The latest third quarter GDP numbers are in, and they are impressive. The economy has grown a whopping 8.2%, much higher than the 7.3% previously reported. This is good news indeed for President Bush. Bad news for the Democratic establishment looking to unseat the President in the 2004 election.
From Foxnews.com
The 8.2 percent growth rate — more than double the 3.3 percent pace registered in the second quarter — represented the best showing since the first quarter of 1984, when the economy surged at a 9 percent pace. Economists were predicting third-quarter GDP would be revised up, with estimates ranging from a 7.3 percent pace to an 8 percent pace.
Near rock-bottom short-term interest rates and President Bush's third round of tax cuts motivated businesses and consumers to spend and invest more, helping the economy to move at such a fast clip in the third quarter, economists say. The next challenge is making sure the rebound is lasting.
Grasping at straws, liberal pundits will try to say that this is a jobless recovery, ignoring the fact that jobs are ALWAYS the lagging indicator for an economic recovery. It is true that we have had jobs lost; a lot of those were due to the recession worsened by September 11th, 2001. Now, many of those jobs are returning.
Right now the unemployment number is a respectable 6%. Compared to other western countries like Germany's 10.1% or 7.6% for Canada, the American worker is doing pretty well.
Six percent is very good, especially considering that full employment is generally considered between 5 and 6%, but generally around 5.5%. So though it is true that there are some Americans out of work who desire jobs, most American's who want jobs can find them.
This surge in the economy is mostly due to the cyclical nature of the nation's economy. The economy doesn't just plug along, it comes and goes in waves. But it is also due to the economic policies of President Bush. Across-the-board tax cuts enabled people to spend money, allowed businesses to invest in infrastructure, and provided more money to invest in stocks, bonds, and other investments.
Mostly though, this surge is due to people like you and me who work hard, pay the bills, and drive the economy. Continuing to do what we do will make sure this economic boom will continue. Put some money in stocks, buy a nice gift for your spouse, or take a vacation. American’s continued hard work will enable this boom to last, and push us into economic growth for the next decade.
I can't help but feel that more and more the Bush Administration is starting to look like the Reagan Administration.
Though George W. isn't as charasmatic as Ronnie was.
Maybe its just me though...
Posted by: Rob at November 25, 2003 12:45 PMSure, 6% sounds a lot better than 10%, but do the US and Germany count their unemployed in the same way? I think not. In fact, if we counted our unemployed in the same way Germany did, our rate would be more in the range of 10-12%.
Sure, we have 8.3% growth, so says the same executive branch that lied their asses off about Iraq. I take this with a big pile of salt. Anyway, at least 5% of that is borrowed money; how is that a good thing? How much of that did YOU get to spend on cheap plastic crap from China? A fair chunk of this is increased military spending - sooner or later the war has to end (it does have to end, right?). Then what? Start another war?
In short, a baloney sandwich could have done a better job than Bush has done to date, and one quarter of 8% growth built upon borrowed money neither you nor I will ever see doesn't convince me otherwise.
Posted by: Dave the Economist at November 25, 2003 02:06 PMDave,
You and your buddies are nothing but a bunch of Bush haters. Nothing that happens can make him appear good in your eyes.
Why do I even bother trying to talk to small minds like you.
Posted by: Tom at November 25, 2003 02:19 PM
