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Opinion 2020 Democrats’ Economic Doomsaying Is Preposterous

23:56  15 january  2020
23:56  15 january  2020 Source:   nationalreview.com

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There are 13 Democrats running for president. Each week, The Times is bringing you the latest political data and analysis to track how the 13 Democratic presidential candidates are doing and who is breaking out of the pack in the historic race for the 2020 nomination.

That poses a political challenge for those trying to unseat him in 2020 .Credit Doug Mills/The New York Times. WASHINGTON — President Trump’s escalating economic war with China highlights a challenge for Democrats hoping to unseat him in 2020 : They’ll have a hard time being tougher on

Editor’s note: The opinions in this article are the author’s, as published by our content partner, and do not necessarily represent the views of MSN or Microsoft.

Bernie Sanders wearing a suit and tie: Sen. Bernie Sanders at the Democratic primary debate at Drake University in Des Moines, Iowa, January 14, 2020.© Shannon Stapleton/Reuters Sen. Bernie Sanders at the Democratic primary debate at Drake University in Des Moines, Iowa, January 14, 2020.

The shrinking field of candidates to take on Donald Trump in November paints a picture of the economy that doesn’t match reality.

Actually,contends every 2020 Democratic presidential hopeful, the economy is in really bad shape. It is only working for the wealthiest among us, while leaving behind the poor, the working class, and the shrinking middle class.

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A woman who knows what she’s talking about. Photo: Ethan Miller/Getty Images. Donald Trump has a gift for not quite squandering the prosperity he inherits. For all his failed casinos and busted bait-and-switch schemes, the mogul never quite burned through the fortune his father left him.

That 's why I'm running for president. Let's build opportunity for every American and restore integrity to our government.” Announced in early April that he had prostate cancer, but has since had surgery that his staff called “completely successful.”

Now, I suppose one could forgive the socialist contingent of the party for offering knee-jerk class-based bromides — their entire worldview, after all, is centered on class struggle — but even alleged moderates such as Joe Biden are falling back on economic arguments that are wholly disconnected from anything resembling reality.

Democrats could simply say: “Yes, it’s true that the economy has been doing rather well for most Americans since Barack Obama saved it from the nefarious clutches of the Republican party, but it’s important that we never forget the men and women — and especially minorities — who’ve yet to benefit from this recent economic uptick. We can do better!”

That, of course, would mean implicitly admitting that easing regulatory oversight, cutting taxes, and leaving the economy largely alone can be a successful formula for growth, which won’t do. So, instead, the Left continues to be consumed by the zero-sum fallacies of “inequality” to such an extent that it often sounds like it’s more interested in punishing the wealthy than in lifting the poor.

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Results. Spread. 2020 Democratic Presidential Nomination. Economist /YouGov. 2020 Democratic Presidential Nomination. Morning Consult. Biden 32, Sanders 21, Warren 14, Buttigieg 8, Bloomberg 6, Yang 4, Klobuchar 3, Booker 3, Gabbard 1, Steyer 3, Castro 1, Delaney 1, Williamson 1.

That was the sound of a hundred thousand American woman groaning simultaneously. Why are Democrats so weird? Maybe Democrats even think that by embracing their inner weirdness they can channel some of Trump's electoral magic. Or maybe they just think that the American people can

As far as I can tell, not a single moderator or reporter has ever asked Bernie Sanders or Elizabeth Warren to explain exactly how instituting a punitive tax on the rich will create higher wages for low earners. Can either point to any time in history when tax hikes triggered organic wage growth or an increase in self-sufficiency among Americans?

Wages for the lowest-end earners, in fact, have grown faster than they have for higher-wage earners in recent years. Some of it is due to new minimum-wage laws — which, though they benefit very few, are a luxury we might be able to afford with a humming economy — and a tight job market that’s putting upward pressure on salaries.

Smart people kept telling us that unemployment wouldn’t go much lower than 4.7 percent. They told us tax hikes would hurt the economy. Well, the jobless rate averaged 3.7 percent through last year, and it’s now at 3.5, which is lower than at any other time since 1969. There are more open jobs than there are people trying to find a job.

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Forecasters may be anxious not to be caught out, as they were by the 2008 recession. Nonetheless, the signs look ominous.

Sign In. Polls. 2020 Democratic Presidential Nomination. All 2020 Democratic Presidential Nomination Polling Data.

In the last debate, Tom Steyer claimed that “90 percent of Americans have not had a raise for 40 years.” Politicians have been peddling the “wage stagnation” myth for a decade now. The notion that Americans make no more than their grandparents conveniently ignores a big expansion of employee-based benefits, increased efficiency, and technological advances that have, by any genuine real-world measure, vastly improved the economic life of the average American.

Yet, in last night’s debate, Biden again asserted, to applause, that the middle class was “being clobbered” and “killed.” (The middle class is actually quite alive. It isn’t losing ground to poverty. It has been losing ground to the upper-middle class for 40 years, however.)

Democrats will also demonize the profit-mongering villains of “Wall Street” for their supposed complicity in these supposed problems. Last year the S&P 500 rose by 29 percent, the NASDAQ by 35 percent, and the Dow Jones Industrial Average by 22 percent. For many progressives and an increasing number of populist conservatives, this kind of success merely reaffirms that bankers are profiting at the expense of average citizens. As Alexandria Ocasio-Cortez helpfully points out: “Economics 101 reminder: The stock market is NOT the economy.”

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There are currently 15 Democrats hoping to win their party's nomination and take on President Donald Trump as he seeks re-election in 2020 . He also has a lot going against him. The durability of his campaign is one of the big questions hovering over the early days of the 2020 Democratic race.

It’s true, the stock market is not the economy. But more Americans than everare invested in it. When Ocasio-Cortez was born, fewer than 30 percent of Americans owned any form of stock; now that number is over 50 percent. More than that, Americans are increasingly reliant on their 401(k)s and pensions to live comfortably during retirement. Millions of other Americans depend on college-savings funds to help pay for their kids’ educations. And even those without a stock portfolio benefit from a vibrant market, which generates profits that are invested in hiring, innovation, and salaries while helping move money from unprofitable sectors to more profitable ones.

This chaotic churning of money turns off technocrats. Rather than taking the view that the growing economy is a messy but neutral marketplace where ingenuity and opportunity can create comfort and wealth, they see it as giant pile of money that should be “invested” in massive, state-mandated social-engineering projects. As far as I can tell, both Sanders and Warren are interested in effectively nationalizing large chunks of the health-care and energy sectors. And yet the media continue to cover the Democratic primary debates where such ideas are the currency of the realm as if they were completely normal.

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2020 Electoral College Map 2020 Election Calendar 2020 Democratic Primary Democratic Primary Polls Democratic Delegate Calculator 2020 Republican 35 U.S. Senate seats to be contested in 2020 . The U.S. Senate has 53 Republicans and 47 Democrats (including two independents).

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They are not. A number of Democrats today argue that we should institute wide-ranging regulatory regimes such as the Green New Deal, which, whatever form it ends up taking, would necessitate the biggest tax increase in American history. There was not a single Democrat on the debate stage this week who didn’t support deliberately limiting and inflating the cost of our most efficient and affordable energy sources. This is not an ordinary debate.

Now, whether we’re living in the greatest economy the nation has ever experienced, as Donald Trump often contends, is up for debate. It’s safe to say we’ve been experiencing one of the strongest stretches in modern history since back when gridlock hit D.C. during the Obama administration.

The salient question is how many Americans really believe the economy is in bad shape. A recent CNN poll found that 76 percent believed that the economy was very or somewhat good — an almost a ten-point jump from a year earlier, and the highest level recorded since 2001. A Gallup poll finds historic highs in economic-confidence indicators as well.

Perhaps precisely because they’re confident in its health, only 11 percent view the economy as one of the most vital issues facing the country, per Gallup. This may well end up working against Trump’s reelection efforts. But it doesn’t justify the Democrats’ misleadingly gloomy depiction of American capitalism, because nothing can.

Greta Thunberg joins climate strike on last day in Davos .
Greta Thunberg joined fellow activists in a climate strike Friday at the Davos World Economic Forum.Earlier that day, Thunberg once again called out world and business leaders for their inaction on the issue.

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