Saturday, September 13, 2003

The Wecovery 

Edmund Andrews of the Times writes:

The American economy finally seems poised to roar ahead at rates not seen since the late 1990's, but economists and some political analysts say the surge may not help President Bush's re-election campaign next year.

A wide range of data suggests that the economy will probably grow at an annual rate of nearly 5 percent in the final months of this year and nearly 4 percent next year — rates that would normally be spectacular news for an incumbent president.

But in a disparity with no real parallels in the last half-century, most economists predict that unemployment will remain almost unchanged at nearly 6 percent through the elections in November 2004.

Personally, I think the disparity—since we know how these people operate now—comes from the fact that the books for a "booming economy" can be cooked, but payroll data can't.

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