Bad, Very Bad, Terrible

Patrick Hynes at Tech Central Station reminds us of a poll in late June in which this was how 63% of Americans rated our economy. He asks the question; How can this be?

14 consecutive quarters of economic growth.
Unemployment at 5%, lower than at this point in the Clinton administration.
Increased tax receipts carved 1/5th off of the budget deficit.
The booming economy has blessed cash-strapped state governments.

So why are Americans so worried about the economy? Patrick says its because President Bush isn't talking to them about the economy. All they are hearing is bad news: Layoffs at General Motors, threatened pension defaults at United Airlines, recommended base closures has left tens of thousands worrying about their jobs, a stagnant stock market is making almost no headline news and constant hand-wringing about gas prices, outsourcing, and the Chinese bid to buy Unocal.

Patrick says that Bush senior made a bad mistake by not talking to the people about the economy until it was too late. Bush junior is making the same mistake. The party out of power, along with the hostile press, will latch on to every bit of less-than-rosy news and try to blow it up into a major economic disaster.

The money quote:

So today it's income inequality and the trade deficit with China that spells certain doom. In an economy so big and so diverse, some grim-sounding statistic will always pop, some indicator will always lag. And a minority party, desperate for power, will only too gladly exaggerate their meaning.

He has some sound advice on Social Security, too. Like, Do Something!

TAGS: economy, Bush, politics, Social Security