Friday, November 03, 2006

Please, not the 70's again!

Wall St. Journal with the latest numbers on the continued strong performance of this economy, adding 92,000 jobs with 4.4% unemployment, this latest report overall better than expected.

U.S. payrolls posted moderate growth last month but prior months were revised sharply higher. The unemployment rate fell to a five-and-a-half year low. The report, which comes just ahead of the midterm election, suggests that labor-market conditions remain very favorable for U.S. workers.

A separate report showed that service-sector activity in the U.S. accelerated more than expected in October.

OMB Director Rob Portman also pointed out recently on FoxNews that during the Bush years, despite 9/11 and Katrina, the economy has been resilient and since 2003 has created 6.8 million jobs. And Portman put the higher take-home pay numbers in perspective, stating that the Bush tax cuts have resulted in wage growth that tops that of the Clinton years---28 months of growth vs. 18 under Clinton. Real after-tax income per person has risen by 9.8 percent – $2,660 – since the President took office. Michael Barone also had an interview with Portman:

George W. Bush promised to cut the 2004 budget deficit of $521 billion in half by 2009. He has met this goal three years ahead of time. The deficit, projected at $423 billion for this year, is actually only $248 billion. That's 1.9 percent of gross domestic product, in line with the norm for the past 40 years and not particularly difficult to finance......

Why has the budget deficit declined so much more than anyone projected? The short answer is: gushers of revenue. Federal revenue was up 14 percent in 2005 and 12 percent in 2006. Portman credits the Bush tax cuts, especially the 2003 cuts in capital gains and dividend taxes, with producing more economic activity and therefore government revenues.

So please, let's fend off the Back to the 70's San Francisco Democrats and their Pelosinomics.

Their Non-Contract With America will bring us tax increases, choke off economic growth, stunt development of new drug cures with counterproductive price controls, give union thugs free reign to intimidate their members and the rest of us, and virtually shut down new energy development, making us even more dependant on foreign oil.

I graduated in the 70's and I wouldn't wish that Carter economy on anybody. Remember the misery index?

We want jobs for the next generation--after all, we need them working to support our Social Security until it's reformed!

As National Review puts it, the Democrats' slogan could be "Tough on Taxpayers, Soft on Terrorism".

Nuts!! to that---VOTE Republican.

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