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Willisms

« Bush: We Coulda Shot That Sucker Down | WILLisms.com | Pundit Roundtable »

America's Spectacular Economy

Via RealClearPolitics, we find Larry Kudlow making this extraordinary claim:

Did you know that just over the past 11 quarters, dating back to the June 2003 Bush tax cuts, America has increased the size of its entire economy by 20 percent? In less than three years, the U.S. economic pie has expanded by $2.2 trillion, an output add-on that is roughly the same size as the total Chinese economy, and much larger than the total economic size of nations like India, Mexico, Ireland, and Belgium.
The next time someone mentions how great the Chinese economy is doing, tell them that Bush creates that entire economy every three years! It is a staggering accomplishment.

Well, any day now we can expect the press to start gushing about how George W. Bush is one of the greatest presidents ever. After all, his economic achievments have been dwarfing those of Bill Clinton (4.6% unemployment right now, ahem), and the fleeting prosperity of the Clinton dot.com bubble years were reason alone to put Clinton in the pantheon of great or near-great presidents, right?

All the more so for GWB then.

Posted by Ken McCracken · 8 July 2006 10:05 AM

Comments

kudlow is an economic cheerleader. He would be saying this if it were 1929

Posted by: lester at July 8, 2006 01:25 PM

How sad, Lester, that you don't think our incredible economy is something worth 'cheerleading' about.

Posted by: Ken McCracken at July 8, 2006 02:42 PM

neither does anyone else Bush's polls are where they always are.

Posted by: lester at July 8, 2006 04:18 PM

Do economic numbers not stand on their own?

Oh, that's right, Lester thinks that economic numbers are meaningless compared to opinion polls. If the opinion polls say Americans are unhappy about the economy, then that means the economy sucks, despite any data from "an Economist" who may be a glass is half full kind of guy.

I tend to not put a lot of stock in opinion polls, except the ones conducted in even numbered years in November. Seems that Americans support the Republican Agenda for oh, let's see, 12 straight years in both houses of Congress and six going on eight straight in the White House.

But Lester likes the other opinion polls. Good for you.

Posted by: Justin B at July 8, 2006 05:16 PM

I think the coverage has been adequate in covering the last 5 years of wage growth. Payrolls are expanding but nobody making an average wage is seeing any benefit. The last 3 years have seen real average wages decline.
The Chinese support the $ since they need to find a place to park all those $s from Wal-Mart.So do a number of other Central Banks. A soft landing for this economy would be the best outcome possible.

Posted by: TJM at July 8, 2006 08:13 PM

When new jobs are being created they are entry level jobs, that accounts for average wages not rising. Anyone with even minimal knowledge of business can tell you that. Just in case anyone is confused on the other issue, a soft landing for any economy is always the best you can hope for. It's a whole lot easier to downplay the Bush economy if you are willing to use a little dishonesty to aid you. I see there's no shortage of people willing to do that.

Posted by: bullwinkle at July 9, 2006 09:41 AM

So lester, please tell us why, where and which economic indicators show the economy is bad.

And show us the polls that have the Dem's with a better approval rating then the republicans, in congress or the senate.

So once again, you made a point now you back it up. bumper sticker slogans will not do. Lets see numbers that prove the economy is failing or even just plain bad, please. Or you can just continue to Troll.

Posted by: christian at July 9, 2006 10:46 AM

The real point of those polls is this--when asked if the American Economy sucks ass, is only horrible, is mildly terrible, or just slightly below average--most Americans and almost all on the left answer somewhere in the first couple.

HOWEVER, when asked if their personal financial situation is better or worse than last year, the year before, 5 years ago, 10 years ago... most Americans, almost overwhelmingly answer better. So as a nation, people view the economy as bad, but as a nation, most people say their own financial situation is better than it ever has been. And a huge indicator is minority homeownership. It seems that even for minorities, the economy is better than it ever has been as evidenced by their record ownership and expanding economic situation.

I know, the left talks about stagnant wages (which are not even close to stagnant), rising college tuition (at Universities run by Liberals), rising gas prices, and "inflation" that is milded at best. Good jobs are going overseas. Blah Blah Blah. You know what, as Americans, the only people that have really been left behind economically the last 20 years are Union Members. Their jobs are the ones going overseas. They are the ones seeing their wages cut. The rest of American are seeing rising wages and better economic conditions. College Recruiting is at record levels as are entry level college graduate's wages.

Most Americans know their own situation, but don't know enough about economics to even have a clue what is going on in the country. But the numbers are the numbers and they don't lie. The economy is kicking ass right now and is sustainably doing it. No need for a soft landing because we are not soaring too high. The 90's were too hot. 2001 and 2002 were too cold. Right now, we are just right.

Posted by: Justin B at July 9, 2006 12:56 PM

Before excoriating Lester for his rather dimwitted views on economiics, perhaps it would be more "fair" and "inclusive" to find out if maybe the problem is simply that he doesn't have the faintest idea what he's talking about. I understand that happens a lot with liberals, especially when the topic is nominally detailed and includes lots of zeros and percentages.

Combining a public (government-run) education with a lack of real-world experiences, its understandable that liberals would have a tough time with something so mundane as economics. A topic more effete and ephemeral is often a more comfortable choice for those on the left.

'Course, the problem is that all those lofty ideals and grandiose pronouncements have to actually be paid for, which means someone, somewhere has to know their way around a spreadsheet full of numbers. But that certainly involves no obligation on the part of Lester.

Posted by: Bat One at July 9, 2006 03:05 PM

Watch out, the figure Kudlow gives is strictly nominal dollars, not inflation-adjusted. (Still, after adjusting it's 11.4%, which is pretty fantastic anyway).

More info here:
http://instapundit.com/archives/031307.php

Posted by: Randomscrub at July 10, 2006 01:07 PM

In the same breath, you criticize China, which truly has an economy where the leaders attempt to "create the economy", and then say: "Bush creates that entire economy every three years!"

Bush doesn't create anything. Neither did Clinton. You are giving one man, albeit the president of the United States, credit for the dynamic growth of the entire US economy.

Granted, this may be a bit of a terminology issue. You may have been refering to the business environment under the Bush Administration. However, you (un)intentionally lend credibility/motivation to statists with your over-reaching rhetoric.

Posted by: Be Careful at July 11, 2006 06:06 PM

Buying power is down the last 37 of 38 years according to the Department of Labor and Statistics (bls.gov).

Usually people over look population increase and inflation.

Posted by: Travis Berthelot at July 29, 2006 02:48 PM