This article was first published by The McAlvany Intelligence Advisor on Wednesday, April 22, 2015:
On certain topics, Hillary Clinton has been forthright. She is a proud collectivist:
We must stop thinking of the individual and start thinking about what is best for society.
Many of you are well enough off that the tax cuts may have helped you.
We’re saying that for America to get back on track, we’re probably going to cut that short and not give it to you.
We’re going to take things away from you on behalf of the common good.
When it comes to the economy, however, Clinton has either joined the chorus of cheerleaders about its remarkable recovery, or has remained silent in the face of evidence that it hasn’t. On Monday, however, that evidence became so overwhelming that she had to tell her audience in New Hampshire that the economy has “stalled out” and that “it’s not enough [just to] tread water.”
Until Monday, her tacit denial of economic reality continued despite evidence that Americans have put economic worries at or near the top of their concerns for months on end. This despite the fact that the nation’s GDP fell off a cliff in January and February. This despite the fact that job growth since the start of the Great Recession has been half what it was during the Reagan recovery in the 1980s. This despite evidence that new business startups have continued their decline since 2009, and evidence that business investment in new enterprises has dropped sharply at the same time.
The March jobs report upended her silence, reporting job growth at half what economists had forecast: 126,000 jobs created in March versus consensus expectations of 245,000, the slowest monthly growth since December 2013.
Behind the numbers were declines in every major sector of the economy: manufacturing, construction, and energy. Even though unemployment fell by 130,000, most of that (96,000) was because of people leaving the workforce. The labor participation rate continued its steady decline, returning for a third time to the lowest level since the late 1970s.
What likely tipped over her apple cart, however, was something called the “surprise index,” published by Bloomberg, showing the degree to which economic forecasts beat, met, or failed to meet predictions. It fell to the lowest level since 2009, when the economy was at the bottom of the deepest recession since the 1930s.
With her admission of truth on Monday, Clinton has finally decided to forego ideology, along with the risk of offending her former boss and her dedicated Democrat supporters, and declare a spade to be a spade. The so-called “recovery” is a myth, the economy has stalled, the voters know it, forcing her for the first time to admit it.
GOPUSA.com: Hillary says Obama economy has ‘stalled out’
Bloomberg.com: The U.S. Economy Keeps Disappointing