Today’s subject is the booming economy. Yesterday, we learned that the U.S. remains at full employment. June saw another 132,000 new jobs created by the booming economy, with 8.2 million new jobs since August of 2003. Unemployment remains the quite low 4.5% and has been consistently lower than any decade over the last forty years.
Yesterday’s job report highlights the booming Bush economy. Even after the worst exogenous shock experienced by the American economy, 9.11.01, the corporate crises, and the two worst natural disasters in American history, and the increasing cost of energy, the following is the Bush economic record:
Real after-tax per capita personal income has increased by 9.9 Percent – nearly $3,000 per person – since President Bush took office. Real wages rose 1.1% over the 12 months ending In May 2007, faster than the average rate during the 1990s, and it means an extra $729 in the past year for the typical family with two wage earners.
The US economy has now experienced over five years of uninterrupted real growth, averaging 2.9% per year since 2001. Real GDP grew a strong 3.1 percent in 2006.
Productivity Growth has averaged 2.8% since the first quarter of 2001, at the commencement of the Clinton recession following the energy shortages and market declines of the late 90s. The Bush era productivity growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
Manufacturing expanded for the fifth consecutive month In June 2007. The Institute for Supply Management manufacturing index rose to 56 in June.
The federal budget deficit has declined by 165 billion dollars during the last two years. Record federal tax revenues explain most of the decline.
Last week as shown much good economic news indeed. Nonetheless, the mainstream media would have you believe that we are nearing economic panic in the United States.
Yesterday’s job report highlights the booming Bush economy. Even after the worst exogenous shock experienced by the American economy, 9.11.01, the corporate crises, and the two worst natural disasters in American history, and the increasing cost of energy, the following is the Bush economic record:
Real after-tax per capita personal income has increased by 9.9 Percent – nearly $3,000 per person – since President Bush took office. Real wages rose 1.1% over the 12 months ending In May 2007, faster than the average rate during the 1990s, and it means an extra $729 in the past year for the typical family with two wage earners.
The US economy has now experienced over five years of uninterrupted real growth, averaging 2.9% per year since 2001. Real GDP grew a strong 3.1 percent in 2006.
Productivity Growth has averaged 2.8% since the first quarter of 2001, at the commencement of the Clinton recession following the energy shortages and market declines of the late 90s. The Bush era productivity growth is well above average productivity growth in the 1990s, 1980s, and 1970s.
Manufacturing expanded for the fifth consecutive month In June 2007. The Institute for Supply Management manufacturing index rose to 56 in June.
The federal budget deficit has declined by 165 billion dollars during the last two years. Record federal tax revenues explain most of the decline.
Last week as shown much good economic news indeed. Nonetheless, the mainstream media would have you believe that we are nearing economic panic in the United States.
9 comments:
"The June jobs numbers came in somewhat better than expected largely due to the government adding 40,000 jobs. " --Dean Baker
"Manufacturing lost 18,000 jobs"---USNews story
Mr. Sporer, please allow me to make an off-topic comment. I was looking through items up for bid at an online charity auction to benefit Attachment Parenting International (you'd like them, they encourage moms to stay home with their babies if possible).
Anyway, one of the items is a "Fighter pilot for a day adventure travel package," which let's you experience "the thrill and excitement of being a fighter pilot in a light attack fighter in air-to-air combat." It says you don't need a pilot's license for this item.
No one has bid on it yet! Most people involved with Attachment Parenting International are moms with young kids. A guy who wants to bid on this is not likely to have a lot of competition in this auction--I bet it will go for a lot less than the estimated value of the package. Details are here:
http://www.cmarket.com/catalog/itemDetail.do?ID=96e8161354a4a5aa119387494c15a91b&cate=Entertainment/Leisure&searchQuery=fighter&searchSortBy=&page=
Mr. Sporer, are you up to the challenge of being a fighter pilot for a day?
There are some other great things up for auction, like four nights in a Florida time-share, a Broadway package including first-class tickets on American and two nights at a fancy hotel, two tickets on a weeklong cruise with Delbert McClinton and friends, a weekend stay at a five-bedroom house in the Virginia mountains, and a Bucky Covington autographed gift set.
All of the items up for auction can be viewed at api.cmarket.com. A lot of them are geared toward babies and young kids.
desmoinesdem
I'm told that many of my young voyagers through the years noticed how anxiety ridden I would become at airports.
Now I share the reason, I detest flying. I'd like to bid on a tank package, though, where my feet can embrace terra firma.
However, I will push this to some of my Republican suicide jockeys who enjoy flying.
No, you don't want to ride around in a tank, those things are deathtraps.
But I'm with you, I don't care much for flying and would never want a ride on a fighter jet!
desmoinesdem
I can see where Ted is coming from....I'd sure feel pretty safe driving around in a tank with a 120 mm longbore cannon that can nail a target while trucking along at 45 mph... :)
Granted..flying around in say a B52 loaded with 25,000 lbs of bombs probably gives you the same feeling.
Granted..flying around in say a B52 loaded with 25,000 lbs of bombs probably gives you the same feeling.
:)
Thanks for article!
Thanks for interesting article.
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