The left is tearing their hair out. After a week of major international importance with their arch nemesis on display as the world’s savior, what more can go wrong? Donald Trump is not going to simply go away and his first 18 months in office verify that.
Besides the stunning and unexpected summit in Singapore with North Korean Dictator Kim Jong Un, the list of the president’s accomplishments is long and impressive. The economy is on a roll like it hasn’t been in decades.
Wall Street continues to hit historic highs as unemployment declines to record lows.
But for the left and their right arm, the media, there is "hope."
There are murmurs that inflation is creeping into the Trump lovefest. Naturally that is not good for American consumers, but sadly for a defeated political party, as the Democrats are currently in history, it's a glimmer of hope for their fading future.
The inflation part of this scheme needs an explanation after all the good news. It begins with U.S. retail sales, which rose by the most in six months in May. Consumer confidence is way up, but clouds are forming with high gas prices and inflation eating away at income gains.
This may affect the level of spending. Polls continue to indicate that Americans are confident of the economy, job gains and record unemployment. The Trump administration’s tax cuts have been noticed in most paychecks.
Analysts forecast growth is likely to reach four percent in the April-June quarter.
But a bit of darkness lurks in the future economic forecast. Gas prices must come down to sustain growth. There are too many economic facets connected to fuel prices.
For instance, shipping costs for lumber and other building materials, partly because of the strong demand for new housing.
It may seem like a minor setback, but shipping costs are interconnected in every part of the American economy and it's fuel that is the root cause. Despite this growing problem, more money is being spent at restaurants and bars and clothing sales have risen by 1.3 percent this year.
Disposable income is higher than it has been in years.
Sadly, Americans may not sustain these levels due to anticipated inflation caused by the fuel prices. That will leave most Americans adjusting their paychecks for the inflation that had not increased in the last year. That is made more serous with the fact that the savings rate has slipped 3.1 percent in the first three months of the year.
If consumers begin to borrow more, that means less spending. The Federal Reserve lifted interest rates for the second time this year on Wednesday. That could raise credit card rates and lead to higher mortgage rates.
Even with these minor adjustments, the economy is doing supremely well. But for a desperate media and election year Democrats looking for some chink in the president’s armor, their hopes are most American’s nightmares.
That makes for a sad list of priorities for too many Americans with anger issues.
Dwight L. Schwab, Jr. is an award-winning national political and foreign affairs columnist and published author. He has spent over 35 years in the publishing industry. His long-running articles include many years at Examiner.com and currently Newsblaze.com. Dwight is an author of two highly acclaimed books, "Redistribution of Common Sense - Selected Commentaries on the Obama Administration 2009-2014" and "The Game Changer - America's Most Stunning Election in History." He is a native of Portland, Oregon, a journalism graduate from the University of Oregon, and a resident of the SF Bay Area. To read more of his reports — Click Here Now.
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