drivemytrabant
War Child
I'll be the first to admit that the President has made some bad calls affecting the economy. Steel trade tariffs (crushing to the rust belt) come to mind. But how bad are the numbers? Not as bad as you have been lead to believe or as bad as John Kerry wants you to think. Considering the blows to the economy the Bush presidency has been through--9/11, corporate scandals, the stock market collapse, we are still the fastest growing economy in the industrialized world. Our current growth rate of 5.1% is alot higher than Europe's for example and the standard projection of 4.5% for next year is almost twice what Europe's is. The unemployment rate is at 5.4% (the same as '96 and a number Clinton ran on that year) compared to an 8% average in Europe. Interest rates are still very low in "historical terms." The misery index (inflation plus unemployment for those of you unfamiliar) is 8.5% compared to Clinton's 8.4% in 1996. Financial wealth is up for the average middle income families, says the U.S. Federal Reserve board. Homeownership and stock ownership are at their highest levels ever. Here are some other numbers along with ones I've already mentioned--most of which I think are pretty good--especially when compared to Clinton in '96--when the economy was something the former President could hang his hat on come re-election time.
Clinton '96 Bush '04
Inflation 3% 3.1%
Unemployment 5.4% 5.4%
Misery Index 8.4% 8.4%
Mortgage Rates 7.8% 6.3%
Homeownership 65.1% 68.6%
GDP Growth 3.7% 4.4%
Stock Market Growth 11% 0.3%
Federal Tax Burden 21.3% 16.5%
Clinton '96 Bush '04
Inflation 3% 3.1%
Unemployment 5.4% 5.4%
Misery Index 8.4% 8.4%
Mortgage Rates 7.8% 6.3%
Homeownership 65.1% 68.6%
GDP Growth 3.7% 4.4%
Stock Market Growth 11% 0.3%
Federal Tax Burden 21.3% 16.5%