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A rising tide that lifts only yachts ( Liberal Whining On the Economy Alert)
LA TImes ^ | 05/05/2006 | Ezra Klein

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 ...


TOPICS: Business/Economy; Culture/Society; Editorial
KEYWORDS: risingtide; yachts
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1 posted on 05/05/2006 9:49:03 AM PDT by SirLinksalot
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To: SirLinksalot
Our economy has grown so starkly unequal

I wonder if they checked that statement with the IRS...
2 posted on 05/05/2006 9:52:13 AM PDT by P-40 (http://www.590klbj.com/forum/index.php?referrerid=1854)
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Comment #3 Removed by Moderator

To: SirLinksalot
64% disapprove of Bush's handling of the economy. It's strange.

Huh. I wonder if the MSM coverage has anything to do with that.

4 posted on 05/05/2006 9:52:39 AM PDT by ClearCase_guy (Never question Bruce Dickinson!)
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To: SirLinksalot

HOOVER: "This article makes me feel all warm and fuzzy..."

5 posted on 05/05/2006 9:52:53 AM PDT by frogjerk (LIBERALISM: The perpetual insulting of common sense.)
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To: ClearCase_guy


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...


6 posted on 05/05/2006 9:56:50 AM PDT by in hoc signo vinces ("Houston, TX...a waiting quagmire for jihadis. American gals are worth fighting for!")
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To: frogjerk

He kinda looks like Lou Dobbs.


7 posted on 05/05/2006 10:00:18 AM PDT by techcor
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To: SirLinksalot
Our economy is booming, no matter how you slice it or dice it. The left always trots out the class warfare rhetoric to further their real goal and concern, which is more redistribution of wealth. Economic growth is economic growth. The left's issue is not the economy or economic growth--it is that the growth is not redistributed to those who don't earn it.
8 posted on 05/05/2006 10:02:06 AM PDT by Hendrix
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To: SirLinksalot

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.


9 posted on 05/05/2006 10:02:24 AM PDT by steve8714 (Illegals are a pain in the butt.)
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To: SirLinksalot

Reading the title, one supposes a significant increase in demand for yacht builders, cleaners, maintenance, security, etc ...


10 posted on 05/05/2006 10:27:59 AM PDT by JmyBryan
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To: SirLinksalot
A rising tide that lifts only yachts ....

Well Ted Kennedy, John Kerry, John Edwards, and Hillary should like that because they either own a yatch or could buy one.

11 posted on 05/05/2006 10:34:41 AM PDT by Hang'emAll (WE WILL NOT DISARM!!!)
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To: SirLinksalot
A rising tide that lifts only yachts

Liberals love to invoke physically impossible metaphors to explain their economically ignorant concepts.

12 posted on 05/05/2006 10:39:13 AM PDT by randog (What the...?!)
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To: SirLinksalot

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.


13 posted on 05/05/2006 11:00:56 AM PDT by jordan8
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To: SirLinksalot

Economy up

Women, minorities, and LOSERS hit hardest


14 posted on 05/05/2006 11:21:52 AM PDT by D.P.Roberts
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To: SirLinksalot

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.


15 posted on 05/05/2006 11:32:09 AM PDT by waverna
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To: SirLinksalot

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...


16 posted on 05/05/2006 12:04:22 PM PDT by WOSG (Faith & Reason)
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To: steve8714

You need some deductions it sounds like---buy a house--- Or maybe control discretionary spending..or maybe get married and have a few kiddies ;>)


17 posted on 05/05/2006 1:27:25 PM PDT by eleni121 ('Thou hast conquered, O Galilean!' (Julian the Apostate))
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To: eleni121

I have a mortgage and a01..at 55 no more dependents are coming. Yhese would nibble the edges only.


18 posted on 05/05/2006 7:36:29 PM PDT by steve8714 (Illegals are a pain in the butt.)
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To: steve8714

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.


19 posted on 05/05/2006 8:35:08 PM PDT by GSlob
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To: GSlob

I'm not whining about what comes in, only what is taken at the point of a gun.


20 posted on 05/06/2006 4:43:07 AM PDT by steve8714 (Illegals are a pain in the butt.)
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