The Babe Theory Of Political Movements.
Mar. 21, 2005 11:50 AM
Iran's Sham Election In Houston.
June 20, 2005 5:36 AM
Yes, Kanye, Bush Does Care.
Oct. 31, 2005 12:41 AM
Health Care vs. Wealth Care.
Nov. 23, 2005 3:28 PM
Americans Voting With Their Feet.
Nov. 30, 2005 1:33 PM
Idea Majorities Matter.
May 12, 2006 6:15 PM
Twilight Zone Economics.
Oct. 17, 2006 12:30 AM
The "Shrinking" Middle Class.
Dec. 13, 2006 1:01 PM
From Ashes, GOP Opportunities.
Dec. 18, 2006 6:37 PM
Battle Between Entitlements & Pork.
Dec. 21, 2006 12:31 PM
Let Economic Freedom Reign.
Dec. 22, 2006 10:22 PM
Biggest Health Care Moment In Decades.
July 25, 2007 4:32 PM
Unions Antithetical to Liberty.
May 28, 2008 11:12 PM
Right To Work States Rock.
June 9, 2008 12:25 PM
Social Security Reform Thursday.
March 13, 2008
Caption Contest: Enter Today!
Due: July 29, 2008
The Carnival Of Classiness.
Mar. 14, 2006
Quotational Therapy: Obama.
Apr. 4, 2008
Mainstream Melee: Wolfowitz.
May 19, 2007
Pundit Roundtable: Leaks.
July 9, 2006
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July 14, 2006
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Trivia Tidbit Of The Day: Part 233 -- America's Booming Economy.
The United States Economy Is Thriving-
Today's November jobs report is out, and the news is very encouraging:
215 thousand new jobs created in November. And remember, that's a net figure, so it means that 215,000 more jobs were created than lost. One disingenuous (or just ignorant) thing we often see from the economic pessimism brigades is that, "well, those jobs may have been created, but a lot more were probably lost."
Ugh. No. That's not how these numbers work.
But the positive jobs report was not the only economic indicator to celebrate in recent days.
Earlier this week, Third Quarter GDP Growth was revised upward from 3.8% to 4.3%:
The economy is churning out positive economic indicators so fast it's nearly impossible to keep up:
The recovery narrative is not new, but hardly a day passes without the arrival of more positive economic data.
But no matter how fast the economy grows, no matter how hot the housing market is, and no matter how many jobs are created, many Americans still tell pollsters they believe we're in a recession. Meanwhile, based on real world economic indicators, people continue behaving like we're in boom times. Americans also tell pollsters that the overall economy is in terrible shape, but their own personal finances are swell and looking to improve.
And it's now been this way for well over a year. There is a true disconnect, driven by anecdotal, exceptional events (hurricanes and major layoff announcements), by a biased media (Lou Dobbs, Paul Krugman, and so on), and by those currently out of power (Harry Reid, Nancy Pelosi, etc.).
The Wall Street Journal explains:
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%.
* After 10 quarters of 3%-plus GDP growth with low inflation and 5% unemployment, “A total of 35% of Americans rate the national economy as excellent, very good, or good and 63% rate it as bad, very bad, or terrible.”
This is truly astonishing for those of us who have been following the economic data. The flawed perception many Americans have of the economy is driving President Bush's poll numbers lower and hurting his ability to accomplish reforms that will keep the boom times rolling for much longer.
President Bush and his administration must go on a full court press on the economy, touting the success of tax cuts. They must consistently and doggedly point out how how remarkable this economic boom truly is. They have the facts on their side.
One 2-minute speech here and there is not going to cut it, either.
It ain't bragging if it's true.
Brag away, Bush administration. Brag away.
Previous Trivia Tidbit: Oil Prices & Profits.
Posted by Will Franklin · 2 December 2005 10:52 AM
SInce Bush has become President, he has yet to net one new job.
To keep pace with the growth of US population, about 100k new jobs per month must be made.
The Clinton years were better.
Put that in your pipe and smoke it.
Posted by: Tony Martin at December 2, 2005 10:14 PM
Or do you find something disagreeable about high growth rates, low unemployment, low inflation?
Maybe you pine for the soon-to-explode derigible that was NASDAQ in the late 90's? (BTW, it exploded before Bush took office, not after.)
Posted by: Giacomo at December 2, 2005 10:38 PM
Will, check out Comment 5 and comment 7 at my post.
The claim was essentially that people are projecting their own situation onto the economy.
Comment 7 nuked the claim, because the source poll refutes it, hugely. People think the economy is doing way, way worse that their own household is doing.
Posted by: Thomas Blumer at December 3, 2005 12:28 AM
Thanks a lot for pointing out my mistake. At first I was hoping to find data that would tell me the debt exactly the day W. was inaugurated. So I started by googling for 'Bush Inauguration' - I got lots of info about the most recent one; so, bright guy that I am, I google 'First Bush Inauguration.' Then I shut down my brain. Thanks also for not nuking me about it. I'd actually like to hear your comments on the other aspects of my post.
Posted by: bbbustard at December 4, 2005 11:29 AM