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Alice and I love our life on the Northern California coast and welcome friends and family to enjoy it with us.

Thursday, October 19, 2006

Economic Hypochondria

Editor

Democrats would lead us to believe that the economy of the United States is terrible, and that we need a big dose of “Demonomics” to fix it. The Demonomics prescription, of course, would increase taxes and government regulations, add protectionism for American jobs and workers, institute national health care, and increase government bureaucracy. Why does our economy need such demonic intervention?

According to John Kerry in 2004, it was the "Worst economy since Herbert Hoover." However, growth in gross domestic product in 2004 was 3.9 percent. John must have confused our economy with the anemic economies of Europe. Economic anemia caused by national healthcare, high taxes, excessive government regulation, and rampant welfare state-ism.

Nancy Pelosi vows that Democrats want to “jump start” the economy.

Nancy, President Bush already did that with his 2003 tax cuts which got us out of the Clinton/Gore Recession of 2000. Since the Bush tax cuts went into effect in 2003, the economy's growth rate (3.5 percent) has been better than the average for the 1980s (3.1) and 1990s (3.3).

Today's unemployment rate (4.6 percent) is lower than the average for the 1990s (5.8) -- lower, in fact, than the average for the past 40 years (6.0). Nancy, only an idiot or Democrat leader would try to jump start an engine running at full power.

Quoting columnist George Will: “President Bush's tax cuts were supposed to cause a cataract of red ink. In fiscal 2006, however, federal revenue as a share of GDP was 18.4 percent, slightly above the post-1962 average of 18.2. And the federal budget deficit was $247.7 billion, just 1.9 percent of the $13.1 trillion GDP. That is below the average for the 1970s (2.1), 1980s (3.0) and 1990s (2.2).”

All statistics used above are from George Will’s column.

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