John Crudele: U.S. economic growth is all illusion


By John Crudele
New York Post
Thursday, November 6, 2014

As voters were coming out of the polls on Tuesday, pesky reporters were asking why they voted the way they did -- and what was going through their heads?

The most popular response -- from 45 percent of the voters -- was the economy.

Only 28 percent said their families were doing better financially.

The economy is always the major issue in an election during times like these.

So no one should have been shocked that voters took their anger out on the party that controls the White House, even though Republicans are just as much to blame for our economy’s failures.

John Harwood, a political reporter for CNBC, asked a very good question before the votes were counted: Why?

As in, "Why did people appear so angry and unhappy when the stock market was at record levels, the unemployment rate is down sharply, inflation is subdued and the number of jobs is increasing?"

Harwood's explanation was that the benefits of this economic growth weren’t being evenly distributed and were being felt only by the blessed in the American economy -- the upper 1 percent, if you will.

Harwood is only a little right. Yes, the economy is blessing the few and leaving the rest of us in limbo.

What Harwood and the rest of the folks who rely solely on Washington’s mainstream thinkers and Wall Street boosters for their information don't realize is this: The economy isn't really doing what the statistics say it is doing. ...

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