February 09, 2006

Recession Bias

Thanks to the constantly impending Bushitler-Halliburton Recession, it's like 1929 all over again... isn't it?

At a time when unemployment was at 6.5 percent, and GDP was forecasted to be 3 percent in 1994, Time Magazine wrote, "which would be no boom, but maybe something much better: a pace that could be sustained for a long time, keeping income and employment growing without igniting a new surge in inflation…. The circle (of spending, production and hiring) may not spin fast enough to produce a boom -- but who wants one anyway? Moderate, steady growth is better."

Now compare it to the one Time Magazine article ("How Real is the Squeeze?") written about economic recovery under President Bush. Keep in mind that at the time the article was written GDP grew 3.9 percent in the first quarter of 2004 (which was subsequently revised upward to 4.3 percent) and unemployment was at 5.6 percent.

"Jonathan Thornton finally found a job this spring after six months of unemployment...

While economics is not my bag, the obvious bias in the tone of in economic reporting between the Clinton and Bush presidencies speaks for itself, I think.

Posted by Confederate Yankee at February 9, 2006 11:35 PM | TrackBack