White House Trade and Manufacturing Advisor Peter Navarro appears on CBS ‘Face the Nation’ and ABC ‘This Week’ to outline the strength of the U.S. economy, and the current U.S-China trade reset, including tariffs.
There are trillions at stake.
Food for thought – contemplate how Sunday media bookings take place. The ‘subject‘ for Sunday interview discussions, and who they need for their narrative engineering sessions (ie. interview schedules), are made by MSM *corporate media early in each week. [*U.S. Media are owned by Wall Street multinational conglomerates]
Obviously, as noted in the WH scheduling requests, the corporate MSM was planning to follow up and exploit their 48 hour engineered narrative (Tue/Wed) surrounding a false recession. Unfortunately the excellent Commerce Dept. economic data released Thursday crushed their objectives… Thus, the corporate media were tripped up mid-plan.
Here’s Martha Raddatz trying desperately to cling to the pre-planned narrative and talking points:
If you needed any empirical evidence to prove the doomsday proclamations by the media pundits are false claims, just look at the July consumer spending results. July spending more than doubled expectations.
July results were +0.7 percent, against the economic forecast of +.03 percent. Consumer spending makes up over two-thirds of the U.S. GDP and overall economy. Doesn’t exactly sound like Main Street is on the precipice of a recession. Oh my.
Average wage growth remains +3.5% year-over-year. The growth of overall income for American workers exceeds +5.4 percent year-over-year. Unemployment is a low 3.6% and U.S. consumer inflation remains low at 1.4 percent. Meaning: the middle-class has more disposable income to save or SPEND; and that’s what is happening….
- Reminder #1: Consumer spending is two-thirds of the U.S. economy.
- Reminder #2: We consume more than 80 percent of our own production (products created in USA). We do not rely on exports.
- Reminder #3: Because of #1 and #2, the “Main Street” U.S. economy is self sustaining -much stronger- and more protected from the negative impacts on the global economy.
- Reminder #4: Who/What is at risk from global contraction? The Wall Street economy (compromised primarily of multinationals). What is not at risk, the Main St economy.
- Reminder #5: Because of #3 and #4, Wall Street can drop while Main Street thrives.
This is the fundamental disconnect. These Main Street results, this dynamic, is the space between two economic engines that CTH has been describing for three years. The investment class on Wall Street can go through pain, while the middle-class on Main Street thrive. We are in the space between.
Wall Street Journal: WASHINGTON—American shoppers gave the U.S. economy a solid boost in July, a counter to weakness in the manufacturing sector and Wall Street jitters about faltering growth.
Retail sales, a measure of purchases at stores, restaurants and online, climbed a seasonally adjusted 0.7% in July from a month earlier, the Commerce Department said Thursday.
The robust report—the strongest reading since March and a sign that American consumers remain a source of fuel for the economy—is a positive signal for the U.S. amid warning signs of a global economic slowdown. (link)
Oh noes, the Deplorables are shopping:
Walmart (WMT) beat expectations on both the top and bottom lines for its second quarter. The world’s largest retailer also boosted its fiscal 2020 adjusted EPS and same-store sales forecast. Walmart shares soared 5% as of market open Thursday. (read more)
There is also a clear alignment between those Wall Street multinationals, and democrats like Nancy Pelosi. [Evidence Here] Wall Street’s ability to pay Pelosi and political leadership to protect their multinational interests; in combination with corporate promises of funding to Pelosi’s party; has created the unholy alliance of united interests.
That’s why Nancy Pelosi instructed Justin Trudeau to stall the Canadian ratification of the USMCA. That’s the motive behind why Pelosi is working to stall, perhaps even eliminate, the USMCA ratification in the House. This is also why Pelosi reacted so quickly to the framework of a deal between President Trump and British Prime Minister Boris Johnson.
It is a political strategy and calculation for Speaker Nancy Pelosi, and Minority Leader Chuck Schumer to attempt to sink the U.S. Main Street economy. Weakening Trump’s China confrontation; blocking the USMCA; and impeding a trade agreement between the U.S. and U.K. are part of that calculation.
Prior to this week Hollywood was openly praying for a recession to weaken President Trump’s reelection efforts. However, this week we are now seeing Wall Street, and the media pundits therein, openly cheering for an economic recession for exactly the same purpose.
The aligned interests of Wall Street, media pundits and Democrats are all contingent upon harming the U.S. economy. That is how severely ideological modern democrats are.
The democrats are willing to destroy Main Street in order to retain power.
There are trillions at stake.
Sunlight is the best disinfectant.