Posted on 12/03/2005 2:06:38 PM PST by forty_years
Eugene Robinson at the Washington Post thinks we have a "bauble economy" -- its all just a "giant Ponzi scheme." The facts just keep contradicting him. Today, the Bureau of Labor Statistics reported that "employment grew by 215,000 in November." On Wednesday, the Bureau of Economic Analysis revised our national GDP for the 3rd quarter upwards to 4.3% from an initial estimate of 3.8%
On the astonishing job creation, from CNNMoney.com:
"This is another affirmation that we've gotten over the shock of the hurricanes and the economy is back on track to where it was before," said Mark Vitner, senior economist with Wachovia Securities.The gains were broad based, with construction adding 37,000, manufacturing payrolls growing by 11,000 and business and professional services adding 29,000. The retail sector added just 9,000 jobs, although those numbers are seasonally adjusted for the holiday shopping season.
"Today's employment report also has sustainability written all over it," said Anthony Chan, senior economist with JPMorgan Asset Management, noting strength across the economy.
On GDP ("the output of goods and services produced by labor and property located in the United States"), again from CNNMoney.com:
The economy shook off Hurricane Katrina and just about every other obstacle in the third quarter, growing at the fastest rate in a year and a half and topping even the most optimistic forecasts...The revised reading was the fastest pace of growth since the first quarter of 2004 and well above the 3.3 percent rate of growth in the second quarter.
The growth came despite two major hurricanes that slowed economic activity in the quarter, energy price shocks, higher interest rates and a record trade deficit in September, which subtracts from GDP.
"I think if you would have excluded the hurricanes, you would have been talking as much as 4.7 percent," said Anthony Chan, senior economist with JPMorgan Asset Management. "I don't think anyone would argue 4.6 percent."
The report also showed inflation largely in check, even creeping backwards.
Shhwweeeeeet. Superb output, job growth, and controlled inflation -- plus decent stock market performance. I haven't heard the term "Goldilocks Economy" since the bubble burst in the late 90s, but I have a feeling we'll be hearing it soon again.
From netWMD Economy
Primarily the result of the reduced marginal tax rates for individuals and small business enacted because of the efforts of President Ronald W. Reagan and President George W. Bush.
This is why the MSM has been dutifully refraining from reporting any economic news.
Well, it's working grandly for me and the small business I started this past spring. And I never argue about the economy with a roof over my head, money in my pocket and my belly full. ;)
The MSM reports the economic news, but after the first paragraph where they report the statistics, they usually launch into a negative spin about the economy: they quote people who say it's "a bubble" or talk only about jobs that have been lost and not about new jobs that have been created. There's a lot of one-sided and deceptive use of statistics in the MSM's economic coverage.
I happen to be looking for a new job. My phone has been going off with potential job offers. I happen to be in IS and not all jobs has been outsourced to India...
but,.... but,...... Dean says it's the worst economy since Herbert Hoover! </ MEGAsarc
The report also showed inflation largely in check, even creeping backwards.
One big reason for this is that oil prices went down quite a bit lately but are now starting to creep up again.
I just have to say it...
THIS IS ALL BUSH'S FAULT!!!
What's so amazing? Several hurricanes leave hundreds of thousands homeless and tear up the gulf coast. People are rebuilding. Millions of people buy batteries, plywood, water, generators, and other essentials before storm, and then buy building supplies after the storm. Some people buy gas and drive to Dallas to stay in hotels for weeks. They eat in restaurants, spend on credit cards. Jobs are created, money is handed out. Roofers make out like bandits. Tree surgeons are kept busy. Police and Firemen make beaucoup bucks on overtime. Mobile home manufacturers hire extra people to make hundreds of thousands of mobile homes. Cleanup crews are hired for long term cleanups. Repair crews are heavily employed. Hotels and restaurants make a profit. People lose all kinds of property, clothes, cars, etc. during floods and storms that need to be replaced. Yeah, the economy is hot. Amazing, huh?
That's it...just get the tax man and the regulators out of the way and let the American people work hard and build their businesses.
It sounds like the economy isn't paying any attention to the MSM's "polls" and President Bush's "disapproval" ratings.
Did this jerk predict the dot.com implosion? The Ruben led book cooking by major corporations?
Interesting post.
Ask to have you post pulled please.
What is VDARE and why can't it be posted? (if it can't, you can ask for it to be pulled yourself by click on abuse)
And I don't hit abuse. I told her. She can either hit abuse on herself or ignore me.
Whatever.
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