Today on Blogcritics
Home » Economy not worst since Hoover.

Economy not worst since Hoover.

Please Share...Tweet about this on Twitter0Share on Facebook0Share on Google+0Share on LinkedIn0Pin on Pinterest0Share on TumblrShare on StumbleUpon0Share on Reddit0Email this to someone

The Democrats lack true ideas.

The Dems are in trouble. I think they know it. The strongest point of their upcoming campaigns against George Bush was going to be the relative weakness of the economy. They know they can’t beat him on foreign affairs. They have no alternative to what President Bush had done. They know that if they were president they would probably have done the same thing. So they talk to partisan crowds about tax cuts for the “rich” and how George Bush is presiding over the “worst economy since Herbert Hoover”.

The problem is, is that the economy is showing signs of a strong recovery. Jobless claims are down, inflation is down, and corporate profits are up up up. IBM reported last week that they will hire 50,000 new people in the first 2 quarters of next year. The stock market is also showing robust growth.

My all measures the economy is doing well, and we have President Bush to thank for that. His first round of tax cuts kept the recession from deepening, and his second round of tax cuts encouraged spending by individuals as well as infrastructure investments by business, all of which lead to economic growth.

The only thing lagging right now is job growth. While it is good that unemployment numbers are down, there are still many Americans out of work. But anyone who knows anything about history or economics will tell you that jobs are the last thing to come back after a recession. With encouraging numbers from Wall Street, those are soon to come.

The Democrats know they can’t beat Bush on foreign affairs, and with the feeble life raft of a weak economy they were riding in slowly sinking, the 10 or so Democrats running for president are running out of things to attack this president on. As all their predictions of doom and gloom don’t appear, they are looking like Chicken Little or the Boy who Cried Wolf.

Liars, and dirty liars at that. About to hand George Bush four more years.

Powered by

About Tom Bux

  • http://www.tude.com/ Hal Pawluk

    > how George Bush is presiding over the “worst economy since Herbert Hoover”

    I’ve never heard that claim but have heard that the jobs lost during the Bush administration represent the “worst job loss since Herbert Hoover.” That claim is true, with 3,200,000 jobs lost, most in manufacturing and many lost by transfer to lower-wage countries so they won’t be back.

    > The problem is, is that the economy is showing signs of a strong recovery.

    Today’s figures show that the Index of Leading Economic Indicators is down, and forecasters are saying that there will be a slowing in the economy from the third quarter.

    > While it is good that unemployment numbers are down, there are still many Americans out of work.

    There are still about 9 million unemployed, and the job increase was 0.057 million. At that rate, it will take 56 years to overcome the 3.2 million jobs lost. Some people also got excited about the fact that new claims filed in the prior week dropped to 395,000 because 400,000 is a sort of “magic number” to some economists. That’s only one week out of about 140 weeks since the job losses started, so I’m still holding my breath.

    > IBM reported last week that they will hire 50,000 new
    > people in the first 2 quarters of next year.

    Numerous others are still announcing job cuts or transfers to lower-wage countries.

    > The stock market is also showing robust growth.

    That’s largely due to the tax cut you mention. My Representative told me that he supported the huge tax cut because it went to “the investor class” (his words).

    43% of the money went to the richest 1% in the country, that “investor class”.

    Another 34% of taxpayers (representing about 90,000,000 men, women and children) got $0, nada, zip, bupkis.

    A tax cut for investors would be a great idea if those investors actually invested in the economic infrastructure, such as plant expansion, new production equipment, etc.

    Unfortunately, that’s not what’s happening.

    The so-called “investor class” is investing in the stock market. The result is that stock prices are going up because of all the “found money” but companies like Levi are shutting their last factory in the US. Many people don’t seem understand that “the map is not the territory” – the stock market is not the economic infrastructure.

    I’m not a Democrat, in fact have no party affiliation whatsoever, but did want to put some additional facts on the table. I do have a bit more on the job situation in this country and on “productivity”, another measure of economic well-being, on my site.

  • CRmain

    We are at roughly 6% unemployment right now. In the “golden years” of the tech boom in the late 90s we were at 5%, which most economists consider full employment. How anyone can suggest with a straight face that 1% off of full employment anywhere approaches the 30+% unemployment of the great depression is beyond me.