Democrat National Committee | Title: "Broken Record"

GEORGE W. BUSH, 7/9/04: “Our economy is strong, and it is growing stronger”

CHYRON: “1 Million Jobs Lost to Outsourcing Under George Bush; Source: Economy.com.”

Unemployment Down While Jobs, Consumer Confidence And Household Wealth Up

Nearly 1.5 Million Jobs Created In Last 11 Months. “The economy has posted job gains for each of the last eleven months – creating 1.5 million jobs since August 2003, including 32,000 new jobs in July according to payroll survey statistics released on August 6, 2004 by the Bureau of Labor Statistics (BLS). The BLS also released new household survey data showing a much larger gain of 629,000 new jobs in July, with a total of 2.3 million jobs added since August 2003. The national unemployment rate declined to 5.5% in July – down 0.8 percentage point from a peak of 6.3% in June 2003 and the lowest rate since October 2001. At 5.5%, the unemployment rate is below the average of the 1970s, 1980s, and 1990s. Employment over the last year was up in 46 of the 50 states and the unemployment rate was down in all regions and in 47 of the 50 states.” (The White House Website, “Economy Shows 11 Straight Months Of Job Gains,” http://www.whitehouse.gov/infocus/economy/index.html, Accessed 8/26/04)

Consumer Confidence Increases In July. “U.S. consumers grew more confident about the economy in July as companies became more willing to hire new workers … The Conference Board … said its measure of consumer moods climbed to 106.1 in July from a revised 102.8 in June, just above Wall Street forecasts for a rise to 102.0. It was the fourth straight monthly rise in the index.” (“U.S. Consumer Confidence Jumps Again In July,” Reuters, 7/27/04)

Household Wealth Reaches Record $45.153 Trillion. “U.S. household wealth grew to a record-high $45.153 trillion in the first quarter of 2004, boosted by rising real estate and mutual fund values, the Federal Reserve said … In its quarterly ‘Flow of Funds’ report, the Fed said household balance sheets rose $665.5 billion over an upwardly revised $44.488 trillion figure for the fourth quarter of 2003 …” (“Household Wealth Reaches Record $45.153 Trillion,” Reuters, 6/10/04)

GEORGE W. BUSH, 7/2/04: “Manufacturing activity is as good as it’s been in 20 years.”

CHYRON: “2.7 Million Manufacturing Jobs Lost; Source: Bureau of Labor Statistics.”

Manufacturing Job Losses Began Under Clinton

Loss Of Manufacturing Jobs Began Under Clinton. “Critics like [Hillary] Clinton and Kerry should have started complaining about manufacturing jobs losses five years ago. Massachusetts and New York were among the 22 states that recorded losses during William Jefferson Clinton’s presidency. … Ironically, nine are southern states whose manufacturing sectors were hit hard during the Clinton administration. The duration of manufacturing job losses in the South have been among the nation’s longest, and include West Virginia (February 1993), South Carolina (December 1994), Mississippi (January 1995), North Carolina (February 1995) Tennessee (March 1995), Alabama (September 1995), Florida (January 1997), Louisiana (November 1997), and Virginia (May 1998). Employment has declined in each state since the months indicated. More than 90 percent of job losses under President Bush have occurred in the manufacturing sector, but the layoffs started under President Clinton.” (Greg Kaza, Op-Ed, “The Clintons’ Glass House,” National Review Online, 9/9/03)

ü “In The Final Month Of The Clinton Administration, Manufacturing Employment Dropped By 76,000.” (Joint Economic Committee, Press Release, 9/4/03)

“The Manufacturing Sector … Has Added 91,000 Jobs Since Its Low In January.” (The White House Website, “Economy Shows 11 Straight Months Of Job Gains,” http://www.whitehouse.gov/infocus/economy/index.html, Accessed 8/26/04)

Manufacturing Expands For 14^th Straight Month. “U.S. manufacturing expanded for the 14th consecutive month in July, boosted by new orders and higher production, the Institute for Supply Management said … The institute said its manufacturing index registered 62.0 last month, up from 61.1 in June. … An index reading above 50 indicates expansion, while one below 50 indicates that manufacturing activity is contracting. The gauge has been above 50 since June of last year.” (Eileen Alt Powell, “Manufacturing Activity Increases In July,” The Associated Press, 8/2/04)

Factory Orders Stronger In June. “America’s factories saw orders grow stronger in June, a spot of good news for manufacturers and for the economic recovery. The Commerce Department reported … that orders placed with U.S. factories rose by a solid 0.7 percent in June from the previous month. The performance exceeded economists’ expectations for a 0.5 percent advance. The increase, the largest since March, was up from a 0.4 percent rise in May.” (Jeannine Aversa, “Factory Orders Grow Stronger In June,” The Associated Press, 8/4/04)

GEORGE W. BUSH, 4/2/04: “This is a changing economy. It’s a different economy.”

GEORGE W. BUSH, 7/2/04: “This economy of ours is steady and strong; it’s steady and strong.” [repeat: “Steady and strong”]

NARRATOR: “The Democratic National Committee is responsible for the content of this advertisement.”

CHYRON: “Worse Job Loss of Any President in 75 Years; Source: Bureau of Labor Statistics; Four Years is Long Enough.”

Economic Downturn, Market Collapse Began Under Clinton

Clinton Advisor Said Economic Downturn Began Before Bush. “President Clinton’s Chairman of the Council of Economic Advisors … said, ‘the economy was slipping into recession even before Bush took office, and the corporate scandals that are rocking American began much earlier.’” (Joint Economic Committee, “Consecutive Manufacturing Job Losses Began Under Clinton,” 9/4/03)

David Tice Of Prudent Bear Fund Predicted Market Collapse In February 2000. DAVID TICE, THE PRUDENT BEAR FUND: “[G]iven that this has been a virtually 19-year bull market, we are not just looking for a correction, we are actually looking for a secular bear market, one that is going to be ugly and last a number of years.” CNN’S TERRY KEENAN: “David, you know, you’ve been bearish and you have been calling this -- the same tune for a couple of years now. And yet you’ve been particularly correct when its come to individual stocks and, such as Tyco International, but the market overall has defied your bearish expectations. What do you think will be different this time?” TICE: Well, the reason that we’ve been early is we underestimated how much credit would be injected into the system. And really we’ve added a couple of trillion dollars of more debt to system. And when you think about all the loans that are out there, the mortgages, 125 percent of people’s houses. And we’ve thrown a great party. … However, unfortunately, we’re higher and higher, and the collapse is going to be all the greater.” (CNN’s “In The Money,” 2/14/00)

Dow Dropped More Than 6% In 2000. “In 2000, for the first time since 1990, the Dow Jones Industrial Average closed the year at a lower level than where it started, falling 6.18%. That was the biggest percentage drop the average had experienced since 1981.” (“2000 Annual Report,” Dow Jones Averages)

Standard & Poor Dropped More Than 10% In 2000. “Other indexes fared far worse in 2000. The Standard & Poor’s 500 Index fell 10.14%, which was its worst performance since 1977.” (“2000 Annual Report,” Dow Jones Averages)

NASDAQ Dropped More Than 39% In 2000. “The Nasdaq Composite Index obliterated much of its 1999 gains (up roughly 86% that year) with a 39.29% slide, its worst annual loss since its creation in 1971.” (“2000 Annual Report,” Dow Jones Averages)

Congress’ Joint Economic Committee Said Signs Of Economic Slowdown Were Apparent In Mid 2000. “By mid-year 2000 ... signs of an economic slowdown began to proliferate; it became apparent that an economic slowdown was underway. A number of key economic and financial indicators provided evidence of such slower growth and suggested that future growth could weaken.” (“Assessment Of The Current Economic Environment,” Joint Economic Committee, United States Congress, 7/01)

Clinton’s Chairman Of Council Of Economic Advisors, Joseph Stiglitz, Said Recession Started During Clinton’s Tenure. “It would be nice for us veterans of the Clinton Administration if we could simply blame mismanagement by President George W. Bush’s economic team for this seemingly sudden turnaround in the economy, which coincided so closely with its taking charge. But ... the economy was slipping into recession even before Bush took office, and the corporate scandals that are rocking America began much earlier.” (Joseph Stiglitz, “The Roaring Nineties,” The Atlantic Monthly, 10/02)

Stiglitz Discredited Democrats’ Claim That Bush Administration Is Responsible For Recession. Stiglitz noted that during the Clinton Administration “the groundwork for some of the problems we are now experiencing was being laid. Accounting standards slipped; deregulation was taken further than it should have been; and corporate greed was pandered to ...” (Joseph Stiglitz, “The Roaring Nineties,” The Atlantic Monthly, 10/02)

Clinton Administration Grossly Overestimated Strength Of Economy. “Hidden in the morass of statistics, there is proof that the Clinton administration grossly overestimated the strength of the economy leading up to the 2000 election. Did the federal government join Enron and WorldCom in cooking the books? ... Most startling, the Commerce Department in 2000 showed the economy on an upswing through most of the election year, while in fact it was declining.” (Robert Novak, Op-Ed, “Sunny Clinton Forecast Leaves Cloud Over Bush,” Chicago Sun-Times, 8/8/02)

Drop In Investments In First Half Of 2000 Contributed To Recession. “A plunge in investment that began in the last half of 2000, along with the declines in equity markets, was an important force in the recession.” (Council Of Economic Advisers, “Strengthening America’s Economy: The President’s Jobs And Growth Proposals,” 1/7/03)

Clinton & Bush’s First Years Compared; Bush Tax Cuts Helping Economy

Economy Performed Better During Bush’s First Years Than During Clinton’s. “Compared with the ‘exceptional’ years of 1993, 1994, and 1995, the first three years of George W. Bush’s presidency featured: lower inflation; lower unemployment; faster productivity growth; faster labor compensation growth (i.e., wages and benefits); 29.4 percent ($6.9 trillion) more economic output; 45 percent ($960 billion) more exports; and an economic growth rate 81.2 percent as fast as that under Clinton.” (J. Edward Carter, Op-Ed, “Better Than Clinton?” National Review Online, 2/26/04)

“Critics Can Say What They Want, But The Bush Administration’s Tax Cuts Are Stimulating The Resurgent National And State Economy, One Of The Biggest Success Stories Of The Year.” (Editorial, “Some Notable Successes To Celebrate In 2003,” Home News Tribune [East Brunswick, NJ], 1/1/04)

Democrat Commentator Said Bush Economic Policy “Stunning Empirical Success.” “I’m a Democrat … But I’m also an objective financial commentator. … I can’t help reach a different conclusion from Mr. Bush’s critics: The economic policies pursued by this president have been a stunning empirical success. … The Bush economic policies have worked beyond what anyone could have hoped for. Or, to put it in parlance my party might understand, This time it’s not the economy stupid.” (James J. Cramer, Op-Ed, “Bush’s Rising Stock” The Wall Street Journal, 1/15/04)

“[T]he Bush Tax Cuts On Dividends And Marginal Income Tax Rates Have Proven To Be Both Helpful And Well Timed.” (Editorial, “Merry Economy,” The Wall Street Journal, 12/24/03)

“Bush’s Tax Cuts, Nearly Everyone Agrees, Were The Catalyst In Rejuvenating The Economy.” (Fred Barnes, “It Doesn’t Get Any Better Than This,” The Weekly Standard, 12/29/03)

3 posted on 08/29/2004 5:37:09 PM PDT by SunkenCiv (Unlike some people, I have a profile. Okay, maybe it's a little large...)

It's really Interesting how it appears how every one has not made an issue when it comes to the loss of jobs due to out-sourcing by Heinz 57 Varities with all the plants that were moved to foreign countries. Adding insult to injury John Kerry's wife hasn't had the decency to purchase the ingredients from any supplier in the US. You can make a sure bet the employees in those plants aren't getting paid what Americans did before they lost their jobs due this greedy move on the part of Heinz. Care to guess how many U S Citizens jobs were lost there? Teresa Heinz doesn't!

4 posted on 10/24/2005 6:08:01 AM PDT by Judge Dredd II (We need a George Washington for our President and Statesmen not politicians who sell the voters out!)

5 posted on 10/24/2005 6:11:08 AM PDT by Judge Dredd II (We need a George Washington for our President and Statesmen not politicians who sell the voters out!)

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.