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8.19.2005
Larry Kudlow: The silence of the Bush Boom: "Why President Bush seemingly gets no credit for the strong economy is one of the enduring political mysteries of our time." Ask stupid questions -- get your own stupid answers. Share prices have recovered about 70 percent in recent years, with a number of widely tracked indexes, like the NYSE and the S&P small- and mid-cap indexes, now trading at all-time highs. The economy itself is growing at about 4 percent per annum since the tax cuts, with business investment leading the surge. I don't get it... wealth is flowing into the stock market but people are still not convinced that the economy is going great guns?? Its a bit like swimming around in a lake and wondering why the people down below the damn are complaining about not having enough water. If generating great gains for the stock market were the only indicator of economical health this question might make more sense. But its only one thing to look at, and in my humble opinion, a poor one at that; especially in light of the rising costs of just about everything around us. Unless you've got a considerable sum working for you in the market you might actually start to feel like its become more costly to do the same things that you always did before. What with gas going up, prescription drugs costing an arm and a leg and other various costs being passed on to the consumer? Another possible sub-rosa problem plaguing the administration is the growing public distaste for wasteful federal spending. But how will Bush reward his cronies and fuel profits on the backs of the American taxpayers?! The Bush economic policy, a two pronged approach of reduced taxes on the wealthy and increased spending on corporate pork, has done wonders to fatten the wallets of a small group of connected people. But its all pouring water into the lake. I measured the lake today, and there's plenty of water!" At this point I'm no longer surprised to see "educated" opinionmakers completely ignore the realities of working people. We should just be thankful because there are "more jobs", or elated that company profits are soaring as our paychecks stay the same. Aren't we all getting richer -- in a collective sense? It feels more like redistribution if you ask me. |
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