Noem Ignores Reality of Robust American EconomyIn bracing legislators for a “back to normal” budget absent the massive federal investments that made budgeting easy in Pierre for the last few Sessions, Governor Kristi Noem claimed “America’s national economy continues to tank because of the extremist policies of the Biden Administration.”The word “tank” may be used appropriately in describing the robust national economy only in a phrase like, “The American economy continues to roll like a tank over negative expectations and Republican spin”:Good news about America’s economy seems to keep rolling in. Many called the end of America’s corporate-earnings recession. According to FactSet, a data provider, of the half of big firms in the S&P 500 index that have reported their results, 78% have beaten profit expectations… [“America’s Economy Is Booming. Nearly every story about the robust, booming American economy includes comments from economists, including Treasury Secretary Janet Yellen, saying the boom isn’t sustainable, GDP will settle down, so state budgeters may want to temper their aspirations. But only by a Noemy stretch of political imagination can anyone say “America’s national economy continues to tank.” There has been no tanking to continue, and the economy is not tanking now.

Source: Washington Post November 01, 2023 10:45 UTC