Who better to comment on the financial misdeeds of President Bush (who he affectionately calls the ‘shrub’) than Air America Radio investor and talk show host Mike Papantonio?
According to Papantonio, Bush has this economy in ‘a full-blown recession.’ Actually, he is hoping the economy goes into a recession, or at the very least convince you that the economy actually is in a full-blown recession.
Since losing 4 million jobs after the combined effects of the Clinton recession that Bush inherited, and the attacks on 9/11, and devastating hurricanes, that snake-bit president has presided over 54 months of continuous job growth, creating over 8.3 million jobs since August 2003.
Despite all the catastrophic spending the economy of this country has so-far withstood (war and hurricanes), deficit spending is below 1.5% of GDP. That’s lower than the average of the last 40 years.
In true liberal fashion, this significant bit of dishonesty with smoke and mirrors is this statement that we are in “a full-blown recession”. The lesson here is simply this. The economy is still growing. Only in liberalspeak can they both be happening at the same time.
This claim of a recession employs the flawed liberal logic that an increase is a cut. Even the left-leaning Christian Science Monitor has to admit that the economy has grown by “1.4 percent for the calendar year, whereas the economy normally posts growth of 3 percent or so.” In other words, because it did not GROW as much as it has in the past (another fact Papantonio ignores), it must be a full-blown recession.
The unemployment rate was 5 percent in December. This is below the average of each of the past four decades. Of course this must be bad news.
Real after-tax personal income per person has increased over $2,800 – or 9.6 percent – during this snake-bit administration. The truth is the poor are actually getting richer.
And, if you are happy with the price of gas and food nowadays, you can thank the environmentalist movement, and wimpy politicians who won’t stand up to them, for preventing us from using our own resources while making the problem worse with bio-fuels.
related links: Pensacola News Journal | Christian Science Monitor | The White House | Bureau of Economic Analysis