Despite the media massaging of the 4.2 % growth rate last quarter, the economic recovery is now undeniable. Says Max:
I don’t do economic predictions, but if I had to bet, I’d say the economy has turned around. The easiest criticism of Bush economic policy — the lack of job growth — may no longer be available.
Not that there aren’t still those out there who hope people remain unemployed so that the Democrats can achieve some political gain:
We liberals would like to think that the election is going to turn (or can be made to turn) on the state of the economy, or perhaps on favored social issues like education or healthcare. This is dreamland. The economy is going to do whatever the economy does, and right now it looks like it will be bad enough that Kerry has a chance to win but good enough that it won’t hurt Bush too badly. Relying on that to win the election would be foolish.
Of course- you can still hang your electoral hopes on bad things happening in Iraq:
Survey results for the past several months have been clear: Bush’s approval ratings for handling the war have gone down, people increasingly believe it was a mistake to invade Iraq, and sentiment is moving in the direction of bringing the troops home. But this hasn’t helped Kerry. It does give him an opening, but by itself it’s not enough for people to have doubts about Bush; they also have to believe that Kerry is likely to do a better job.
Robb
If you listen carefully, you can hear the goalposts moving.
JKC
I for one am glad that the economy is improving.
But before you guys whine too much about evil Democrats, try to remember that the GOP spent all of the 80’s and early 90’s running against the “Jimmy Carter economy.”
It’s called politics.
mark
JKC, the GOP was certainly justified to do that. The Carter economy was everything that the democrats are saying about the Bush economy (i.e. worst since the depression, etc.).
Ricky
The GOP spent the 80s running against Reaganomics?
And the 90s running against the Gingrich congress?
JKC, I don’t recall the GOP running on a negative economy….there were spates (the idiotic predictions of a recession due to the Clinton tax hikes) but I can’t remember anyone saying that the economy was in the tank.
They ran against Carter in ’80 because the Carter economy was horrible.
Slartibartfast
It shouldn’t go without mention that the Ford economy was no winner, though.
CadillaqJaq
And don’t forget the “worst economy in 50 years” (per Clinton/Carville etal) during GHWB’s last quarter when the post recession GDP was running at or above 4.1% growth… talk about moving the bar.
How and why sitting president’s get credit or blame for an cyclical national economy is still a mystery to me except that it makes for good conversation with “experts” that like to see their words in print and their faces of Sunday TV talk shows.
Kerry is quiet now about his earlier claim that he will create 10-million new jobs: has he given up on that pipe dream?
Gregory Litchfield
Slart:
For that matter, Nixon’s price and wage controls were an act of sheer madness.
Slartibartfast
I have a hunch that’s where the Ford economy came from, Gregory. Well, Nixon never was one of my heroes.
JKC
OK, it’s time to go outside and get some fresh air when I’m in total agreement with Jaq. ; )
Enjoy the weekend…
Steverino
Now, Ford’s economic plan wasn’t all that bad. Remember the WIN buttons???
CadillaqJaq
What JKC just said… ;)
(I had to come inside though; it began raining once again.)