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Do you deny that the "recovery" has been strangely Job-Impaired?

Do you deny that the deficit is exploding?

Is the megatrade imbalance an illusion?

Tell me, where will America be in 20 years?

The only thing I can tell you with first hand experience is that I made more money last year than I ever have before. And this year looks better than last year.

I can't control national job growth. I can't control the deficit. I can't control the "megatrade imbalance" and I don't know where America will be in 20 years. What I can tell you is when I didn't have a pot to pee-pee in it was not the presidents fault. And that my current situation is not the presidents fault either.

You could have added Newt Gingrich's words: Kids are graduating from High School who can't read their diplomas.

Tell me, where will America be in 20 years?

I recall the same question was asked in the 80s when trade imbalance with Japan was all the rage. While I am unable to say what will happen in the next 20 years, we certainly know what happened in the previous 20 years:

1980 per-capita income: $22,883
2003 per-capita income: $35,650
1980 USA World GDP share: 29.29%
2003 USA World GDP share: 31.09%
Inflation adjusted to 2000 USD. (Source: http://www.ers.usda.gov/data/macroeconomics/)

1980 unemployment rate: 7.1%
2003 unemployment rate: 6.0%
1980 number employed: 99,303,000
2003 number employed: 137,735,667
Source: http://nidataplus.com/lfeus1.htm#annl

So, since the last trade/budget deficit scare, US added 38 million jobs, income went up by more the 50% and our share of world GDP increased.

"Do you deny that the "recovery" has been strangely Job-Impaired?"

There is nothing strange about it. Productivity is surging. We dont need new jobs and we are gaining a great benefit with doing more production with smaller workforce.
With unemployment at 5.8%, and total employment near all-time highs, we are not bad off there at all.

"Do you deny that the deficit is exploding?"
The deficit next year is smaller than it was last year.
The term for that is SHRINKING. This problem has been quite overrated IMHO, a lot of the short-term deficit increment is war-related and the rest is simply due to being a bit lax on the spending side. And yet, that kind of thing doesnt hurt the economy short-term. ... so in 2005 when our economy is revving up well, govt can go back and throttle back on spending, and it will balance out pretty well.

"Is the megatrade imbalance an illusion?"

In a sense yes, because capital surplus balances trade deficit and vice versa. Moreover, our intellectual property ie hollywood is not counted in the manufacturing trade but is very real.

All these things - trade deficits, jobs, etc, are concerns but are secondary to overall economy's PRODUCTION and STANDARD OF LIVING. In 2003, the economy grew over 4%. That is a very good number and if we can keep that up, it will help rebalance all these secondary items.

"Tell me, where will America be in 20 years?"

If we follow Bush's lead and cut taxes, reform legal system, keep regulations in check; then if we also educate ourselves and the next generation and keep a productive workforce; if we win the war on terror; if we find a way to stem the tide of illegal immigration; find low-cost new energy technologies (ie next-gen nuclear) to go beyond the age of oil; ... then in 20 years America will be better off than every before.

Pssttt... Job recovery is always the last indicator in a economic recovery.