Posted on 12/01/2005 9:15:18 PM PST by FairOpinion
During a quarter century of analyzing and forecasting the economy, I have never seen anything like this. No matter what happens, no matter what data are released, no matter which way markets move, a pall of pessimism hangs over the economy.
This onslaught of negative thinking is clearly having an impact. During the 2004 presidential campaign, when attacks on the economy were in full force, 36% of Americans thought we were in recession. One year later, even though unemployment has fallen from 5.5% to 5%, and real GDP has expanded by 3.7%, the number who think a recession is underway has climbed to 43%.
One key reason the U.S. economy has outperformed other industrialized nations, and exceeded its long-run average growth rate during the past two years, is the tax cut of 2003. By reducing taxes on investment, the U.S. boosted growth, which in turn created new jobs that replace those that are lost as the old economy dies. Ireland is also a beautiful example of the power of tax cuts to boost growth and lift living standards.
To meet the challenges that lie ahead, a vibrant, flexible and expanding economy is absolutely necessary. While it is tempting to think that government programs are necessary to address anxiety, in reality only the free market can successfully navigate today's rough waters. In the end, it will be the private sector, not the public sector, that quells all this anxiety and creates the opportunities so many desire.
(Excerpt) Read more at opinionjournal.com ...
"One key reason the U.S. economy has outperformed other industrialized nations, and exceeded its long-run average growth rate during the past two years, is the tax cut of 2003. By reducing taxes on investment, the U.S. boosted growth, which in turn created new jobs that replace those that are lost as the old economy dies. Ireland is also a beautiful example of the power of tax cuts to boost growth and lift living standards. "
Just think what REAL tax reform would do to the economy.
Exactly, and there is nothing more to it than that.
Also they know not to blow the horn because the Republicans sure as hell won't...
LOL! Cute cartoon.......AND accurate. :)
Nattering Nabobs of Negativity (NNN - CNN + 1 N) bump.
Economic data is freely available at a dozen government web sites, and Dubya and the GOP have been saying the economy is good every chance they get. Since the MSM spoon feeds you their lies you assume it's the GOPs fault. That's dumb.
What do expect the party to do? Take over the tv and newspapers? Run tv ads saying "Hey, the economy is pretty good!" Do you think that is a wise use of campaign money a year before the elections?
Sure, why not. I would venture to say most of us have Republican friends who are holding back donations because of the way the news isn't being diseminated.
I would guess as the good news spreads, so will the donations go up.
Since the MSM spoon feeds you their lies you assume it's the GOPs fault. That's dumb.
I do not assume anything, as I'm sure you know what happens when you assume.... Now THAT's dumb!
Everybody on this site knows I am the dumbest poster here when it comes to the economy and/or financial stories, but even I hear stuff that is convincing me the economy is doing well.
What's the purpose of all the badmouthing?
The media lies about the economy. They lie about the polls they fund for suckers who read their lies. It doesn't really change public opinion.
I don't care what the poll numbers are a year from election. I care about results on election day. So far GWB and the GOP has delivered in 2000 2002 and 2004.
And I think spending money on ads today to claim the economy is good is a terrible idea. Those who are effected by the good economy know they have more money, and telling people the economy is good when they have less money is a waste of time and resources a full year before the voters can vote for anyone.
I would guess as the good news spreads, so will the donations go up.
Democrats Losing Race For Funds Under Dean Nov 12 2005
Now, the latest financial numbers are prompting new doubts. From January through September, the Republican National Committee raised $81.5 million, with $34 million remaining in the bank. The Democratic National Committee, by contrast, showed $42 million raised and $6.8 million in the bank.
The Republican National Committee Chair Ken Mehlman announced today the RNC has raised $52.9 million through the first five months of 2005, a record for a non-presidential election year. Mehlman and the RNC raised $10.3 million last month alone.
Somehow we will get by without you.
I don't know about anywhere else, but even though I hear all the claims that the economy is doing great, my area is depressed. It started about a year ago. Layoffs, a house for sale on every block and none selling. Rise in the cost of living yet lower pay and EVERYONE has lost their health insurance. Used to be that almost everyone had it, now...gone!
Repossessions on houses is skyrocketing here (northern michigan)
Now, I judge the economy by what I see on a daily basis, not what the government or media tell me and from what I see we may not be in a recession but we are definitly not in a boom!!
Christmas is a make or break time for many businesses. The economy is doing so well the rats need to talk it down. If they convince enough people to hold back spending over Christmas some businesses will fail. The last time the rats held any real power was in 1992 after they cashed in on a mild recession. They think they can tank the economy by 2006 to effect the elections.
They are delusional. Only the MSM consumers can be influenced by their lies and those consumers are mainly rats. Republicans turn to Fox, talk radio, and the internet for information. Moderates don't follow politics and they have short attention spans and short term memory failure.
Unfortunately for the MSM they have little else they can do. The MSM distort the news because they can't win with the truth. If they followed the mold of Fox news by presenting both side fairly and leting the people descide they would see an end to their contining errosion in audience and influence. Instead they viciously attack and impuign the man I voted for twice, they insult our soldiers, and they insult the protections afforded them by our Constitution. That will come back to bite them.
The MSM has the right to ditort the truth but the people don't have to stand for it and more and more of them are turn off the MSM and tuning into the new media. Telling someone the economy sucks when they are working overtime and making bonuses is not convincing.
That's how you should do it. I don't need the media or the government to tell me how I'm doing, or my neighbors, or my freinds. I can go to the stores and I can see how many SUVs are loaded with bags. I can see how the business I work for is doing.
I pray the economy where you live turns around.
"The MSM has the right to distort the truth".....I'm not so sure...at some point there IS liability the shareholders in the MSM have, consequent to journalistic malpractice....
A huge segment of our population however, finds itself outside the private sphere. Those who depend on transfer payments through tax policy, those who work for the various state, local, and federal governments, farmers, trial lawyers, social workers, teachers, and yes, journalists are people for whom PROSPERITY from private sector GDP growth is SOMETHING WHICH HAPPENS TO EVERYBODY ELSE.
They live in neighborhoods where they have to watch helplessly as their less risk-averse neighbors, be they realtors, retailers, construction workers or salespeople, benefit in their view DISPROPORTIONATELY from increased economic activity. For those in government-dependent jobs, and there are more of them than we might think, the "rising tide" does not raise all boats at all, just the ones which happen to BE IN THE WATER. This is why news of economic growth is greeted not with an indifferent sigh, but with the scowl of envy, and many times the call for the government to do something about the "growing gap" between those within and without the private sector.
We should not therefore be surprised or mystified when positive economic news is presented as bad news. For so many, it is.
I don't know about Michigan but the Southeast is no bed of roses! I am living on far less income than I had twenty years ago and the worst part is I have a lot of company in my misery. I talk to a lot of different people on my job and it is quite common now to meet men in their forties and fifties who say they would be happy if they could earn the same pay they had twenty years ago. I DON'T blame George Bush for everything but I simply do not believe things are anywhere near as rosy as many on this forum would have us believe. I too go by what I can see, government statistics and news releases are not accepted at the Piggly Wiggly in lieu of cash, they want money for their groceries.
Telling someone the economy sucks when they are working overtime and making bonuses is not convincing.>>>>>>>>>>>
True, but a funny thing happened on the way to nirvana, I am working overtime and making bonuses but I still am paid far less than someone who did the same job four years ago was paid, have lesser benefits at higher cost and am expected to work harder than the person who had the job four years ago. This is because the company has gone to a great deal of trouble to maneuver their way to a two-tiered pay system, those who are "grandfathered" still earn decent money while those who have been there less than four years are on a new pay scale which is only around sixty percent of the old pay scale and benefits are not as good. Things must be truly wonderful somewhere to balance out what is happening here.
You know, Once, it seems as though the belly-aching thats been going on has taken effect lately. This morning GW finally came out and talked about the economy... Cheney and GW are finally talking about the war... The word is finally getting out. My thoughts are would it have happened if the core conservatives didn't voice their disapproval over the silence.
All this is good. A little late but good.
And I won't bother to end this with a cute little slam. It's too much like Alan Colmes.
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