July 26, 2007

The Economy Is Great!

It is great, really. Job Growth Better Than Expected in June:

... The tally of 132,000 new jobs was stronger than the 125,000 that economists were forecasting. ...

And, and, the Bush administration says things are awesome.

But Bonddad tells us that today's S&P took a header, and Bush has left the lowest rate of job creation in 40 years. Hitting the wayback machine to 2004, it also happens that we need to add 200,000 jobs every month to keep up with new entrants to the job market, which means that unless our population has decreased since then, we're not doing so hot. And other headlines, erm, not so cheery ...

Fed chief sounds bleak

US mortgage delinquencies to peak in '08

U.S. first-quarter output falls short of forecast; inflation up

The Bush administration is still a little out of the loop, though. July 10, 2007

... White House spokesman Tony Snow says that Bush deserves credit for passing on a healthy economy and tackling daunting problems from Islamic terrorism to Social Security's finances to a broken immigration system.

"What the president does bequeath to his successor is a much greater sense of some of the challenges of the world," Snow says.

Americans have empathy for the next president. In a USA TODAY/Gallup Poll taken Friday through Sunday, 53% said he or she will face a worse situation than most new presidents; just 16% said it would be better than usual. Most blame Bush: 53% said those problems were mainly the result of failures on his part; 43% cited circumstances beyond anyone's control.

On each of a dozen issues, those surveyed were more likely to say Bush's tenure had made the state of affairs worse, not better. ...

The markets don't believe them anymore, and certainly, neither does the public. When is Bush going to have to wake up to the realities his fellow citizens are living with under his disastrous policies?

Posted by natasha at July 26, 2007 06:40 PM | | TrackBack(1) | Technorati links |

I was worried there for a while. Seemed like all I saw was increased joblessness, stagnation, and hopelessness. Glad to see that was all just an illusion. Things are great. Why was I worried?

Actually, the number I remember is that we need 130,000 jobs created each month to keep up with the increase in the size of the labor force. Even if I'm right and you're wrong, though, that only means we're treading water. As Bonddad points out, we aren't seeing any signs of full employment. We're clearly not getting back to where we were at the end of the Clinton years.

Posted by: Cujo359 at July 27, 2007 10:16 AM

very good nytimes article about tsp/Mueller
Bush in veto frenzy

Posted by: ccoaler at July 27, 2007 10:47 AM