I agree the war in Iraq has taken center stage in the Bush haters' rhetoric. But my God, where is the credit for the historical low unemployment rates, relative low taxes, good growing economy, record stock market, etc.? Democrats ran on jobs in '04, yet job growth has been incredible since. Clearly, Bush's economic policies have been excellent for the economy, yet no Democrat will endorse them. Instead, they want to tax more and foist enormous social programs like universal healthcare. Don't get me wrong, I am not a fan of renouncing the idea of Iraq paying the cost of the war (zero profit, just the cost), hate Bush on illegal immigration and spending, but give credit where credit is due, particularly when people hammered himon the same issues when the figures were less positive.
RE: Whatever happened to "It's the economy, stupid"
Did you see the report that the savings rate was the lowest ever. For those that are prospering things are fine .For the rest the struggle to survive is getting harder every day.
unemployment is low .But because people are working at jobs that don't pay enough to live on they don't see wya as a savior .The free trade agreements have sent millions of our jobs over seas have cost many families any chance of retirement.
RE: Whatever happened to "It's the economy, stupid"
This will proably be a problem down the road, don't you think?
2006 personal savings drop to 74-yr. low
By MARTIN CRUTSINGER, AP Economics Writer
Last updated: February 1st, 2007 02:56 PM (PST)
WASHINGTON (AP) - People once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.
For December, consumer spending rose a solid 0.7 percent, the best showing in five months, while incomes rose by 0.5 percent, both figures matching Wall Street expectations.
In other news, the Labor Department reported that the number of newly laid off workers filing claims for unemployment benefits dropped by 20,000 last week to 307,000. That improvement pushed the four-week average for claims to the lowest level in a year, indicating that the labor market remains healthy.
The savings rate has been negative for an entire year only four times in history - in 2005 and 2006 and in 1933 and 1932. However, the reasons for the decline in the savings rate were vastly different during the two periods.
During the Great Depression when one-fourth of the labor force was without a job, people dipped into savings in an effort to meet the basic necessities of shelter and clothing.
Economists have put forward various reasons to explain the current lack of savings. These range from a feeling on the part of some people that they do not need to save because of the run-up in their investments such as homes and stock portfolios to an effort by many middle-class wage earners to maintain their current lifestyles even though their wage gains have been depressed by the effects of global competition.
Whatever the reason for the low savings, economists warn that it the phenomenon exists at a particularly bad time with 78 million baby boomers approaching retirement age. Instead of building up savings to use during retirement, baby boomers are continuing to spend all their earnings.
The savings rate is computed by taking the amount of personal income left after taxes are paid, an amount known as disposable income and subtracting the amount of spending. Since the figure has dipped into negative territory, it means consumers are spending all of disposable income and then some.
For December, the savings rate edged down to a negative 1.2 percent, compared to a negative 1 percent in November. The savings rate has been in negative territory for 21 consecutive months.
The 0.7 percent rise in personal spending was the best showing since a similar gain in July. It followed increases of 0.5 percent in November and 0.3 percent in October and reflected solid spending by consumers during the Christmas shopping season.
Consumer spending posted a solid rebound in the final three months of the year, helping to lift overall economic growth to a rate of 3.5 percent during that period, up significantly after lackluster growth rates in the spring and fall.
Incomes were up 0.5 percent in December, the best showing since a similar increase in September.
On the inflation front, a gauge tied to consumer spending that is preferred by the Federal Reserve edged up by 0.1 percent in December. This gauge, which excludes volatile food and energy prices, was up 2.2 percent over the past 12 months ending in December, still above the Fed's comfort zone of 1 percent to 2 percent.
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RE: Whatever happened to "It's the economy, stupid"
accepting for thesake of argumentthat the economy is sound under Bush's leadership, i don't recall being deafened by the chorus of republicans chanting Clinton's praises for the strong economy on his watch.
RE: Whatever happened to "It's the economy, stupid"
US borrowing is actually down for the 06' year.
Doug - Don't dare post something in praise of the president. You'll get ten replies (from the usuals) as to how bad Bush sucks. Who cares how low our unemployment rate is... we are still stuck in Iraq. So what if the American public is secured more and more everyday because we are killing a lot of dousche bag muslim terrorists in their homelands. So what Doug that simply doesn't count for anything.. The President has 1 big issue that trumps all else.
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RE: Whatever happened to "It's the economy, stupid"
Charlie- Is this info savings accounts only, or does this include IRA's - 401K's and the like? We throw so much into our retirement we basically don't have a savings account ourselves.
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"I shot em down, one by one and left em on the rails. I use my guns whenever kindness fails." REK
RE: Whatever happened to "It's the economy, stupid"
Quote:
ORIGINAL: motrin
Did you see the report that the savings rate was the lowest ever. For those that are prospering things are fine .For the rest the struggle to survive is getting harder every day.
unemployment is low .But because people are working at jobs that don't pay enough to live on they don't see wya as a savior .The free trade agreements have sent millions of our jobs over seas have cost many families any chance of retirement.
Where were these minimum wage people working before? So if they don't get paid enough to live on (?) then they feel they were better off not working?
__________________
"I shot em down, one by one and left em on the rails. I use my guns whenever kindness fails." REK
RE: Whatever happened to "It's the economy, stupid"
Quote:
ORIGINAL: boysda
accepting for thesake of argumentthat the economy is sound under Bush's leadership, i don't recall being deafened by the chorus of republicans chanting Clinton's praises for the strong economy on his watch.
Whatever happened to "It's the economy, stupid"
