Posted on 08/28/2008 7:25:38 AM PDT by quintr
Contrary to all the political rhetoric that's been on the airwaves in the past weeks and months, it seems that some revisions are in order. That is, the U.S. economy is rebounding like crazy. The 2nd quarter of 2008 is now showing a 3.3% growth rate, owing, in large part to the stimulus checks that went out earlier this year. (read more: http://www.foxbusiness.com/story/markets/economy/economy-boosted-exports-q-economy-expands/)
Oh sure, the mainstream media would like the public to think that the economy has tanked. If that were true, which it isn't, then the liberals could run around the country again saying, "It's the economy, stupid."
That's what Billy Boy was crying when he ran against #41. And Bush the 1st lost because of the economy.
And the liberals are trying to get a repeat of that phrase going this election time. Except it's not working. Mainly because it's a lie. I also heard that the economists who know economic things, not political self-appointed expert know-nothings, have been saying that the economy would bottom out some time this summer. It would appear that this is the case. Just keep in mind, folks, that this is a business cycle.
We can't have uninterrupted growth quarter after quarter after quarter. If we could, then our stock market would look like Mt. Everest. And that's just not possible. If that were true, we'd be paying $10 for a loaf of bread and $5 for an ear of corn and $25 for a muskmelon because the economy would keep growing out of control. And the base salary in the U.S. that would define the poverty level for a family of four would be around $75,000 a year.
Instead, we have business cycles that determine when prices and wampum go up and when they go down. Adam Smith wrote about that in 1776 when he defined what a business cycle was and ever since then, economists the world over have looked at Smith's free market economies. That is, except in communist/socialist countries.
Well, enough of economics this morning. If you're headed off to college this fall, I hope all you young people will take the Big 3 Economics courses: intro, micro and macro. You need to add that vocabulary to your personal intellectual property so that you can have an intelligent discussion about economics with other people. Or at least be able to know when people are lying/exaggerating. And I would also hope that you have an econ professor who can make the course come alive for you.
But back to the convention. Today is Thursday. The last day. Thank you, Jesus. Ben Franklin was right when he said guests are like fish. They get old and smelly after three days. The convention has been in Denver just long enough. I hope the politicians have been good guests. Apparently the anarchists/protesters haven't been. Now it's time to give Denver back to its citizens.
Back to politics. Sort of.
Did I watch the speeches last night? Good gracious in heavens no!
I especially did not want to watch Billy Boy the Grump. I don't want to watch anyone who thinks he can go around calling anyone else Stupid. As if he got his brains on Mt. Olympus. I think not. More like Montgomery Ward, if you ask me. And since they went out of business, his warranty ran out.
But that's the way the liberals are. They seem to think they are the only people in the country with brains.
Remember when John Kerry ran for president and the political rhetoric that ran through the country was that George Bush was as dumb as a box of rocks. And then the military entrance IQ scores for each was released. Well, lo and behold, Kerry's IQ was 120 and Bush's was 128. And that ended all that discussions about who lives in Dumb City.
Besides, it's not nice to say someone is dumb. Unless you can define what intellect is, you ought to be careful. We are all one heartbeat away from some horrible accident that could make us look dumb no matter how many good brain cells we have.
And then there's that really big deal about the 8th Commandment: Thou shalt not bear false witness against your neighbor. Those would be lies. And I don't care if there is an election going on, and I don't care if politicians and news anchors keep reminding us that it's "just politics" when people say mean things. If it isn't true, then it's a lie. And I really don't think that God gives politicians special dispensations to tell lies.
They already answered that this week at the convention, to wit: The middle class is losing ground, they need a tax cut, we’re spending too much in Iraq, the nation needs universal health care because they are 47-million Americans without health insurance, etc., etc...
It doesn’t matter if the economy is still growing : All the wrong people are benefiting from it!
Power To The People!!!!!
Sound familiar? You bet.
“That is, the U.S. economy is rebounding like crazy.”
That is what in sales is called a Big Fat Claim (BFC). Very effective if you back it up. Worse than useless if you don’t.
The author apparently has not been paying attention to the actual statistics.
The stimulus caused a bump. That’s it. And it is yesterdays news.
Isn't it Obama, not McCain, who's calling for a second stimulus package?
Another thing I read attributed the surge to increased exports - which of course have NOTHING to do with the stimulus checks.
>>Another thing I read attributed the surge to increased exports - which of course have NOTHING to do with the stimulus checks.<<
Yeah, it’s due to the weak dollar, which is strengthening, but not after gutting Europe.
Ok, my marco and international economics is rusty. I understand how and why the $$$ is rebounding. Can you shine a light on the "gutting Europe" part of your comment? If it has gutted Europe, how does that play for the US?
How Will Liberals Play It??
They have already claimed responsibility for it. If you paid attention both Obama and Pelosi have called for a second stimulus package. Pelosi wants a $50 billion package that includes an additional and extrended rebate check pushed through before November to help Obama. Stimulus checks are bad for this nation, they create an expectation of entitlement. I remember being in a business I worked with when the very First Rebate Checks were passed out years ago. I had well over 50 or 60 employees during financial planning seminars complain about never recieving their checks. Turned out they never paid any actual taxes. This year they all received checks and now they will forever expect the hand-outs to continue.
I am not saying it plays for the US. In fact, as the dollar rebounds, exports will evaporate again.
I read last week that personal debt in the UK is actually HIGHER than in the US. I think Europe, in general, is in worse shape than us. And we aren’t buying much of their stuff these days because of the currency imbalance. It’ll hurt us too, in the medium run. And then there is that Putin guy...
I think the whole world is repeating the 1925 through 1946 cycle and we are in October of 1929 right now. I expect this to either get VERY ugly or just be bad stuff for a very long time.
People do not realise that we are seeing the culmination of DECADES of local and world monetary and social policy chickens coming home to roost.
This is not a typical “economic cycle thing”.
IMO...
Yep, it is indeed. Obama wants to "prove" that we need more and bigger government (make that higher taxes) because we can't seem to make it on our own without government handouts.
Good - next quarter we can borrow another couple hundred billion from China and send out some more checks. ;)
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