Posted on 05/05/2006 9:48:59 AM PDT by SirLinksalot
A rising tide that lifts only yachts
By Ezra Klein
LAST WEEK WAS a good one for economists, as the normally dour practitioners of the dismal science got to use decidedly non-dismal, even exhilarating, words such as "surging" and "momentum" to describe the new quarterly growth numbers.
And they had cause for such enthusiasm. From January through March, the economy shot forward, growing by 4.8% the largest increase in nearly three years and a stunningly rapid recovery after the previous quarter's Katrina-dampened 1.7%.
Economists, though, aren't the only ones excited. Floundering amid chaos in Iraq and corruption in Congress, Republicans are grasping at the good economic news of the last few years, seeing in it hints of electoral salvation.
Incoming White House Chief of Staff Josh Bolten has promised "more happy talk about the economy" as part of his five-point plan for righting the president's poll numbers. And President Bush himself has been bragging that "thanks to tax relief, and spending restraint, and pro-growth economic policies, this economy is strong, businesses are booming and the people in this country are working."
Strangely, though, the public doesn't seem to be listening. Americans are more than twice as likely to give pollsters a negative assessment of the economy as a positive one 64% disapprove of Bush's handling of the economy. It's strange. The macroeconomic numbers are decidedly robust, but the public remains determinedly glum.
If you dig a bit deeper than the base growth statistics, though, the picture clarifies considerably. Our economy has grown so starkly unequal that the statistician's view now says surprisingly little about the average American's experience. Last quarter may have seen 4.8% growth, but hidden in those numbers was a depressing factoid: Wages had only grown 0.7% slower than housing, health or gasoline costs.
(Excerpt) Read more at latimes.com ...
Huh. I wonder if the MSM coverage has anything to do with that.
HOOVER: "This article makes me feel all warm and fuzzy..."
Or perhaps merely the 1000 deadbeats they poll to engineer their agenda?
Either way, media in this country can't be taken seriously. They're all Jon Stewart wannabes, no facts, only barely comical rhetoric...
He kinda looks like Lou Dobbs.
This article is not all crap. If you factor in taxes, the middle class is taking it in the shorts again. I put 50K miles on my old town car per year, make less than $80,000.00 and taxes still are what hold me down. Income inequality is a fact of life, not a government policy decision, but it grew most rapidly in the second Clinton admin.
Reading the title, one supposes a significant increase in demand for yacht builders, cleaners, maintenance, security, etc ...
Well Ted Kennedy, John Kerry, John Edwards, and Hillary should like that because they either own a yatch or could buy one.
Liberals love to invoke physically impossible metaphors to explain their economically ignorant concepts.
So the author opposes keeping the wages of the working class down by maintaining the level of mass immigration we have now? Didn't think so.
Economy up
Women, minorities, and LOSERS hit hardest
Disapproval of Bush's handling of the economy does not equal disapproval of the economy.
I would like to see him do some things differently, like push harder on the Social Security issue. But I am happy with the economy.
Typical drive-by liberal-agenda media attempt to tell us why the good news on the economy is not really good news.
"Last quarter may have seen 4.8% growth, but hidden in those numbers was a depressing factoid: Wages had only grown 0.7% slower than housing, health or gasoline costs."
... and in April wages are up, news I'm sure they will forget to print...
You need some deductions it sounds like---buy a house--- Or maybe control discretionary spending..or maybe get married and have a few kiddies ;>)
I have a mortgage and a01..at 55 no more dependents are coming. Yhese would nibble the edges only.
Well, long ago it has been revealed that a paycheck [and also raises and bonuses] comes from a boss who could either give it or withhold it. However, if one assiduously keeps saving and investing what one has saved, one gets a second income stream which is ultimately more reliable, and with time could grow bigger than a paycheck. It is as if one is giving raises and bonuses to oneself.
I'm not whining about what comes in, only what is taken at the point of a gun.
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.