MSNBC’s Velshi: ‘Anyone Who Says the Economy Is in Bad Shape Right Now Is Uninformed or They’re Gaslighting You’

RUSH TRANSCRIPT:
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Trump: “Unemployment rates ever, and they were real unemployment, the like you have today when nobody is working and they consider it to be – it’s a whole different thing.

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Velshi: “Was in office, he made a habit of exaggerating his economic achievements, a playbook that dates back to 2016. But when he is not in the White House, like right now, he engages in fearmongering by telling voters how bad the economy is, hoping that is top of mind when we get into the ballot box. Just a day before he made those remarks, he insisted that the Biden economy is quote, collapsing into a cesspool. But for facts sake, it is just not true. Not only the current unemployment rate of 3.7% a very real figure reported by the U.S. labor department, but is also an indicated that the American economy is standing strong under President Biden. Let’s have a look at the stock market performance. It’s not my favorite indicator, says the benefits of a strong stock market can be unbalanced across the population, but it is a Trump favorite. We continue to see the stock market setting records, by the way. Just last, week the dow closed above the 38,000 mark for the first time in history. And while the stock market did rise rapidly during Trump’s presidency, until Covid hit it has resumed its ascent under Joe Biden. Then there is the GDP, or the gross domestic product, which is the broadest measure of all of the goods in services produced in the United States. For 2023 as a whole, GDP rose two and a half percent from the previous year, which is a much better number than economists predicted at this time last year when the possibility of a recession haunted Americans. Here is a number that I prefer. Job creation. In the first three years of Donald Trump’s term, again, before Covid hit, because if you had Covid, it makes Donald Trump’s term seem a lot worse. In the first three years of Donald Trump’s term, he added an average of 195,000 jobs per month. But according to the bureau of labor statistics, the economy adds a monthly average of 387,000 jobs with Biden in office. Roughly 14 million jobs created in total. Now that was the number of jobs created, now let’s look at the unemployment rate. Again, and I bridal love, because the denominator changes a month to month, but people like to talk about the unemployment rate, and so I will. When Trump was an office prequel that, the unemployment rate fell to 3.5%. The lowest level in 50 years at the time. When did Biden early last, year the unemployment rate inched even lower to 3.4%. Wages are also up, now outpacing inflation. Take a look at this. Wages is the green line, inflation is the blue line. You can see for sometime, inflation was running above wage growth, but now wage growth at 4.1% in 2023 compared to inflation, which stands at 3.4%. Because of these wage increases, workers are earning more money faster than prices are rising, making the sting of inflation a little easier to handle. It is worth reminding everyone that President Biden does not control inflation, just like President Trump isn’t the one who controlled inflation when it was going down. When inflation hit its recent highs in America, it was up all around the world. American inflation was comparatively lower than in similar countries like western Europe. But the Biden economy has been strong. Strong job growth, historically low unemployment, rising wages, growing consumer confidence, strong economic growth, lower inflation, and stock market that is breaking records. There’s no evidence to suggest that we would see a stronger—“