
The continuing dissemination of this Big Lie about Trump’s economy by the lamestream is one of the most visible pieces of evidence for the ongoing progressive propaganda onslaught through the auspices of fake news.
rebanesruminations.com 
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