Bayou Calvinist

A Somewhat Eclectic Discussion by a Law Student Concerning All of Today's Major Topics, as well as, a Few Not So Major Topics

Tuesday, July 12, 2005

But I Thought Bush was Bad for the Economy?

Do you remember all the doomsday predictions concerning the nation's economy made by those on the left which they said were bound to occur unless Bush were voted out of office. It never fails to amaze me how continuously wrong they can be...especially when it comes to all thinks economic. How wrong were they? Let us count the ways:

-The housing market bubble never burst and instead remains strong.
-The dollar has risen, rather than decline (as we were warned was sure to happen).
-Inflation has remained tame.
-The much debated budget deficit has begun to decline more quickly even than Bush had predicted.
-Long term interest rates remain low.
-The service sector continues to grow at unprecedented rates.
-There has been an addition of some 150,000 jobs in June of this year.
-The rise of total real (adjusted for inflation) after tax income was at a rate of 3.5%.
-Consumer confidence remains high and is rising.
-Unemployment dropped to 5 % (and workers unemployed for more than 6 months dropped to 2.3%).

At present, the biggest problem for the economy is the high price of oil. But even this has not had much of an immediate impact. As is seen by the growth in automotive industry sales, as well as, in the sales of large retailers such as Walmart. And then, there is this rosy prediction on future oil prices made by the Cambridge Energy Research Association (CERA).

Or if you'd rather, here is a quick synopsis of all the above.

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