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Politics : PRESIDENT GEORGE W. BUSH -- Ignore unavailable to you. Want to Upgrade?

To: Kenneth E. Phillipps who wrote (694475)	7/29/2005 2:10:27 PM
From: Sully-	Respond to of 769670

Hooverville GDP and More -- Jayson PoliPundit.com The Commerce Department just reported the U.S. economy grew at an inflation-adjusted rate of 3.4 percent last quarter. Regarding inflation, in and of itself, the Department’s measuring stick currently reads 2.4 percent. To put that into perspective, back in 1978, when Mr. Haginy told me and my classmates to be worried about “global cooling,” inflation was running at an annualized rate of over 9.0 percent. The economy has posted the following (annualized) real growth rates over the past thirty months: 3.4 - Q2 2005 3.8 - Q1 2005 3.8 - Q4 2004 4.0 - Q3 2004 3.3 - Q2 2004 4.5 - Q1 2004 4.2 - Q4 2003 7.4 - Q3 2003 4.1 - Q2 2003 1.9 - Q1 2003 On the other hand, if you surveyed a bunch of those 80 year-old lifelong Democrats – you know, the kind of people who hold the surreal distinction of having voted for Harry Truman, on the one hand, and John Kerry, on the other, and who get their economic news from the likes of “60 Minutes,” NPR, Lou Dobbs, the Philly Inquirer, and the Detroit Free Press – you’d learn many of them believe the country still is mired in a recession. No, seriously, many of them actually believe we’re still in a recession. Mmm, hmm. At that, my friends, is emblematic of one of the primary reasons why the dwindling remnants of the old Democrat Party still are dangerous – 25 years after Carter and 36 years after Chicago. {sigh} On the bright side, however, and as Glenn Tipton, Rob Halford, and K.K. Downing once said: “You don’t have to be old to be wise.” polipundit.com bea.doc.gov