Skip to comments.What If We Threw an Economic Boom and Nobody Noticed?
Posted on 10/20/2006 1:52:56 AM PDT by xtinct
Dow tops 12,000; tax cuts spark 6.6 million new jobs
Let's imagine a conversation between two political experts that might have taken place three months ago. One is a strong conservative, the other an equally strong liberal. All of the statistics and other facts mentioned below are, in fact, real.
Liberal: Look, we both know that the economy isnt working for you guys right now. After all, a gallon of gas costs $3 and is likely to stay in the stratosphere for awhile. That hits Americans right where it hurts the mostin their pocketbooks. And have you seen that daily update on the price of gas on the front pages? Every morning voters see the price inch up and get angry all over again. Politically, thats like watching your heartbeat flatline.
(Excerpt) Read more at humanevents.com ...
Don't worry. The minute a Rat is in the White House the Economy will be BOOMING. Even if the Dow heads South, unemployment explodes and and gas is rationed.
The MSM MINISTRY OF TRUTH will ensure that is the message......
Business leaders are ecstatic that Liberal media is ignoring the economic boom.
Because workers think the sky is falling, there are few strikes, wages are steady, inflation is tamed.
Yet employment rates are at record highs, tax revenues are flooding the treasury, cries of obscene corporate profits are seldom heard.
Business PROFITS KEEP ROLLING IN, and the market is responding gloriously.
"It's the economy - stupendous!" should be the rallying cry of Republicans.
Most people base their assessments about the economy on how things are affecting them personally.
Record low 4.6% unemployment combined with record low interest rates and record low inflation!
Effects that even Lib morons cannot ignore.
Which can vary greatly depending on one's grasp of personal finance.
And the old adage is....people vote their pocketbook.
....but you won't hear THAT on msm.
everyone is missing the big story.....screw the economy...the lowest unemployment in 40 years....the falling gas prices...the dow at a record high....inflation in check....more home ownership than at any time in the history of the US....
the only story is foley!!!!!!
at least that is the way the lib/dem msm tells it!!!!
No, it would then be portrayed as the worst economy since Jesus threw the money changers out of the Temple in Jerusalem... and it will all be the fault of Bush's horrible "Tax Cuts for the Rich" and *his* war in Iraq.
Remember, everything is always Bush's fault.
Wednesday, October 18, 2006
(Many thanks to my friend Dan Clifton over at the American Shareholders Association for painting such a clear economic picture here...)
None of these tax cuts is affordable. None of them creates jobs, and they are not fair. All of them do damage to our long-term economic growth and contribute to the national deficit. -House Minority Leader Nancy Pelosi (D-CA); May 09, 2003
Fact: 6.6 Million New Jobs
Fact: Unemployment Rate Drops From 6.3 Percent to 4.6 Percent
Fact: Unemployment Rate Dropping Faster Than CBO Expected
Fact: GDP Soars Following Tax Cut
Fact: Total Household Net Worth Has Increased by $14.4 Trillion Since the Tax Cut
Fact: The Deficit Has Declined $208 Billion Since April 2004 and $60 Billion Since the Tax Cut Was Signed Into Law
Ladies and gentlemen, it is still the greatest story never told...
For more GOTO: http://kudlowsmoneypolitics.blogspot.com/2006/10/pelosi-nomics.html
Record low inflation ?
Are you sure ?
For most of my life it has run 10 to 25%. You must not have been old enough to remember hell under catah.
Homelessness and hunger will disappear in every corner of this nation, until the next Republican president is sworn in.
I watched a debate last night between Kay Bailey Hutchison, a woman Democrat, and a Libertarian. The Democrat flat out said that we Republicans knew the economy was a mess and that we were losing jobs right and left (paraphrasing, of course). She blatantly declared the opposite of the facts was the truth.
All the questioners were liberal news folks who asked their questions in an editorial fashion with their lead ins.
We all know the MSM is the Department of Disinformation for the Dems.
Truth be known, I have made a KILLING in the stock market in part BECAUSE Libs have convinced the masses that the economy is a mess, and that wage and price increases are out of the question, and out-sourcing to even lower wage countries, and the slashing of dead-weight employees from corporate payrolls, is understandable and acceptable.
With simultaneous record lows for inflation, interest rates and unemployement, corporate profits and tax revenues are soaring, and the stock market is anticipating even better times.
Thanks, Libs, you freakin' morons, for making me even richer!
I'm shocked that the left's template of "it's the economy, stupid" is only used at their convenience.
It's the Economy - Stupendous!
Very weird. I was in Europe last week and I read in a NY Times equivalent Spanish paper that Americans hate George Bush because of the disastrous economy that has virtually left people homeless and in bread lines in the street. Seriously.
I don't know where they're getting this garbage; well, I do know that, I guess, but I don't see how they can continue to assert such craziness in the face of observable reality.
If that were truly the case, then why do the public opinion polls show the majority of people believe the economy is in bad shape? Perception is more important than reality and the MSM/Dems help shape that perception. 4.6% unemployment, low inflation, record stock market highs, and robust economic growth, the highest among major industrialized countries, is the reality.
What is the unemployment rate in Germany? What is the annual rate of economic growth? What is the taxation rate on income?
That's how they perceive everybody else's affairs.
MSM,,,,, "WOMEN AND MINORITIES HIT HARDEST".
Notice how the topic of the economy nevers comes up anymore on the Sunday talk shows,,,,and if it does--the topic is the so-called 'increasing income disparity'. THAT is the total extent of economic discussion in the MSM lately.
Yes, and that's what I intended to say. It's difficult to explain, really--it's a purely subjective thing; something that most average people don't even try to qualify or quantify, because average people not only aren't up to it intellectually, they don't really care. All they know is how they feel at the time.
If that is what you intended to say, then why do polls on the economy come up so negative? We have a roaring economy, low unemployment, a record stock market, and low inflation. If people reflect how the economy affects them personally, then the polls should reflect the outstanding economy.
I don't buy your explanation.
Amen! Taking at least some control over my retirement has been the most exciting thing I think I've ever done, at least with my clothes on. 401k's and IRA's are great things but can't be traded like stocks and marketable securities. Have picked a few clinkers, but rounding out my ho-hum investments is more fun than bonds paying 5%!!
The very best thing the government could do would be oddly enough, to make people less dependent on the government. Stakeholders - people who have an investment in the country albeit small, make for more well rounded citizenry or whatever. .02c
That's okay by me.
It is difficult to see the current Economy in a 'boom' mode, maybe that is why no one is noticing. Inflation remains low, but inflation numbers do not include energy prices within the core rate. Unemployment rates are also misleading in the sense that they do not include those whose unemployment benefits have ceased, as well as those who are no longer seeking employment. The displacement of the manufacturing base overseas as the US has become a 'service oriented economy' has left US with an $860 billion trade deficit. Wage growth has remained stagnant relative to low inflation for the last 6 years. As the housing market cools, the more recent source of economic growth is diminished.
The recent precipitous decline in gas prices is indeed a good sign for increased disposable income, but as OPEC reduces output, most of the price decline has possibly taken place.
As far as the Stock Market reaching new highs, that is the DOW, and the NASDAQ is around 50% of its all time high. Traditionally, the last 2 years of a 2 time President is not a 'high growth' period. The Market tends to look at least 6 months out, and the rate of US growth is expected to decline slightly from this year's projected rate.
The tax cuts definately had their intented effect of increasing personal disposable income, but are not considered the source of increased capital investment. Despite 9/11, the economy in retrospect was recovering moderately at that time. Now we have record spending and trade deficits, a cooling housing market, and increased international tensions. The temporary reduction in the spending deficit was largely due to percentage revenues of the gas tax.
It is understandable that Democrats are ignoring a relatively strong economy as they focus on the negative aspects of the War in Iraq. That's politics.
Bush has done reasonably well, better than I would have expected, from the economic meltdown he inhereted.
Economics is not called the 'dismal science' for nothing. Total collapse is always imminent but never seems to happen, or at least since the 1930's. That type of Market hype is not present here, or is disguised and muted within the derivative markets. When google is worth what... $146 billion??? There is always reason for concern.
Isn't it wonderful to wake up to another $5k to $10k of passive income daily!
We'll see if the Feds spoil the party.
Just in case, I've been raising the floor of my fail-safe triggers continuously to ensure the gains remain locked in.
Socialists want you to share the fruit of your stock market garden without cultivating the soil, buying seeds, deweeding, irrigating, and harvesting. That is, they want the government to give hand outs by taking it from you!
Vote Republican if you value a rational world where rewards are commensurate with preparation, effort and performance.
Unbelievable, isn't it!
That darn George Bush - he eats babies too.
Internet has changed everything, of course. Growing up was aware that a couple brokers were available downtown. But commissions were pretty high for chippies like me, and a certain intimidation was present to the whole affair. A lot of good investment information is available for research at my fingertips, charts and historical data - all for "free" essentially. Instead of playing warcraft, 9 year olds should be learning the market! Would suppose it is illegal for minors to hold or trade securities and options though huh... Put those kids to work! ;)
You forgot a crucial figure. Basically, average hourly incomes are dropping. Inflation has eaten away more than the rate they are climbing. Gas going down helps alot. But for lower skill folks, those making less than $14.00 an hour, they are doing alot worse lately because of inflation. A 2.5% raise when inflation is 3.1% really doesn't make you feel that special. But when you consider that more than 50% of Americans make less than $14.00 an hour, that is where the angst is coming from. If you are educated, in a good field, the economy is perking right back up.
How liberals can function daily with such contradictions escapes me.
Source please. $14 an hour equates to $29K a year. Also, houshold income is more relevant. According to the census bureau, real median household income remained unchanged between 2003 and 2004 at $44,389, according to a report released today by the U.S. Census Bureau.
Nationally, 2005 marked the first year since 1999 in which real median household income showed an annual increase. Black households had the lowest median income in 2005 ($30,858) among race groups. Asian households had the highest median income ($61,094). The median income for non-Hispanic white households was $50,784. Median income for Hispanic households was $35,967.
I agree - the research and information is now at your fingertips.
Just earlier today I shared with a younger friend, who is beginning to play the market, the opportunity the advancement in available tools represents.
Liberals function daily like a fungus or parasite functions daily - by living off a host.
DON'T BE THAT HOST! - VOTE REPUBLICAN!
Consider how often you'll hear government officials or politicians talk about "empowerment" - usually if you cut through the haze, it's obvious it's the government that's ultimately "empowered", not the people who are purportedly being helped. Carrot and stick from various state, local and federal feeding troughs are more or less worse than crack-cocaine. Damned if you do, and damned if you don't.
It cultivates an entitlement mentality, whether by design or result doesn't matter. Good intentions don't necessarily make good law or social policy.
The road to H.E. Double Hockey Sticks is paved with good intentions.