Friday, June 25, 2004

"Are you better off today than you were four years ago?" 

I didn't think so.

Revised economic figures show economy cooling, and inflation worsening.

You've been reading all commentators wringing their hands about how people don't percieve the economy improving? Remember all those stories about "blistering growth"? Turns out that people were right, and the commmentators were wrong. Surprise!

The U.S. economy grew much more slowly than previously thought in the first quarter while inflation was higher, a government report showed on Friday.

The surprise downward revision to gross domestic product -- which measures total output within the nation's borders -- cut growth to a 3.9 percent annual rate in the first three months of 2004 from the 4.4 percent reported a month ago and below the 4.1 percent pace in the final quarter of last year.

The government also ratcheted up a key gauge of inflation, confirming an acceleration in price rises, that has fueled expectations the Federal Reserve will begin raising interest rates from 1958 lows next week to head off inflation.
(via Reuters)

Heh. Don't you love surprises? This news comes as surprising only to those who don't remember, throughout the Wecovery, how month after month the job figures would suck, and then the commentators would be "surprised."

In fact, the real story on the economy, wages, and inflation is here:

A 2.2 percent rise in wages in the 12 months through May has been more than offset by a 3.1 percent gain in consumer prices.
(via Bloomberg

In other words, you're worse off today than you were a year ago. The reason people aren't seeing a recovery is because, from their perspective, there isn't one.

And Bush wants to run on the economy? When are the Dems and Kerry going to take it to Him on this?

corrente SBL - New Location
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The Washington Chestnut
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