Monday, May 15, 2006


Forbes' Rich Karlgaard has a good post and discussion string on his blog:

Old news, but worth repeating (since our MSM is in denial):

U.S. Q1 GDP growth clocked a whopping 4.8%. Also remember: This figure is typically is revised, upward, weeks later. Look for a 5.2% final tally. Gosh, what else is there to say about the roaring U.S. economy? Oh, yes. Unemployment is safely below 5%, and – wonder of wonders! – even the New York Times admits wages are rising faster than inflation.

And the bad news? The crunch in American manufacturing jobs, such as the auto industry … right?

Not a chance. About U.S. autos, my pal Jack Schultz writes: “In 1990 955,100 people were employed in the sector compared to 956,200 in 2005, not a huge increase but much less draconian than I would have guessed from listening to the media.” Good report, Jack.

The stock market agrees. The Dow closed at 11,577 on Friday … near its all-time high of 11,723, set in January 2000. From startups to job growth to share prices, the U.S. economy is awash in good news. Wouldn’t you agree?

Don't get your hopes up. This wonderful economic report has zero chance of of convincing the American Left that anything good has occurred. Or that the 2003 tax cuts caused it. Take this post from the leftist Daily Kos.

“The Bush tax cuts were designed to stimulate the economy by giving huge tax cuts to the wealthy. But Voodoo economics (trickle-down economics, or as we like to call it here, trickled-on economics) has been proven over and over again to NOT WORK…. Demand will dry up if there's nobody out there who can afford to pay for your goods and services…. This is a simple law of economics. I CLEP'ed 1 college econ class and made an A+ in the other, so I'm not a dummy when it comes to Econ.”
(full post)

No comments: