Part of the reason is that while the news may be good, it's not really good. Burrow into the March job numbers, and your smile begins to fade -- we need 100,000 jobs a month to keep pace with population growth (we got 162,000), and much of the March hiring was due to the Census Bureau. The financial sector is still a mess. So is housing. The price of oil is increasing. Households and governments are saddled with debt. Tax rates and interest rates are going to go up. Just to ruin your day, Kevin Drum runs through some other worrisome things here.
Democrats believe that once the economy returns to normalcy the Tea Party will disappear and Obama's approval rating will climb. They're wrong, because while the economy contributes to Obama's unpopularity, it doesn't explain everything. The Tea Party isn't primarily motivated by unemployment and lackluster GDP growth. It's motivated by tax hikes and government spending and public debt and regulatory overreach and the sense that nobody pays attention to the Constitution anymore.
Monday, April 12, 2010
The Economy & The Tea Party
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