Elder Patriot – When the multinational corporations and international bankers seized control of Washington’s ruling class they set about tilting the laws and international alliances in their favor (Wall Street) and against small business (Main Street).
Small businesses were gnats to the major corporations that had purchased power inside the beltway. Annoyances to be disposed of.
Once the international cabal owned Washington’s decision-makers, all bets were off as far as pro Wall Street policy and legislation were concerned.
“Too big to fail” became the mantra when Democrats took power in 2008.
Over the next two years and without a single Republican vote, the Demonrats moved aggressively to pass Dodd-Frank and Obamacare. Both protected the growth of large multinational corporations (Wall Street) by severely handcuffing the growth of smaller domestic enterprises (Main Street).
Americans tossed the Dems from power after only two years but the ensuing Congresses, led by Republicans John Boehner and Paul Ryan in the House, and Mitch McConnell in the Senate, also did nothing to buck their K Street benefactors.
While our were jobs were shipped overseas in the quest for marginally better profits (Wall Street), Americans were seduced by slightly reduced prices. They were told that this was inevitable and to be thankful for the bump in the value of their 401k.
Under Obama we came to accept the DJIA as the gold standard for measuring our economy. Moribund domestic GDP growth, we were told, was the new normal.
Graduates became convinced that $150,000 in college debt to secure a job in retail or other service industries, and being left with no choice but to live in their parents’ basements, was the new normal.
And, every American worker was subject to the same downwards pressure on wages that restricted income growth over the past three decades – made worse by unfettered immigration.
But, the economy was doing just fine because the DJIA told us it was.
Then, along came Donald John Trump, the Blue Collar Billionaire, and everything changed.
With Trump’s policy shifts, Main Street is back. With a vengeance.
According to the ADP National Employment report released yesterday, private sector employment increased by a whopping 271,000 jobs in December, soaring past analyst expectations (178,000) by almost 100,000 new jobs.
Eighty percent of all new jobs in December were created on Main Street signaling a decisive shift to a growing, diversified economy to the benefit of all Americans. An economy less dependent on the whims of multinational corporations who had abandoned their allegiance to the United States long ago.
Now read the comments of Moody’s chief economist Mark Zandi:
“Businesses continue to add aggressively to their payrolls despite the stock market slump and the trade war. Favorable December weather also helped lift the job market. At the current pace of job growth, low unemployment will get even lower.”
“Despite the stock market slump and the trade war.”
Now why would that be?
Why, in light of these incredible numbers could the DJIA have lost 600 points yesterday?
It wouldn’t be because the stock market reflects the relative outlook for those who consider themselves our masters and has no connection to how Joe Six-pack is doing, could it?