Letters to the Editor
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Believe Bush?
I wouldn't believe Bush if he were being waterboarded or if his private parts were hooked up to a polygraph.
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Hhhhmmmm that's a tough one.......
Not!
You don't have to know the first thing about economics to answer this question. Considering that Bush is retarded and that he's been completely wrong about everything, I would have to go with Obama.
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If it looks like a duck
Oil is pushing record highs, the dollar is dropping, inflation is rearing its ugly head, creditors are pulling back, raw material prices are skyrocketing, we are in a war we aren't even paying for, and we're NOT headed for recession?
I don't need a crystal ball to see the obvious. Oh, that, and my company has shed a quarter of its workforce in the past six months.
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Why Bush vs Obama?
There are thousands of other people who call it a recession...
Are you sucking up to Obama and trying to make him an economic genius?
Remember Obama is visonary not an administrator .. he said in his debate.
Whats the big deal?
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Why Be Kind?
Why do you graciously give Bush the benefit of the doubt on inflation? As you mention, oil is 500% per barrel higher than it was in 2001 -- one of if not the principal leading indicator behind inflationary pressures worldwide.
High oil prices are due largely to two developments: the abysmal political and security situation throughout the Middle East oil-producing sector; and the plummeting US Dollar.
There is a very short list of candidates who bear responsibility for both of those developments. Hmmm, who do you think might be on it?
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All of the US?
I don't know economics too well (that's why I read this blog) but I can't help thinking that blanket statements covering the whole US economy are, well, they're just not the right way to view this country.
The US is not a mono-economic country, it's a huge diversified country where different regions prosper while other regious don't. This sentiment has been voiced by many in regards to NAFTA.
My question is: when looking at terms of growth, and recessions, is the data always presented just for the country as a whole? Might it be better to be able to say that certain states and regions of the country are heading into a recession while others are not, then from there direct policy just for those regions. I would love to see that kind of analysis for a change.
Mike
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Inflation
"In early 2001, inflation was 3.7 percent. Now, it's 4.3 percent."
That is a load of hogwash. The so-called "core inflation rate" is a useless number that is deliberately contrived to make inflation sound less serious than it really is.
That food and energy prices are volatile is a poor excuse for omitting these items from consideration. People need these things, they are part of the cost of living.
Also, the decline of the dollar's value is a significant factor in the high price of oil. It boggles the mind that our government excludes an inflation-driven price increase when calculating the inflation rate. The same goes for food because our food production is very dependant on oil.
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What was just said...
I've always been mystified that when we calculate the inflation rate we take out the two things we spend most of our money on and whose costs have been soaring: oil and food. It used to be because they were 'volatile' - rising and dropping sharply. But they're only going up now, and for the forseeable future.
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a Washington where George Bush hands out billions of tax cuts to the wealthiest few for eight long years,
I am no economist, but I am curious if someone can show me how this leads to a recession. To me, putting more money in the hands of the richest citizens may not necessarily spur the economy, but how does it actually slow it down?
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If you're out of a job and your house is in foreclosure...
...does it matter whether economists call it a recession or not?
I'm doing ok, keeping up with the house payments, but I look at the for sale signs around my neighborhood... and think about the fact that I'm in a relatively sheltered neighborhood, in a relatively recession-proof college town... and I can tell that something's going on, and it ain't good.
Meanwhile, in DC, Bush continues joking around... and the fawning press corps continue to laugh...
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How Giveaways To The Rich Slow The Economy Down
To me, putting more money in the hands of the richest citizens may not necessarily spur the economy, but how does it actually slow it down?
1) It forces the government to reduce spending, throwing people out of work.
or it
2) Forces the government to borrow, which feeds inflation and higher interest rates.
or it
3) Forces the government to tax the middle class and poor to meet its obligations, which leaves them with less money to spend and invest.
Since consumer spending drives our economy, any of these scenarios can impact that spending and result in immediate, serious economic consequences.
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Nice symmetry
Bush came in talking-down a good economy and leaves talking-up a poor one.
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"We'll be kind and refrain from blaming Bush for inflation. But the deficit is entirely on him"
Huh? You don't think the two are related? Did you know that borrowing money leads directly to inflation, and that YES the weak dollar can largely be blamed on Bush's ridiculous deficit spending? THAT, is how the world... WORKS! Come on. It's OK to blame Bush.
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Let's be real here
I am an Obama voter and will do so in the general. I love the guy, and think Bush is an idiot. But let's understand some basics about economics.
Recessions happen. They happen for varying reasons but there is no such thing as an economy that never slows down. After WWII they occur every 5-7 years. It really is 'just the business cycle'. If we raised taxes tomorrow back to where they were before Bush cut them would that end the recession? Uh, nope.
The politicians are always throwing around the recession talk to help them selves (if they end on their watch) or hurt the other guy (if they start on THEIR watch) but the reality is: the politicians do not cause the business cycle.
This recession will end. And in 6-7 years there will be another. It's how it works.
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Bush and Obama
Obama is just being cautious on something he does not know. That's not a criticism, no one can really know about a recession right now. The economy looks flakey and Obama needs to concern himself about that, which he is doing.
Bush is just sounding optimistic which is exactly what the President should do.