The first paragraph:
Economist Larry Kudlow calls today’s American economy, "the greatest story never told." If you’re generally predisposed to not support tax cuts and economic growth, you’re probably satisfied that the U.S. economy isn’t bragged on more. But you’d also be out of step with Americans traditional optimism, and out of step with reality, too.
Out of step with reality? Check out this Gallup Poll Survey published on 7/23/07:
Gallup determines Americans' overall economic mood by combining respondents' rating of current economic conditions with their perception of whether the economy is getting better or getting worse. On this basis, 25% of Americans are now categorized as "positive" about the economy, 49% as "negative," and 22% as "mixed." In June, 20% were positive and 60% were negative. This compares with 34% positive and 38% negative in January.
Only about 25% of the people polled are thought to be positive about the economy. That's some reality based optimism for you Fred. Maybe you should hire another screenwriter. Let's take a look a couple of paragraphs down the script story:
Since the spring of 2003, the economy has had average growth of over 3%, 8.2 million jobs have been created, and the inflation rate has stayed low. The current unemployment rate, 4.6%, is a full percentage point below what it averaged during the 1990s, and there have been 47 consecutive months (almost four years) of job growth. In the last three years, workers’ salaries have risen by $1.2 trillion, or $8,000 per worker, and consumer confidence recently reached its highest level in almost six years
4.6% unemployement rate? By itself, this number really IS good news. What that number fails to reveal though is the fact that the jobs that are being created are low level service jobs paying barely above minimum wage. And what's this about an $8000.00 increase in workers salaries over the last 3 years? Why don't you ask the person at the fast food drive thru taking your order if their salaries have risen that much. As for the consumer confidence improvement. Let's ask them AFTER their ARM mortgage rates go up and are forced to sell their home or go into foreclosure.
And then there's this:
People have pointed out that journalists were trumpeting economic statistics during the Clinton administration that were not as good as those we have now, hence the "greatest story never told." I think they want to play down how well we’ve done with lower tax rates, because it interferes with the ability of their friends in Congress who believe that a virtuous society is one that divides the economic pie, taking more out of taxpayer pockets and letting government do more with those dollars. To them, growing the pie means taxing the people more, which then gives the government more money to transfer to others. But conservatives know better. People have pointed out that journalists were trumpeting economic statistics during the Clinton administration that were not as good as those we have now, hence the "greatest story never told." I think they want to play down how well we’ve done with lower tax rates, because it interferes with the ability of their friends in Congress who believe that a virtuous society is one that divides the economic pie, taking more out of taxpayer pockets and letting government do more with those dollars. To them, growing the pie means taxing the people more, which then gives the government more money to transfer to others. But conservatives know better. The economy can only really grow when you let people keep more of what they earn.
The economy can only really grow when you let people keep more of what they earn Ahhh, the trickle down theory. But here's the thing. The people/corporations with most money are greedy bastards and won't share it. So nothing is trickling down. Except the pee on my leg when you tell me it's raining.
Fred Thompson must think he's still on the set. Life is not a movie.
**UPDATE**
I just got this email alert:
Breaking News Alert
The New York Times
Thursday, August 9, 2007 -- 4:25 PM ET
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Dow Falls 387 Points on New Loan Fears
Stocks on Wall Street today suffered their biggest one-day decline since February after the turmoil in the home-loan market caused renewed concerns about tightening credit worldwide.
Tell me again how great it is Mr. Thompson and Mr. Kudlow.
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