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October 6, 2006No one to credit for the good economy…It’s always driven me crazy that in the 1990’s we were told that 5.6% unemployment was “virtually full employment,” (of course it was, a Democrat was in the WH!) but the current 4.6% unemployment rate never gets reported, and even if it does, there is always a “but.” The headline reads: Job Growth Slows, Unemployment Rate Dips. Hmmmm…maybe “full employment” is actually near, this time? It’s at a 5 year low…: The economy created 51,000 jobs last month, the Labor Department said in Washington. While that was fewer than economists predicted, it was offset by a 188,000 rise in August that was almost 50 percent bigger than the government previously reported. The jobless rate unexpectedly declined to 4.6 percent. Bonds fell and the dollar jumped as the reports suggested the economy will withstand the worst housing-industry downturn in more than a decade. The numbers also diminished speculation that the Federal Reserve will reduce interest rates in coming months. And then there is this: U.S. Finds 810,000 More Jobs, Explaining Discrepancy About 810,000 more jobs will be added to the payroll count when the figures are officially revised next February, the department estimated today. The proposed revision, the biggest since Labor started adjusting the numbers in 1991, would mean the economy created 2.8 million jobs from April 2005 through March instead of the 2 million now on the books. Funny how there is no one to credit for all of this? Once upon a time news like this would be the lead story on a nighttime broadcast, with confetti flying. Here’s another good story: Budget Deficit Drops to $250 Billion The Congressional Budget Office’s latest estimate is $10 billion below CBO predictions issued in August and well below a July White House prediction of $296 billion. The improving deficit picture _ Bush predicted a $423 billion deficit in his February budget _ has been driven by better-than-expected tax receipts, especially from corporate profits, CBO said. [Emphasis mine - admin] Say it again: TAX CUTS WORK! And then remember what Charles Rangel said: he, “could not think of one’ of President George W. Bush’s first-term tax cuts that merit renewal.” The Dems can’t think of a single tax cut they’d want to keep in place. Remember that. It’s important, and no one wants you to know it. The press and the Dems want you to keep your eye on the Foley-gate birdie. Misdirection is the illusionists best friend: It is true that there are many illusions in the world. And on the world stage there stride some masters of the sleight-of-hand and the misdirection - you can recognise them because they are all of a mind, and of a piece, and they are all working different parts of the same trick. But if you can recognise a trick for what it is, you can prevail against it. I’m very glad that President Bush suffocated this economic travesty waiting to happen. It’s still in the wings, waiting for the right Democrat…even though back in the day the whole senate (including then-senate President Al Gore) voted against the thing. http://theanchoressonline.com/2006/10/06/no-one-to-credit-for-the-good-economy/trackback/ 10 Responses to “No one to credit for the good economy…” |
October 6th, 2006 at 9:06 pm
Up Means Down
Have you been able to translate the latest Liberal expression?
Is this a new secret code, promoting fantasy as reality?
October 6th, 2006 at 9:21 pm
‘Bad News’ For Tax-Raising Democrats
The Democratic leadership and their promoters in the MSM surely don’t want to talk about the very critical issues facing us, such as Iran’s war with us in Iraq, immigration, terrorism, national security, N. Korea, nor the administrations success with…
October 6th, 2006 at 9:58 pm
[...] Anchoress was on fire with economic and, ahem, other revelations (R-Rated material at this link, but worth every minute; one supposes that Mr. Anchoress is in store for an enjoyable Friday evening). [...]
October 6th, 2006 at 10:02 pm
[...] UPDATE: Check out what The Anchoress has to say about the economy. [...]
October 6th, 2006 at 10:46 pm
I just love the way the MSM zooms in on the housing slump any time they have to report that the economy is booming. Of course there’s a housing slump; that’s because 95.4% of the workforce is employed and has no need to move!
October 7th, 2006 at 7:39 am
As always, the point missed here is the essential–long term–devolution of the American economy. To the ordinary person, even to the ordinary Democrat, these abstract figures really have no meaning, except as a touchstone for everyone’s morale, or a cheerleading pom-pom to wave for your political party–either party. Since the 1930’s, in good times or bad, the vast majority of us have been “employed”.
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The real economic news is that the people who are always “employed” are working harder and longer for virtually the same wages and so gaining nothing from it. This is called “increased productivity” these days, but it used to be called “sweatshop labor”.
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G.K. Chesterton writes about it, by the way, and he is still well worth reading about it. The economy of 1900-1930 has many useful parallels to that of 1980-2006.
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On the other hand, those of us [to whom I belong] who are always in real danger of being unemployed are very quickly being sorted into two levels of peonage: an immigrant one, and a native-born one immediately above it.
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The violent swings of economic boom and bust; abruptly rising fuel costs; and the exponentially increasing costs of local housing markets, health insurance, and college tuition now prevent the vast majority of the people I have described above [whether "employed" or not] from an economic future which is better than the past and not one in which they are lucky to be “employed” no matter what the cost to their health and happiness.
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Of course, those of your readers who have no real memories of the years 1940-1970, when “better” became possible for everyone, have “gotten used to it”. Human beings are incredibly adaptable and can “get used to” virtually anything in order to survive–even prison camps.
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But the real difference between 1940-1970 and now is that government regulation was used to keep the economy in steady and stable growth rather than merely keep the majority of us “employed” while we are all on a constant wild roller coaster ride that makes a few people very rich and keeps the rest of us running ever faster merely to keep up.
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Both parties bear their share of the blame for this. It was created by the wild military spending spree [without wage and price controls] started by Lyndon Johnson in Vietnam and then routed by Ronald Reagan into the hands of a very small segment of the economy [Boeing, McDonald-Douglas, Lockheed, and the petroleum companies] for “big ticket” weapons systems to compete for power with the Soviet Union.
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It was also continued and exacerbated by the Clinton Administration’s lowering of trade barriers on far more favorable terms for the rest of the world than for us.
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Where we stand now is this. We are the world’s largest consumers of energy but make almost nothing in the way of durable goods. Our “innovative and technological advantage” is disappearing as we eat the heart out of our educational system and as we “get used to” being merely employed, being part of the necessary but “surplus” peonage, or enriching ourselves through equity speculation. And all the while the whole world hangs by the thread of liquid fossil fuels–a thread which could break at any moment if enough war happens in the Middle East.
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So let the good times roll.
October 7th, 2006 at 8:40 am
Democrats and the strength of their convictions
“Congressman Rangel, if Democrats regain power in 2006, will you consider extending any of the President’s tax cuts?”
October 7th, 2006 at 11:35 am
The Economy Is Smoking!
As my regular readers know for the last few days it’s been All-Foley-All-The-Time here at Flopping Aces. Frankly I’m a bit sick of it, and I know most of you have to be by now also. That’s why I am now changing to All-Economy-All-Th…
October 9th, 2006 at 4:11 pm
Indian Summer, and George Bush’s Weather - and Economy
It is Indian Summer in New England. There is nothing finer. Nights are cool, in the 50s - perfect sleeping weather with the window open and the comforter tossed around, and the dogs at your feet. Blue skies, low humidity, nice breezes for sailing - and h
October 13th, 2006 at 10:56 am
I agree that the economy is doing better in spite of my husband losing his job before this year’s end due to a plant closing. The plant’s closing had nothing to do with the political climate and everything to do with corporate offices up in Novi, Michigan not knowing how to add and subtract. I’m glad to hear that there are more jobs available. My husband is currently grooming himself for another job he thinks he will be very happy at. Meanwhile, we’re just happy that there’s the promise of severance and ongoing insurance benefits for up to 6 months afterward. We believe in God’s favor in this matter and think that we’ll be better off in years to come inasmuch as he hates his current job anyway. He has become disenchanted with it over the past 5 years, but it just pays so well and he had seniority, so he stayed there anyway.