“The Greatest Story Never Told”: Today’s Economy in Perspective

Imprimus ^ | May 2008 | Patrick Toomey

[rockinqsranch]

Bookmark for later read.

[VegasCowboy]

bump

[Just another Joe]

This expansion took many forms, but three of the most important were a dramatic reduction in marginal tax rates, a series of major deregulations, and a broad expansion of trade.

And the left is only in favor of one of these and only if it is to the detriment of the USA.

[joe fonebone]

bump for later

[Mase]

This long period of sustained economic growth and the huge quality-of-life improvements it made possible didn’t happen by accident........This expansion took many forms, but three of the most important were a dramatic reduction in marginal tax rates, a series of major deregulations, and a broad expansion of trade.

Pat's just stating the obvious (at least to most of us here) and backs it up well. He's right in saying that this story hasn't been told and needs to be - especially with a Marxist as an opponent and so many here telling us they're going third-party or staying home.

[Nascar Dad]

Pat Toomey bump

[goodnesswins]

You mean....America does NOT Suck.....like the DEMS insist?

[SeafoodGumbo]

Great article! The same gains can be seen in the world economy, too.

The same tremendous improvement in living standards can be seen worldwide. If it weren't for the ghouls of the MSM incessantly beating their drums of doom, more people might realize this. When I was a kid in the 70's, the covers of Newsweek, Time, and other magazines often had pictures of starving African kids with distended bellies and flies swarming around them -- people starved in great numbers in Africa and Asia. When was the last time you saw a magazine cover of a starving child? There are still starving people and extreme poverty, but much, much less than a generation ago.

In the last generation, hundreds of millions of people have moved out of extreme poverty in China and India. The progress has been absolutely incredible, but you never hear mention of it in the MSM who are busy worrying about terrorists getting panties put on their heads.

These morons who rail against "globalization" don't realize just how many people can eat because of increased trade who would have starved a generation ago.

[agere_contra]

Absolutely. Well said.

[OKIEDOC]

It's a great story but someone forgot to mention that the main ingredient driving this story is oil and it is left out of the equation.

America needs to drill now and the environmentalist need to be put in their extreme minority place before it is to late.

[wbill]

Right in one.

I'd add futher that people in Africa, China, India, et al, have more time to worry about things that are of concern to Democrats - environmentalisn and the like - if they're not worrying about where their next meal is coming from. Prosperity, not regulation, is the solution to environmental issues.

As far as America is concerned, I think that we're in pretty good shape. I can probably find a half-dozen channels on my TV at any one time where people are very well-paid to do nothing more than discuss what other people are very well-paid to wear. So as America is prosperous enough to produce trivialities like this, and Americans are prosperous enough to consume them....We'll be OK.

[marron]

Its easy to sell the story that the economy is bad because everyone has their problems, everyone has bills to pay, and most people find it difficult to put their own situation into perspective.

And even people who recognize that they are doing well will sense the fragility of their situation, and that unease can easily be tapped by the professional pessimists.

But the fact is that the US has the lowest unemployment in the world. We have a roaring economy. Forget what the news people and the politicians tell you. Steel and concrete are going through the roof, which tells you that they are building like crazy. The restaurants are jammed. The railroads are jammed. Even at 4$ a gallon the highways are jammed.

We take in a million and a half immigrants each and every year and we still have the lowest unemployment in the world. And with all of that, the Dems continue to sell us on the need to let them run the economy.

Sure. They’ll know what to do with it.

[ex-snook]

Economy ‘stories’ are somebody spinning.

All economy is local and people will decide at election time how their economy is.

[marsh2]

This ignores the fact that the rural areas of the United States have not progressed. Our area in California, for instance, is still at $30,000 median income with a double digit unemployment rate. It gets worse and worse with increasing regulation of natural resource businesses, such as small family farms.

Our County Aging committee is currently trying to figure out how to keep Seniors from freezing this winter. We are stock piling free firewood cut by fire crews and stacked by volunteers for income qualified seniors with woodstoves, but God help those who went to kerosene units because of the air quality regulations. I don’t know what we will do for them. The waiting lists for LIHEAP (cash heating assistance) were long last year. There was money for less than half. This year will be a dangerous one.

[expat_panama]

"...a Marxist as an opponent and so many here telling us they're going third-party or staying home."

Spot on, but let's be fair. 

When freeperGloomers say that today's 5.5% unemployment is worse than Clinton's 5.5%, they're not thinking they can get their pal Obama elected. 

"Thinking" has nothing to do with their behavior.

[groanup]

Don’t look now but the sad sacks won’t like this one.

[VOA]

Thanks for the post.

And here’s background on the author:
Patrick Toomey
http://en.wikipedia.org/wiki/Pat_Toomey

[nicola_tesla]

That’s OK, folks - ignore the trillions of dollars in funny money aka fiat money that has created this boom and that is now causing major problems in the world’s markets. Remember, debt is money, and it can only be sustained as incomes rise to match debt service.

Ask yourselves why we are witnessing double and triple digit percentage increases in commodities and the implication that has for family budgets around the world.

Credit derivative bets are now well into the hundreds of trillions of dollars. The astronomical leverage at investment banks, hedge funds and private equity clients of anywhere from 25-45 to 1 virtually guarantees massive disruption in global markets.

The crash, when it comes, will take no prisoners.

But go ahead, party on, folks, the good times will only get better.

[EagleandLiberty]

Great article.