Posted on 12/05/2005 5:09:18 PM PST by Marxbites
December 05, 2005, 9:10 a.m. Bush Boom Continues Unabated The impressive GDP story is a tale of a tax cut.
By Jerry Bowyer
(The chart was here - please see article a NRO please)
Last week, the growth of gross domestic product was revised upward for the third quarter from an above-average 3.8 percent to a robust 4.3 percent. This level of growth is higher than the averages for the last 10, 20, and 30 years, making it impressive even if it had not come in the face of high energy prices and a series of devastating natural disasters.
In fact, the growth mark is the highest since the third quarter of 2003, when the economy reacted to the Bush tax cuts (enacted near the end of the previous quarter) with a staggering 7.25 percent annualized growth rate. The revision also raises the average for the last 10 quarters to 4.1 percent, which, as the chart above shows, bests the 3.6 percent mark set over President Clinton’s term.
Why do we begin counting 10 quarters ago? Because while Bush’s overall GDP average remains tempered by the anemic economy he inherited, it has grown by leaps and bounds since he signed his full tax cut (the so-called “tax cut for the rich”) into law. It’s admittedly easier to judge a president by everything that happens after he’s sworn in, but no president is an island, and no president gets to enact his policies the day he takes the oath of office. Since President Bush got the tax cut he wanted, Americans have gotten the economy they’ve earned.
— Jerry Bowyer is the author of The Bush Boom and an economic advisor to Independence Portfolio Partners. He can be reached through www.BowyerMedia.com.
"Why do we begin counting 10 quarters ago? Because while Bush’s overall GDP average remains tempered by the anemic economy he inherited, it has grown by leaps and bounds since he signed his full tax cut (the so-called “tax cut for the rich”) into law. It’s admittedly easier to judge a president by everything that happens after he’s sworn in, but no president is an island, and no president gets to enact his policies the day he takes the oath of office. Since President Bush got the tax cut he wanted, Americans have gotten the economy they’ve earned."
Wonder how the Dems would spin this?
Bush's fault
We also have tons of deficits as well. This economy could have done just as well or better with less damn pork and while he doesn't create the budget he certainly refuses to veto anything.
So Kerry, Edwards, Kennedy and the rest of the Left were actually wrong about the economy during the run up to the last election? Wow who would have guessed?
I thought the deficit was being reduced. You'll never get the federal government to seriously cut back on spending and to think otherwise is pie in the sky.
charts. we need charts.
Well, it's worked for me. :)
I've gotten an additional $1K back in taxes for the past two years running that I totally appreciate (and I watch our taxable income like a hawk) and DH & I took the plunge and started our own computer consulting business this past spring, and so far, so good. Credit is easy to obtain for new business start-ups, consumers have disposable income to spend, businesses are upgrading their computers left and right, etc.
God Bless America. If you can't make it here, you're not trying hard enough. :)
How's about not increasing it? 1-2% annual increase should be all you get and that's only when there's a surplus. Deficit means you get reduced by 1-2%.
I heartily agree.
Has anyone noticed how many Reps are evoking that despicable egomaniac FDR - the bumbler, the juggler, the liar, the abuser of his office, and commie dupe par excellance?
Makes ME want to puke.
Y'all realise that Hoover & FDR were the prime movers of our current welfare-warfare state that continues enriching elites at taxpayer expense. The Fed being their tool to inflate the currency to pay for it all, and just as unconstitutional today as it was in 1913. For now instaed of gold and silver to back our money, WE THE PEOPLE, are the full "faith" and credit of Govt's profligacy.
The only thing that bothers me is that it's usually at the moment of euphoria when the bubble bursts.
See the link please
It is there in all it's glory
http://www.nationalreview.com/nrof_buzzcharts/buzzcharts200512050910.asp
bttt
No, really, that is an old Wall Street adage. It dovetails with buy when the news is blackest, and sell on good news.
You mean the Fed slams on the brakes like in 1929, (I know there's quite few in between here) 1987, 1991, & 2000?
And yes the Fed will do it to us again.
Well you know how the media will play it. The question is whether we'll have the slowdown. Unfortunately, it can't get any better.
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