by Joseph Scodney
Last week the Bureau of Labor Statistics released economic data from April. This positive economic news means that congratulations are in order for the president and the White House economic team led by Larry Kudlow for their efforts in putting America back to work. The story of today’s economy is robust supply side production that continues to create record unemployment numbers. Furthermore this economic news is more evidence of the fact that massive deregulation unleashes capitalism’s full potential. It also stands to reason that unbridled free markets create historic opportunity for all socioeconomic classes. Perhaps the most amazing thing about the current American economy is that the predicted recession that was to come is nonexistent. In fact quite the opposite is true. The free market is indeed cyclical, but of course, the duration of the ebbs and flows within each cycle are different. What we’re currently experiencing now is a flow or expansion that shows no signs of slowing down here in the near future.
The Department of Labor estimated that the US economy would add an additional 185,000 new jobs in the month of April. It added 263,000 new jobs. The Department of Labor estimated that the unemployment rate would be at 3.8% at the end of April. It was at 3.6% at the end of April. Moreover inflation rates are also at historic lows. Despite former Vice President Joe Biden’s best efforts to downplay the stock market and its relevance to the middle class, most Americans today are participants in the stock market through IRAs, 401Ks, etc. When we have a bull market it’s not just the rich that are the beneficiaries. It’s also hard working middle class Americans who will be depending on revenue created by the stock market for their livelihood during their sunset retirement years.
This is our nation’s best economy in fifty years. To put it all into perspective, we haven’t had economic news like this since the year Democrat Senator Ted Kennedy (D-MA) drove his car off a bridge into a pond and left the young woman who was his passenger for dead. The year was 1969.