The Federal Reserve Board once again has colored the economic picture in America as expanding, or mostly positive.
But a bit further down in the central bank's quarterly report on the economy is the news that "most manufacturing sectors displayed a weakening," with agricultural sectors "weakened overall and farm incomes were stressed." In addition, "most segments of the energy sector struggled further, as oil and gas prices continued to decline." That may be trouble for corporate profits, but consumers benefit.
On the other side of the economic coin, are the realities that unemployment is down, at 5 percent, more than a quarter million workers were hired in December, and as President Barack Obama noted in his State of the Union message Tuesday evening, that jobless rate is now half what it was. Moreover, the government's budget deficit has been cut by three-quarters over the past seven years.
"Anyone who claims the economy is in decline is peddling fiction," Obama said.
That said, there is still work to be done, especially as many trends have squeezed workers' wages and consumer affordability. But cutting taxes for the 1 percent while not boosting pay packets for the lowest 30 percent, are not road signs that point to general welfare for all.
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