If you listen to the Democrats at their virtual convention, you would think the economy is about to collapse. The word "crisis" pops up all the time.
Sure, there's a lot of politics in this: the party out of power always tries to bad-mouth the performance of the party in power. But is their grim assessment of the economy justified?
No. It’s not. Just consider the financial news which we bring you every day: jobs are coming back much faster than the pundits predicted. Personal income is actually up 7% this year because of the governments stimulus checks. And we're spending that money: just look at the sales numbers from Walmart, Home Depot, Target and others.
The housing market is booming. Mortgage rates at record lows. And the stock market has just recorded the fastest recovery in history: if the economy were truly in crisis, that would not be happening.
So what would the Biden-Harris-Bernie Sanders ticket do? Ruin the economic recovery, that’s what! Does anyone really believe that you get out of a "crisis" with a $4 trillion tax increase?
Does anyone really believe that socialism creates prosperity? Don't get me started.
Of course we have economic problems: we're in a pandemic. But the suggestion that we are in a grave crisis, is just politics as usual in an election year.
Tonight, Senator Elizabeth Warren speaks to the convention: sure to beat up capitalism. Nancy Pelosi speaks, sure to highlight the "economic crisis". And then there will be former President Obama, hankering after the good old days of very slow economic recovery. Take it all with a grain of salt.
Unless of course, Biden-Harris-Sanders win, in which case we'll have a real economic crisis on our hands.
Adapted from Stuart Varney's "My Take" monologue on "Varney & Co." on Aug. 19, 2020.