Dem-Run Congress Could 'Help Destroy Economy,' Analyst Says
By Randy Hall
CNSNews.com Staff Writer/Editor
October 06, 2006
EXCERPT
(CNSNews.com) - Democrats on the campaign trail are promising that if they win control of Congress on Nov. 7, they will "jump-start our economy" through such measures as raising the minimum wage and ending the Bush tax cuts, but a conservative analyst said that enacting those policies could instead "help to destroy our economy."
You mean the one that began two quarters before Bush took office?
That would probably be the one, although in truth, it wasn't a recession, because none of the quarters of severe economic downturn were consecutive.
But, we don't need more of those economic downturns, no.
Most things take 18 months or so to have an impact on the economy.
(Although some will have a more immediate impact.)
If they do this, it will devastate our economy, and it will be just in time for the next round of elections, at which point they can blame it all onBush.
Politics at its finest.
Barbarian observes: Maybe this is the same "conservative economist" who howled that Clinton's economic program would quickly send America into a severe recession. :laugh:
Personally, I could use a little more of that right now...
No, I mean the "severe recession" that never happened.
Instead, we got the longest peacetime expansion in history.
And a reduction in the deficit every year.
Bush bungled the downturn by trying to spend his way out of it.
And so it became worse and worse.
This is why real earnings and employment during the Bush years look so bad, compared to those of the Clinton years.
Until the federal government actually balances its budget(not the fake balanced budget during the Clinton administration that used the Social Security surplus to cover up the real deficit) the economy will continue to be hamstrung.
While I'll not defend President Bush or bash him, either, I do have one question aboiut teh economy.
If the economy is so badly destroyed (never mind that we certainly do have and have had out-of-control government spending longer than my adult life, and virtually all the time at that, and I'm 58; and had Graham/Rudman/Hollings really been followed, today our country would have a close to balanced budget, even with military spending, instead of merely being a slogan), how is it that the Dow-Jones just hit an all time high?
FTR, who do you think owns publically traded and held companies?
People do - not government.
When government 'owns' them, you wind up with 'Conrail', and CITGO.
If you factor inflation, the stock market in real terms is still 20 percent lower than it was 6 years ago.
In real terms (factoring inflation), the stock market has grown only 3 percent annually over the last 10 years.
This is per Morningstar's excellent stock analyst Pat Dorsey.
The fact is that the economy is in good to great shape.
The real proof of that statement is that democrats are avoiding making it a central theme of their 2006 platform.
Instead they chase republican homosexuals and expect that to win control of Congress for them.