Notes on the Atrocities
Like a 100-watt radio station, broadcasting to the dozens...

Thursday, July 17, 2003  

According to the National Bureau of Economic Research, the US recession ended almost two years ago. Good news for the Prez amid a storm of bad, right? Not the way I see it.

Unemployment's at a nine-year high.

Deficits are at skyrocketing, hitting an all-time high in actual dollars, and slated to rise next year--even without considering the cost of occupation.

Despite Fed Chairman Greenspan's effort to keep the economy going, ultra-low interest rates have yielded only a 1.4% growth--causing some economists to fear deflation.

Due to deficits, the President has had to drain some of the social security surpluses, just as boomers are ready to start drawing on it (without dipping into social security, this year's deficit would be $614 billion).

The upshot? Despite the President's revisionist history about whose recession it was ("Two-and-a-half years ago, we inherited an economy in recession," he lied in June), the "recovery" is all George's. Which means the unemployment, the deficits, the sluggish growth, and raiding Social Security to pay for Iraq and tax cuts--all George's. Bush will never take responsiblity for this situation--rather, he'll deny it even exists at all, instead call it a booming economy and take credit for that. But this is one of those "reality fissures" when it will be hard to listen to White House spin (wait a few days, it'll come), then look at what's actually happening, and reconcile the two.

posted by Jeff | 10:11 AM |
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