We are watching two countries going in different economic directions, the US and Venezuela. It is a classic case of free markets vs socialism.
Venezuela is more than falling apart: “Venezuela could eventually have 1 million percent inflation.”
What does that inflation level mean? It means this: “…..Venezuela’s currency has lost 99.9997 percent of its value in the past 6½ years. To put that in perspective, $333,333 worth of bolivars in 2012 would be worth $1 today.”
A failed state? I think so!
As I recall, a “bolivar”, the currency, was 4.29 to a US dollar back in the early 1980’s. It used to be a middle class country!
On the other hand, we had great news in the US.
What can you say about good growth or a 4.1% GDP? You can celebrate and enjoy life with these GDP numbers!
Here is another headline to enjoy today: “Blockbuster GDP growth delivers for Trump – and proves NY Times, Nobel economist Paul Krugman wrong again”.
By the way, has anyone seen Mr. Krugman lately?
Obviously, President Trump needs sustainable numbers. For example, we need a repeat of these numbers as we get closer to the mid-term elections.
Nevertheless, a good day for the US economy, workers, and yes for President Trump.