Donald Trump keeps telling Americans we’re in a “golden age” of economic prosperity. Yet Americans are experiencing a very different reality than the one the president lives in. Our monthly jobs reports also reflect reality, no matter how much the administration is trying to spin them. Ali Velshi breaks down the reality.
Inflation is increasing costs across every sector of the economy, but it is the essentials that are hurting us the most. Americans can’t afford vacations, going out to dinner, childcare, and pick one or two movies to see over the year. Gas prices, grocery bills, food and housing costs, and rising utility prices are eating our entire paycheck.
Slowing economic growth is resulting in Americans losing jobs and fewer new jobs becoming available. It’s not just the latest jobs report, either. Previous reports are always revised with further data, but this year, they are being been revised down.
The Trump administration is trying to spin the lost jobs and stagnant wages by telling America that government employment and the World Cup are responsible for the statistics, and that those statistics don’t reflect the real economic picture.
“Every Administration tends to exaggerate what they [the jobs numbers] are and make them seem better than what they are, but this one is actually both a problem and a disconnect,” says Velshi. “There’s a problem in the jobs numbers, it’s signaling some difficulties in the economy; and it’s weird, the way the administration — both Donald Trump and Kevin Hassett and others — are talking about it.”
Economist Justin Wolfers, Professor of Public Policy and Economics at the University of Michigan, sits down with Velshi to discuss the reality of the economic situation Americans are facing.
LISTEN: VELSHI AND WOLFERS TALK ECONOMIC REALITY
WATCH: THE ADMINISTRATION SPINNING THE LATEST JOBS REPORT
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