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Economy Update

Click the below link for info about incomes and inflation and job growth.

Incomes and Inflation

Growth in total incomes for all Americans has continued to outpace inflation, as it has for the past several years.

4.03% - Growth in total incomes -- 3/07 - 3/08
3.98% - Total consumer inflation -- 3/07 - 3/08

Job Growth

The job markets in April were pretty strong, albeit uneven:

362,000 - net gain in total employment (that includes 1099 and per diem jobs).
29,000 - net loss in private-sector W-2 employment.
9,000 - net gain in government W-2 employment.

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Comments (6)

"The Sky is Falling! The S... (Below threshold)

"The Sky is Falling! The Sky IS falling!"

Sky doesn't fall. Folks look at the economist going "The Sky is Falling! The Sky IS falling!"like they're some sort of loon - then forget about them.

Six months later - "The Sky is Falling! The Sky IS falling!"

People look. There's some clouds - no Skyfall. They discount the economist.

Two years later - unemployment rate at 5.2% -
"The Sky is Falling! The Sky IS falling!" cries the economist. People look, don't see anything, yet think... "Maybe the bozo's on to something" and start curtailing their spending somewhat. Economy lags, but unemployment drops. Democrats make much of the lag, discount the drop.

A year later - "The Sky is Falling! The Sky IS falling!" insists the economist. Fuel prices are up, due to India and China sucking up a lot more oil. People feel the pinch. Curtail buying. Proposals to increase drilling are denigrated by Democrats.

"The Sky is Falling! The Sky IS falling!" cries the economist. Pres. Bush believes it - tosses out a 'stimulus package' - despite there being no Recession and unemployment DROPPING. Oil's at $120 a barrel. Congress holds hearings, refuses to allow drilling for oil because oil companies would make a profit.

Then the election hits.

One year later.

"The Sky is Falling! The Sky IS falling!" insists the economist. Pres. Democrat has economist gagged and shot. Other economists learn from example. With unemployment at 12%, $160/barrel oil, $6 gallon gas, massive deficit spending, a full bore recession leading to a depression in progress - the economist chorus starts singing...

"Happy days are here again
The skies above are clear again
So let's sing a song of cheer again
Happy days are here again
.
Altogether shout it now
There's no one
Who can doubt it now
So let's tell the world about it now
Happy days are here again!"
Pres. Democrat smiles. All is good now.

JLawson:I agree, a... (Below threshold)
kevino:

JLawson:

I agree, although I don't think that President Democrat will shoot the economists. They'll shoot themselves in the head multiple times with a gun they never owned. (Just kidding.)

If an economist yells, "The sky is falling", and the MSM doesn't report it, does the economist make a sound?

In related news, President Democrat is pleased to announce that we've turned the corner on the war in Iraq; middle America is happier and safer than ever before; and homelessness in America has all but disappeared.

And President Democrat look... (Below threshold)
GarandFan Author Profile Page:

And President Democrat looked out over the land and saw that it was good. The moon was in the 7th house, Jupiter aligned with Mars, PEACE guides the planets and LOVE fills the skies.

it's all good?<a hre... (Below threshold)
patrick:
The odds we will have a tru... (Below threshold)

The odds we will have a true recession (by the classical definition of two consecutive quarters of economic contraction) are falling fast. Not that avoiding a recession would change much in the economic coverage by Old Media or the toxic nostrums the Democrats prescribe, of course.

They will be proving their utter ignorance about the economy, and economics in general, of course, but that should not be such a handicap when the vast majority of the electorate is even more ignorant about the economy and economics. Thank your public education system.

JLawson ~ Your narrative reminds me of the legendary Paul Krugman, who already in the mid-'90s had acquired a reputation for "having predicted 19 of the last three recessions."

patrick ~ In which reality is it that job losses generally estimated to be 80,000 came in at only 20,000 and that total unemployment actually ticked DOWN not good news?

Hooverville!... (Below threshold)
John F Not Kerry:

Hooverville!




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