The Price of Liberty is Eternal Vigilance #3: How is the Biden Economy Doing in September 2024?

One of the most important weapons in the struggle to preserve liberty is TRUTH. Dictators lie all the time. People who know the truth are better able to protect their freedom than people who do not know the truth.

Dictators will tell you:

1. You have a huge problem or you are in terrible danger!
2. I am the only one who can save you!
3. I can only save you if you give me extraordinary powers like, maybe, suspending the rules of the Constitution, or giving me immunity so I can commit crimes in office!

Usually ALL of these claims are lies. But when the people in a country fall for this con job, they end up with a dictator.

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The Federalist Papers

A wannabe dictator, for example, might tell you that when his opponents are in power the economy is terrible. When he is in power he will say his economy is the greatest economy the world has ever seen, even if it is really no better than it was before. Even if it is worse than it was before….

How can you tell if an economy is good or bad? Do a quick search online to find out what are considered good ranges for three of the most important economic numbers:

1. Change in Gross Domestic Product or GDP, which is a measure of economic growth. A good range for GDP growth is 2%-3%. (Personally, I would prefer 2.5% to 3.5%, but I am not a professional economist….)
2. Unemployment Rate. Generally, 3% to 5% is considered good.
3. Inflation Rate. The US target for inflation is to be close to 2% and to average 2% over time.

Yesterday I looked at GDP growth from the Bureau of Economic Analysis. In the 2nd quarter of 2024 GDP growth was 3.0%. That is in the good range. The advance number for the 3rd quarter of 2024 is 2.8%. Also in the good range.

Yesterday I looked at the unemployment rate from the Bureau of Labor Statistics. In both September and October of 2024, the unemployment rate was at 4.1%. Those numbers are in the good range.

Yesterday I looked at the inflation rate from the Bureau of Labor Statistics. In September of 2024, inflation was at 2.4%, which is pretty close to the ideal target of 2%.

Right now, economic growth, unemployment, and inflation, are all good in the United States. Right now the US economy is doing good.

If anyone tells you right now that the US economy is doing badly… they are lying to you.

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Copyright © 2024 by Joseph Wayne Gadway