[quote]thabigdon24 wrote:
We have had 10 straight quarters with GDP growth of at least 3% in each quarter. The last report that came out just this week has us at 4% growth. 210,000 jods were added to the economy last quarter and the national unemployment rate is at 5% - which, if you have taken an economic class, is statistical full employment. Real wages are up - and exceeding personal spending.
So there might be a pretty damn good reason no one is saying that things are bad. It’s a fucking lie.
Now tell me why Bush is a moron.
Ok, i’ll give it a shot. Greenspan , the chairman of the fed, our CHIEF economist, recently said that the budget deficets threaten to seriously hurt the living standards of generations of americans. He’s basically telling Bush that he needs to quit spending so much or tax us up. Why are we spending so much? well milatary spending has shot up dramatically and a guess is that most of it is covered from the Iraq conflict. Think about it, would you in your right mind RJ sell the good living standards of the next generation of americans so some iraqi kids can live in a " democratic " governement , where they were doing OK by all starndards before? Now they will do worse RJ, there is basically no way that Iraq will not keep itself out of a civil war.
Face it RJ , GWB fucked up. And he’s fucking up the lives of Americans.[/quote]
Let’s not forget that the last two times Greenspan has testified before Congress he’s said, in effect, “The economy is growing BUT…”
What comes after the “but” is very important. Greenspan is worried, very worried, because ALL of the growth of the last few years has been due to debt financing. Absolutely all of it. Housing market anyone? And Greenspan knows that growth based on debt financing cannot possibly last for long.
WWII was financed on war bonds, and the entire economy grew at well over 10% for years. Vietnam wasn’t financed on war bonds (someone correct me if I’m wrong), but the defense industry was so overwhelmed by defense orders that they had to ask other private industries to help — which further boosted the natonal economy.
The problem with Iraq is that only a few chosen companies are benefitting — Halliburton and its subsidiaries and a half dozen private defense firms. So, the contracts to supply the military aren’t benefitting the national economy, the contracts to rebuild Iraq are only benefitting a few companies, and the entire war was financed by deficit spending on top of tax cuts. Add all that up and you get a war that, in the long run, is going to drive our economy right into the toilet. My point was that “real” wars (I’m not really sure what to call this one) didn’t just help the economy but boosted the economy through the roof for years.
One last thing. If you truly think that our economy is in “good shape” consider this. Gold went over $500 an ounce yesterday. The last time gold was this high was in the late 70’s and early 80’s when the country was looking at double digit inflation. The guys on the CNBC morning show this week didn’t seem too encouraged by the recent buying of gold. It worries them cuz they know what it means.