Small wonder Democrats are sulking
By JohnHuang2
March 16, 2002All the good news on the economy of late is enough to make a grown Democrat cry -- like a baby.
And, for Democrats -- and all kindred recession-mongers, for that matter -- there's just no relief in sight.
Economists seemed stunned and amazed at the torrent of reports signaling a stronger -- much stronger -- than expected recovery. In fact, Big Media's dirtiest little secret is that a recovery was already well underway prior to the September 11 attacks. That's a fact.
This is not to minimize the impact of 9/11, however. Indeed, harrowing footage of kamikaze attacks leveling the World Trade Center in the nation's premier financial district sent shock waves here and across the globe. Consumer sentiment dove into a free-fall.
But, contrary to "analysts'"' predictions, the U.S. economy did not implode. It's debatable whether we were ever in a recession. The National Bureau of Economic Research, the so-called official 'scorekeeper', announced in November that the U.S. economy had slipped into recession in March of 2001. Yet, only third quarter GDP posted negative growth. Recession requires two back-to-back quarters of contraction. In retrospect, the consensus is NBER apparently jumped the gun -- big time.
But they weren't the only ones. Bush had barely been in office for six weeks in March of '01, but Democrats seized the NBER report and were already calling it the 'Bush recession'.
"Mainstream" pundits, parroting those sentiments, sounded the death knell of the Bush presidency, auguring a GOP bloodbath in the fall. In the end, 43's fate would be no different from 41's. Some even suggested a 'recession curse' plaguing the Bush family name.
But that was then, and this is now.
Recession? What recession? Hello? The talk today is of peddle-to-the-medal recovery and expansion. New numbers by the Federal Reserve yesterday on industrial production (up .4% for February) and capacity utilization (up .3%) -- both figures exceeding expectations -- only validates the bullish sentiment sweeping Wall Street these days.
And Mainstreet, as well.
Take a peek at yesterday's University of Michigan survey of consumer sentiment. The index leaped in February to 95.0 from 90.7 in January. Th reading is reportedly the highest it's been since December of 2000.
As if that were not enough, according to the report, a majority of consumers now anticipate good economic times -- the first time since 9/11. While 60% percent expected unemployment to rise back in September, only 31% feel that way today -- a level of consumer optimism not seen in over 14 months.
With a recovery in full swing, speculation now turns on the Fed's next move. After 11 straight rate cuts in 2001, most expect the Federal Open Market Committee in its policy meeting on Tuesday to change its stance from 'easing' to 'neutral'. But while Democrats are hoping this sets the stage for aggressive rate hiking this year, and an end to the recovery, they're in a crushing disappointment. The FOMC will likely leave rates unchanged until it sees a full investment sector recovery -- always a lagging indicator.
Moreover, the threat of inflation remains virtually nil. The Labor Department reported Friday the Producer Price index edged up a paltry .2% in February, only slightly higher than January's .1%. The "core" rate, which excludes widely gyrating food and energy prices, was unchanged in February. "Analysts" expected a .1% rise in PPI.
Let's see here: Tame inflation, low short-term interests rates, improving employment picture, rising factory output, rising consumer sentiment, rising disposable income, rising demand, rising stock market, rising productivity -- small wonder Democrats are sulking and moaning and groaning these days.
But, as the Gipper would say, they ain't seen nothing yet.
Meanwhile, back in Washington, the fallout over the killing of the Pickering nomination by Judiciary Committee Democrats escalated further yesterday.
Maverick Georgia Democrat Sen. Zell Miller, who on key issues often breaks with his party, warned fellow Democrats to expect dramatic ballot-box repercussions, particularly in the south, in the aftermath of their torpedoing of the Pickering nomination.
"Politically, this action may very well elect a Republican governor in Mississippi", thundered Sen. Miller. "And it will certainly make it even more difficult for Democratic candidates to be successful in the South."
In other words, what goes around, comes around. But the backlash isn't waiting for November.
Senate Minority Leader Trent Lott of Mississippi made do on a threat earlier Friday to reciprocate the detestable, odious, ugly and shameful mistreatment Judge Pickering had received at the hands of Committee Democrats. One of Daschle's nominees to the Federal Communications Commission is now on hold. The nominee is a Daschle staffer, no less.
Additionally, Sen. Lott scotched a Judiciary Committee supplementary funding request, to the tune of $1.5 million.
In my humble opinion, Sen. Lott needs to go even further. Republicans should bring all -- ALL -- Senate activity to a screeching halt until the full Senate is allowed to vote the Pickering nomination up-or-down.
Judge Pickering deserves no less -- especially after the contemptible, Kafkaesque travesty he's been put through. But don't hold your breath, however. If a full Senate vote were allowed, Judge Pickering would easily be confirmed to the U.S. Circuit Court of Appeals in New Orleans.
Charles Pickering, a longtime friend of Sen. Lott, currently serves as U.S. District Judge in Mississippi.
My two cents...
"JohnHuang2"
Driveby Henry Lamb MEGA PING!
L
Thank you so much for posting the Lamb article. Sometimes I need a good, cold swim in a pool of sanity.
I believe many fewer are going wobbly than the MSM and their polls would have us believe.
This is an excellent article and speaks volumes to the truth of the matter. This is exactly what GOP pundits need to be stating. Democrats are politicizing our military efforts in Iraq using pullout now rhetoric so OK, for every Democrat that raised a voice in cut and run he potentially emboldened a terrorist who potentially kills an American servicemen.... Democrats must stop the killing of our servicemen NOW...
Well, that's not exactly true. They don't belly ache when it comes to excessive spending, wide open borders, drug program handouts, federalizing of employees...
Absolutely everything done by the DemonRats is for political advantage. They do NOTHING for the "American people".
bttt
Nice one by Henry Lamb.
Thank you for posting it.
I, also, enjoyed revisiting your $.02.
They are, always, a pleasure to read.
"Politically, this action may very well elect a Republican governor in Mississippi", thundered Sen. Miller. "And it will certainly make it even more difficult for Democratic candidates to be successful in the South."
Zell Miller....visionary. ;o)
Good to see you!