“The American economy is the strongest in the world and growing faster than that of any other major industrialized country,” Peter Wehner, director of the White House’s Office of Strategic Initiatives, wrote in The Washington Post. And he cited a number of strong indicators: The economy grew at an annual rate of 5.3 percent in the first quarter; employment is near an all-time high; the 4.6 percent unemployment rate is well below the average for each of the past four decades; real disposable personal income has risen almost 13 percent since President Bush took office; tax revenues total household net worth are at all-time highs.
But columnist Tom Teepen countered on Wednesday’s Opinion pages that one reason the public still lacks confidence in the economy is that the gains have mostly benefited the rich. He argued that family incomes for midrange earners fell for the fifth year in a row and that, while high gasoline prices don’t make the well-off sweat, “they turn up the heat on most folks.” He also noted that the number of Americans without health insurance is 45 million and counting, that many pensions are wobbly, and that college costs are leaving many families behind.
“And the unemployment rate, in practice, is not quite as smiley face as the White House makes it out to be,” Teepen wrote. “It is bolstered in part by former job seekers who have given up and dropped out of the work force.”
Posted by Phillip Brownlee
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60 Comments
Some economies are better using slave labor.
U.S. raps Israel over failure to counter forced laborBy Relly Sa’ar, Haaretz Correspondenthttp://www.haaretz.com/hasen/spages/724581.html
Phillip, Excellent Post!Thank you.
Bushco is painting a pretty picture. And just how much of that are we supposed to believe?
As much as Bushco is shoveling us about improvements in Iraq?
And how about the people who cannot afford to drive to work, that is if they still have a job?
The true unemployment rate is closer to ten percent. Expect economic collapse by the end of 2007.
V.L.R.B!!!
Thank you Phillip!
What would we do without a rebuttle by you on anything this administration says or does?
I am so glad this blog brings such a fair balance to the issues.
It’s a shame that Bushco isn’t one of the unemployed { and have to buy his own gasoline, while looking for employment }.
Nathan?
You are a government employee yes?
Get on out in the private sector. Then come tell us about the “great economy”.
But if Bushco was unemployed, then he wouldn’t be over in the Middle East stirring-up trouble and driving-up the price a gasoline.
JR,
I am in the private sector. I have friends in the private sector. Things look just fine.
I’m sure that Karl Rove will tell us that the economy is just fine, it’s money that’s in short supply.
Nathan
Yes well,
You also have a wealthy politically connected father.No doubt that “earns” you other friends in the private sector.
A little different for the not so connected.
Nathan,
It is expected that home foreclosures will increase some 70-100%, this year over last. Does that seem like a healthy economy to you?
V.L.R.B!!!
Sure it does Ian. Because people like Nathan and his father DO the foreclosing.
Bushco has EPMD { Economic Policies of Mass Destruction }.
JR,
Has nothing to do with my father or any connections we have.
Don’t be jealous JR. Go out and do something to better yourself instead of hating those that do.
Well, Bushco got the Grim Reaper to design our foreign policy, so maybe Bushco got him to fix the economy while he was at it?
That’s right JR, get out there and do something. Got Gas?
I say otherwise Nathan.Your father has admitted to special access to government (Tiahrt) which others including me do not share. I’ve little doubt you have benefitted from this.
Nathan,
My clients and I have made out like bandits over the past few years so this is not about jealousy. The economy stinks; forclosures are on the rise, inflation is up and thanks to off shoring of good jobs and importation of third worlders we have real wages declining. You can call horse crap chocolate ice cream if you want but it still stinks.
V.L.R.B!!
Are they counting all the illegals concerning employment? After all, if the unemployment numbers are counted as I’ve heard they are, I doubt the first question asked during the phone call is, “Are you a legal citizen?” And if they did, whose to say a lot of people don’t lie, if for no other reason than they’re ashamed to say they don’t have a job. It’s people like Nathan who are so above everyone else that give those who lost jobs because of Bush’s policy a bad name.
How many people who lost good paying jobs are now having to work 2 or 3?
RD,Sure they are. Only 4.6% of the illegals are unemployed, and their in the ones being shipped back to Mexico. But they’ll be back next week and given amnesty.
The economy is good, but it can be better. Patience is needed.
Plus! We all know it will go through a downcycle. Usually they do on the turn of the decade. Be prepared for that.
Any competent economist can demonstrate that the cycles of the economy have very little to do with who occupies the Oval Office. If it is good, the sitting president takes credit, and if it is bad, he gets the blame.
Market forces take years to develop into an up/down turn.The president winds up as mostly either a cheerleader or scapegoat. One theory, “Dynamic General Equilibrium” suggests that there is a pendulum of sorts that swings back and forth thru the years, and offers as proof the cycle of business ups and downs over the past century.
Our economy at present is not all bad. That does not mean GW is personally responsible for it. Remember the 18% prime rate of 25 years ago? The economy will do what it does…with little regard to politics.
I’ve been searching for a job for months now, and frankly I couldn’t scare a job out of a tree. Hm- I wonder where all these mythical “jobs” are?
western kansas, unemployed. I have TEN of them, part time @ seven dollars an hour, plus tips.
I had two fourteen year olds apply to bus tables, and two seventeen year olds to wait tables, and NONE of them would be my first choice.
We cant even open until we find help. Papers here are FULL of help wanted ads. Hays says there are 400 jobs available, almost all seven dollars and on up. CNC machinists can name their price!
Maybe that doesnt sound like good money, but you can buy a house near my business for $5000.
So, how bad does anyone want a job. Bad enough to move out here? heheheh. I thought not!
If you don’t have a job yet, you must be a loser. Every aircraft company in the entire country is hiring, and cannot possibly fill every requisition.
Raptor–
What I remember is the 11,750 Dow Jones Industrial Average and 1 a gallon gas when Clinton was president.
The Dow just fell into the 10,900’s again. Nobody wants to buy into a Bush economy.
Six years and counting.
Say a group consists of me and 4 friends. If I make $500,000 and each of my friends make nothing, the average income of the group is $100,000. What the hell are they complaining about?
heheh XXX good one!
Damn good one X!
Um Jim? I worked in aircraft. Note the past tense.
They ARE hiring…..ENGINEERS! Not all of us out here are engineers.
Other than that they are shedding jobs. Raytheon has announced it will outsource all manufacture by 2007. They only want to assemble planes. That will be about 4,000 jobs right there. Mine among them that was the first to go.
Get your facts straight then come on back.
According to Cessna, they’re not just hiring engineers.Metal Bond AssemblerAssembler, Sheet MetalWelder, ProductionLathe Operator – TurretMilling Machine Operator, ProductionOperator, DrivematicIndustrial EngineerDrill Press Operator, RadialManufacturing EngineerPaint Preparation Worker
Looks like you didn’t know what you were talking about JR. I know for a fact that Spirit is hiring in ALL AREAS. So maybe the problem is you, and not the economy or the evil corporations.
“I know for a fact that Spirit is hiring in ALL AREAS” Yeah? Would that be good news for all the people they canned?
I doubt it. I doubt your honesty as well.
And I doubt you possess marketable job skills. The same goes for anyone who has gone any length of time recently without finding employment.
Let’s let fly with the assumptions.
I’m gonna assume that you are an azz sucking little mid management toady.
No sir. I do not have those skills. Nor do I want them.
Miss my ? about those Spirit workers that got canned did ya?
I’m sorry that your blame the world mentality doesn’t hold any water with those of us who went out and got jobs. I just pointed out several jobs that you should be able to go out and get, if you’re not a complete loser.
Maybe if your aspirations ever went a little higher than that of a burr-hand, you might have made something of yourself, and you might have been of some use to Raytheon. Good day to you.
BTW, there were no Spirit employees let go. Those were Boeing employees. Again, good day to you.
Jim uses a fake email address similar in spirit to our old friend esod. Any takers they’re one in the same?
JR, I’m sorry about your situation. Getting or not getting a job with a large corporation is often no reflection on the skills or abilities of the applicant. I’ve worked at several big companies and IMHO they contain a fair number of people in relatively responsible positions who don’t deserve those positions.
There’s a difference between a manager and a leader. A leader inspires people so that they WANT to work for them; they bring out your desire to do your best; they recognize your abilities and reward you with compliments, more responsible work, and yes, money. A manager, on the other hand, doesn’t inspire his reports, fulfills corporate policy but inspires no one, and will not go out on a corporate limb to make things better for his reports. Unfortunately, leaders are rare…managers are a dime a dozen.
Keep your chin up. Many people aren’t made to “fit in” like a relaceable part at a corporation. It’s tough, I’ve been there, but I’m sure a bright guy like you will eventually find somehing that will make you a decent living and fit with your personal ideals.
Jim, it’s people like you that cause Unions to happen.
Looks like JR has no skills.
Yeah! It’s tough to get on the aircraft manufacturing plants on the low skilled positions. They are ran by the union, so in a union shop it’s about who you know and who you blow to get on and stay on.
So if you don’t have any family memebers working there to get you to stay on and don’t know anybody you can blow, you’re not getting back on with no skills.
The fact of the matter is, right now liberals can’t stand good economic news (much like the news coming out of Iraq today) and go to great lengths to tap dance around it. Never heard them do that during Bubba’s tenure in Washington, though.
After coming out of the Clinton recession and getting attacked on our own soil by terrorists and fighting two wars, our economy is amazingly resiliant.
JRYou wrote:”No sir. I do not have those skills. Nor do I want them.”
Serious Question:
Please tell why you would not want a skill that is being hired?
I don’t understand.
>>Please tell why you would not want a skill that is being hired?<<
Interferes with those welfare checks, perhaps?
“Interferes with those welfare checks, perhaps?”
Patriot, go repatriate yourself, scumbag.
P.S. I don’t know how “politically connected” Hank is, but he DID claim on this here blog to own Halliburton stock. Sucking at the teat of the war machine is great when you’ve the cash to invest in the first place.
The Clinton recession…..what a laugh!
Yeah, Apophis, remember right after the election, when the Bush team talked constantly about how we were headed for a recession? I guess they knew what they were talking about–they made sure of it!
raptor, you’re right that presidents have little effect on the economy, as an abstraction. There’s just too much to it. However, it is quite possible for a presidential administration to royally cheney both the government and the country (as the Bushies predictably did), and thus the economy (eventually). The sad fact is that Sam Rayburn (look! he’s quoting a Dem!) was right: Any jackass can tear down a barn.
Doesn’t Michael Moore own Haliburton Stock?
Didn’t Joe say that you could find Al-Qaeda loving liberals on Democratic Underground and Daily Kos, and he wasn’t able to produce a single one?
Why should we concern ourselves with Michael Moore when we’ve got all blow and no show right here?
Somebody ought to compile all the straight-from-Joe’s-ass-to-you-ears-isms and have a weekly wrap-up every Friday.
Yo! Anoymous blow hard Clueless.
I produce the link. Read the comments made by the leftist. There are so many you can cheer with glee.
Also! I don’t see you condemming both Saddam or Zarqawi. Because you’re a leftist punk.
Nice Try limp wrist.
As far as my statement about Michael Moore. All you have to do is type: michael moore and halliburton stock on Google and it comes up with many links for ya.
You wanna come out behind that rock you’re at?
Friggin idiot!
JR,
My father has no more “special access” to Tiahrt than anyone else could have if they actually talked to their Congressman.
How on earth that helped me in the private sector I don’t know. I went out and applied for jobs. Amazing how that works.
The only thing my connections have ever gotten me was a seat in the State House offered to me.
A few of the Republicans asked me to run for my districts seat and offered me the Republican parties full backing. I was in my 2nd year of school at the time and was not interested in putting that off to run a campaign or serve the people when I wanted to finish my school.
Looks like we had the wrong Price with connections.
Maybe so RD.
Access to tiahrt Nathan? At the meet up and elsewhere your father has boasted of his. All I ever get back is form letters and the occasional reminder that Tiahrt represents the voters of Kansas not me. But I am of course one of his constituents. Not wealthy or connected enough I guess. I think RD has had the same experience.
Jim? ya never answered my questions desk diver.
Welfare? Never been on it.Joe Williams you continue to amuse/amaze me. Kid? “Who ya know and who ya blow” is relevant. But not to unions. No kiddo that is the province of management(I liked Brians take on management) You are one of those “employee of the month” types aint ya Joe?
Right Angle why don’t you email me anymore?
“Patriot”? Go establish your own reputation before you attack mine. ‘K?
JR, I don’t bother writing TT. My kids are smart. They won’t let me get near him when we see him in person, riding and waving in parades.
I’ve written Dole, years ago, and received a letter that basically said, “I vote what I think, not what you want.” One from Roberts in the last couple of years that droned on and on about why he felt the way he did about whatever it was (one of those Dear XXXXXX letters), and no response at all from Brownback when I wrote him.
I’d rather email. So much easier for them to delete than throw away, and less cost to me for a stamp. ;)
JR,
I don’t know what to tell you. We have no special access.
Not that I want to get uncivil…
Could it be that you have a less than friendly additude when you deal with him? I have seen how you talk(type) here about things and perhaps your inability to have a reasonable, civil, and friendly discussion precludes you from having the same type of “special access” others have.
Just speculating… like you are.
Nathan
You should talk. Your “Bush can do no wrong” attitude seems to override the obvious.
As does your “The Jews did it” aryanisms.
Wow Ian! For once you didn’t blame the struggling economy on Jews! This is certainly proof that even neo-Nazi holocaust deniars can evolve a wider cerebral cortex enabling their cognitive faculties to get beyond at least a little bit of Nazi propaganda.
General Eisenhower predicted there would be idiots like yourself, that’s why he made German civilians bury the heaps of emaciated bodies and brought General Patton, and even Churchill himself to tour the captured concentration camps from the retreating Wermacht.
JR, ever thought about nursing? Lots of scholarships and low interst loans available for school, you can get through in 2-3 yrs and be guaranteed a job on graduation. The money’s not bad, starting pay for a new grad is about $17 an hour. Lot’s of opportunity to do about anything you want in any specialty. There is a big need for nurses everywhere.You have to be able to handle stress, that’s the down part.