Archive for the ‘Bush Economy’ Category

MSM hiding economic growth

August 28, 2008

Since what is good for America is bad for democrats, the DNC/MSM is burying news of economic growth. News like:

According to an update to the second-quarter gross domestic product report released by the government Thursday, the economy grew at a 3.3% clip, up from the 1.9% annual growth rate first reported last month. Economists surveyed by Briefing.com were expecting GDP to be revised up to 2.7% in the quarter. The GDP is the broadest measure of the nation’s economic activity.

Economic growth between 2.5% and 3.5% is typically viewed as the norm for a healthy economy.

…which CNN buried in the business section instead of on the top of US News (where it belongs) because it doesn’t fit with the doom and gloom economic message that the democrats are pushing at their convention.

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Compare and Contrast

April 10, 2008

By way of NRO’s The Corner
Democrats on the Economy in 1996:

“Our economy is the healthiest it has been in three decades.” (President Bill Clinton, State of the Union Address, January 23, 1996)

Democrats on the Economy in 2008:

“The bottom line is that this administration is the owner of the worst jobs record since Herbert Hoover.” (Senator Charles Schumer, Press Release, March 7, 2008)

Key Labor Market Statistics in 1996 and 2008


March 1996 March 2008
1. U.S. Unemployment Rate 5.5% 5.1%
2. Number of Long-Term Unemployed 1.33 million 1.28 million
3. Average Weeks Unemployed 17.3 weeks 16.2 weeks
4. Median Weeks Unemployed 8.3 weeks 8.1 weeks
5. Not in Labor Force because
discouraged over job prospects 451,000 401,000
6. Democrats calling for Extended
Unemployment Benefits? No Yes
7. President’s Party Affiliation Democrat Republican

Comparing Economies

April 2, 2008

John Lott looks at the current economy and that of the 90s.
An interesting study in actual numbers and how the MSM presents them.

Gas prices are going up. The economy is slowing. Talk of recession is seemingly everywhere. While the majority of people rate their personal finances positively, consumer confidence in the economy has plunged to a 16 year low, well below what it was during the last year of the Clinton administration when we were in a recession.

A Nexis search on news stories during the three-month period from July 2000 through September 2000 using the keywords “economy recession US” produces 1,388. By contrast, the same search over just the last month finds 3,166. Or, even more telling, take the three months from July through September last year, when the GDP was growing at a phenomenal 4.9 percent. The same type of Google search shows 2,475 news stories.

Over 78 percent more negative news stories discussed a recession when the economy under a Republican was soaring than occurred under a Democrat when the economy was shrinking.

A little perspective on the economy would be helpful. The average unemployment rate during President Clinton was 5.2 percent. The average under President George W. Bush is just slightly below 5.2. The current unemployment rate is 4.8 percent, almost an entire half a percentage point lower than these averages.

The average inflation rate under Clinton was 2.6 percent, under Bush it is 2.7 percent. Indeed, one has to go back to the Kennedy administration to find a lower average rate. True the inflation rate over the last year has gone up to 4 percent, but that is still lower than the average inflation rate under all the presidents from Nixon through Bush’s father.

Despite all that, this last week, Barack Obama claimed “As most experts know, our economy is in a recession.” Hillary Clinton made similar claims last fall. Yet, as any economist knows, a recession is two consecutive quarters of negative growth, and we haven’t even had one single quarter of negative growth reported. The economy slowed down significantly during the end of last year, but that was after a sizzling annual GDP growth rate of 4.9 percent in the third quarter.

The media’s focus on the negative side of everything surely helps explain people’s pessimism. In a recent interview Fox’s Neil Cavuto claimed this bias “is all part of the media’s plan to get a Democrat in the White House.”

Indeed, research has indicated that media bias is real. Kevin Hassett and I looked at 12,620 newspaper and wire service headlines from 1985 through 2004 for stories on the release of official government releasing numbers on the unemployment rate, number of people employed, gross domestic product (GDP), retail sales, and durable goods.

Even after accounting for how well the economy was doing (e.g., what the unemployment rate was and whether it was going up or down), there was still a big difference in how positive or negative the headlines were. Democratic presidents got about 15 percentage points more positive headlines than Republicans for the same economic news.

Last fall, I took a graduate level macro economics course. The book was written by a Clinton economic adviser. Using that book as guide, most of the Presidency of George W. Bush, the economy was smoking hot, with unemployment, inflation and GDP growth numbers that Bubba Clinton would had someone killed for.

Even now, the MSM and the democrats are preaching doom and gloom. The explosive growth in the Dow yesterday is something they would rather not think about. It disrupts their negative world view, as well as their chance to seize power in November.

A fast round up…

December 28, 2007

Various stuff I noticed but was too busy to blog before.

President George W. Bush had a very good year.
Of course, if you only read the New York Times, you wouldn’t know about it.

The troop surge in Iraq is succeeding. America remains safe from terrorist attacks. And the Goldilocks economy is outperforming all expectations.

At his year-end news conference, Mr. Bush said with optimism that the economy is fundamentally sound, despite the housing downturn and the subprime credit crunch. The very next day, that optimism was reinforced with news of the best consumer spending in two years. The prophets of recessionary doom, such as former Fed Chairman Alan Greenspan, Republican adviser Martin Feldstein, ex-Democratic Treasury Secretary Lawrence Summers, and bond-maven Bill Gross have been proven wrong once again.

Some Very Inconvenient Truths For The Global Warming Cultists

South America this year experienced one of its coldest winters in decades. In Buenos Aires, snow fell for the first time since the year 1918. Dozens of homeless people died from exposure. In Peru, 200 people died from the cold and thousands more became infected with respiratory diseases. Crops failed, livestock perished, and the Peruvian government declared a state of emergency.

Unexpected bitter cold swept the entire Southern Hemisphere in 2007.

Last January, $1.42 billion worth of California produce was lost to a devastating five-day freeze. Thousands of agricultural employees were thrown out of work. At the supermarket, citrus prices soared. In the wake of the freeze, California Gov. Arnold Schwarzenegger asked President Bush to issue a disaster declaration for affected counties. A few months earlier, Mr. Schwarzenegger had enthusiastically signed the California Global Warming Solutions Act of 2006, a law designed to cool the climate. California Sen. Barbara Boxer continues to push for similar legislation in the U.S. Senate.

In April, a killing freeze destroyed 95 percent of South Carolina’s peach crop, and 90 percent of North Carolina’s apple harvest. At Charlotte, N.C., a record low temperature of 21 degrees Fahrenheit on April 8 was the coldest ever recorded for April, breaking a record set in 1923.

Bad news for democrats

November 29, 2007

Or in other words, good news for America.

The U.S. economy expanded at the fastest pace in four years during the third quarter, growing at a real annual rate of 4.9%, the Commerce Department said Thursday in making its second estimate of growth for the three-month period. . . . Real GDP has increased 2.8% in the past year, close to the economy’s long-run potential.

It’s the economy, stupid!

August 30, 2007

Since we are having a 1992 flashback with another Clinton running for the White House, let us re-visit that catch phrase of the 1992 Clinton campaign and use it a 2008 context.

Bloomberg reports that the Bush Economy is freaking sweet!

Surging exports and business spending propelled U.S. growth to the fastest pace in more than a year before turmoil in the credit markets forced the Federal Reserve to warn of a bleaker outlook.

Gross domestic product rose at a 4 percent annual rate in the second quarter, the Commerce Department said in Washington, up from an initial estimate of 3.4 percent. The median forecast of economists polled by Bloomberg News was 4.1 percent.

The Fed’s preferred inflation measure, which is tied to consumer spending and strips out food and energy costs, rose at a 1.3 percent annual rate. The pace of increase was the slowest in four years.

I took a graduate Macro Economics course last spring term (and the book was written by a Clinton economist), so I have an even better understanding of how damn good those numbers are.

HT to Ace.

The Bush Economy

August 30, 2007

Another indicator is in and Poverty Rates Drop In US.

As one of my liberal friends used to say when yet another Clinton Scandal cropped up in the 90s, “Just look at your 401K and shut up.” Needless to say, I didn’t pay much attention to that advice.

Now the Bush administration has economic numbers Billy Jeff Clinton would have had Janet Reno kill another 100 American citizens for. He’s not taking his own advice and is still yammering the far left party line. That’s ok, its a free country, and I respect the First Amendment. So keep barking up that tree big guy.

The Rich get Richer

August 22, 2007

Harvard University reports:

Harvard University’s endowment earned a 23.0 percent return during the fiscal year ending June 30, 2007. With FY07 being one of the best performance years since the inception of Harvard Management Company in 1974, the overall value of the University’s endowment grew to $34.9 billion. . . . The endowment stood at $29.2 billion on June 30, 2006.

Mr. Reynolds comments: “Obviously, this obscene wealth should be subjected to windfall profits taxes.”
Obviously, Harvard is doing well under the Bush Economy.

It’s the economy, stupid!

July 31, 2007

The AP reports: Consumer Confidence Rebounds in July to 6-Year High Amid Healthy Employment Outlook

Consumer confidence hit a six-year high in July, a widely watched gauge of sentiment showed on Tuesday, as Americans shrugged off falling home prices to focus on a healthy jobs market, instead.

The New York-based Conference Board said that its Consumer Confidence Index, rebounded to 112.6, its highest level since August 2001 when it recorded a 114.0 reading. That compared to a revised 105.3 in June. The July 24 cutoff for the preliminary survey of 5,000 U.S. households was before last week’s stock market tumble, however.

“An improvement in business conditions and the job market has lifted consumers’ spirits in July,” said Lynn Franco, director of The Conference Board Consumer Research Center. “Looking ahead, consumers are more upbeat about short-term economic prospects, mainly the result of a decline in the number of pessimists, not an increase in the number of optimists. This rebound in confidence suggests economic activity may gather a little momentum in the coming months.”

That “Bush Economy” is going great.

The Bush Economy

July 6, 2007

Ken at SayAnything points out the truth of the matter:

Via Lorie Byrd at Wizbang we learn what the MSM refuses to tell us: the Bush economy is fricking stellar.

Mind you, in all fairness President Bush really has little to do with this. The president’s power over the economy is routinely overstated – as if the federal government is the be all and end all of economic health in the nation.

But what’s good for the goose is good for the gander. If we are to believe that Bill Clinton belongs in the upper tier of presidential quality due to the awesomely powerful unbelievable greatness of the economy during his tenure, the same goes for Bush 43.

Oh, did I mention that the most recent unemployment figures remained at 4.5%…There was a time when this would have been considered dangerously inflationary. But now, with inflation well under control, I guess these are two more statistics the MSM wants to hide from you.

P.S. I suppose it is fair to point out that Bush’s economic stats would be even better if he didn’t have to contend with the Clinton recession when he assumed office.