Here you go, Plum. On July 20th, W said: "Our economy since last summer has been growing at the fastest rate in 20 years. We're in terrific shape!"
So, is what W says true? Sure, if you pick that exact time period -- the first quarter of this year and the second half of last year, to be exact -- it is technically true. Over these three quarters the economy grew by 5.4 percent, which is faster than any other 9-month period in the past 20 years. But not by much. For the last 9 months of 1999, for example, the economy grew by 5.1 percent.
But why take 9 months? If we look at the last year, it's not any record at all. Similarly for the last two years.
In the same speech, Bush also bragged about the 1.5 million jobs created since last August. This impressive-sounding number also depends on a careful selection of time period. If we look at W's whole presidential term, the economy is still down more than a million jobs. Even the 1.5 million jobs created during Mr. Bush's selected ten months are a weak performance, barely enough to keep pace with the growth of the labor force.
Of course, the Bush administration does have some real 20-year record-breaking numbers but they are not the kind that it would like to advertise. Here's the gold medal: our Federal budget deficit for 2004 is 5.6 percent of GDP. (Papa, I think to be fair about this, you need to add the borrowing from the Social Security Trust Fund as part of the deficit.)
Stop worrying about what I'm doing -- focus instead on what you're eating.
Updated On: 8/2/04 at 02:28 PM