A Quick Look at the Economy Over the Past Four Years

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I don’t quite remember what got me going on this, but I thought I’d start off the week with a quick look at how the economy has been doing over the past few years.

First, here are two measures of core inflation (i.e., excluding food and energy), the Fed’s favored instrument for gauging price movements. Inflation hasn’t reached the Fed’s goal of 2 percent the entire time, and shows no signs of acceleration:

Here’s labor force participation. Its long-term decline has stopped for both men and women and has been basically flat for the past four years:

And here are weekly wages for production and nonsupervisory workers, adjusted for inflation. There’s been slow but steady growth for four years:

So inflation is subdued and shows signs of staying subdued. Labor force participation is flat. And wages of ordinary workers have been growing at about 1 percent per year.

There’s nothing really new here: these charts just show that the economy is in good shape. Not great, not bad, but pretty decent. You can tell a lot of different stories with data like this, so be just as wary of folks peddling doomsday scenarios as you are of presidents pretending that the economy is booming.

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Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

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Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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