America’s Next Depression?

America’s Next Depression?
Vol: 31 Issue: 1 Thursday, April 1, 2004

America’s Next Depression?

The jobless rate — right now — according to the Bureau of Labor statistics is about the same as it was in 1996 when Bill Clinton’s strongest job performance was based on the economy. How can this be?

There are millions of Americans who believe that the economy is in deep trouble, thanks to George Bush, and that John Kerry is the answer.

This is what I was referring to in yesterday’s Omega Letter when discussing the ‘Anybody But Bush’ syndrome. Those who haven’t been convinced by the spin doctors that we are losing the war with al-Qaeda have been convinced that the economy is in big trouble. Is it?

The jobless numbers given as evidence are selectively quoted. While the spin doctors mention lost jobs, they don’t mention that most of them are low paying entry level jobs, or that many of those who allegedly quit looking for work actually work as I do, on the internet, which isn’t taken into consideration in the jobless figures.

Jobs are lost, others are created, and many are not counted.

But the fact remains, nearly the same unemployment statistic (5.5%) that was used to get Clinton re-elected in 1996 is being used to bash the Bush administration today. (The most recent jobless figures put unemployment at 5.6%.)

To listen to the spin from the ABB crowd, we are entering another Great Depression. In fact, 6 percent unemployment was — in the early 1990s — considered by many economists to be “full employment,” or labor-market nirvana, the level at which the economy was growing strongly, but not so strongly that it fueled inflation.

That is at least a reason to take a second look at the real state of the economy, devoid of partisan spin.

America’s Gross Domestic Product is growing at the rate of 4.1% according to the Bureau of Labor Statistics. GDP forecasts show it will continue to climb into August 2004 from ten trillion dollars in March to eleven trillion by August.

Personal income is also continuing to rise, up 0.4% in February. It has risen every month for the past twelve months except September, 2003. Corporate profits, according to the BLS, are up by $81.4 billion last quarter.

Profitable corporations hire new workers. Unprofitable corporations lay workers off. But to listen to the spin doctors, profitable corporations are bad and must be penalized for being profitable by taxing away all the profits. It’s only fair, they say.


Here’s what the spin doctors avoid discussing when stumping for the upcoming election. That John Kerry supports abortion, favors homosexual unions, favors surrendering US sovereignty over to the United Nations and has promised to raise taxes if elected.

He propagates class warfare by inciting people over ‘tax cuts for the rich’ (if companies don’t make money, they don’t hire new people, I’ve never understood why people don’t notice that?) and, if elected, would, (according to a comparison between his campaign and Jimmy Carter’s) most likely result in the same kind of economy we had under Jimmy Carter.

(By the time Carter left office, unemployment was at nearly 10 percent and interest rates were over 20%.)

The Bush administration has many flaws. But selling out America to corporate greed isn’t one of them, despite the spin.

The corporate greed of outfits like Enron fueled the economy of the 1990’s and was responsible for the bust in 2000. But it was Bush who put a stop to corporate greed. Not Clinton.

While Clinton was in office, we didn’t hear about corporate greed because it was allowed to flourish. Nobody knew until an investigation ordered by the Bush administration. That isn’t partisanship, that is history.

America is being sold a bill of goods and when the lid is peeled back, the guilty party screams ‘partisan attack’ before anybody has a chance to see what is inside. It isn’t Republicans or Democrats that are the enemy, it is the choice of partisanship over substance that is the cancer eating up America.

Kerry’s platform consists of nothing but attacks. They are scare tactics offered without alternative choices.

How does Kerry offer to improve things? More taxes. Plus another fifty cents a gallon on gas, which will raise the price of everything that is transported by motor vehicle, while the corporations who do the hiring will start laying people off because the ‘taxes on the rich’ are gonna have to come from somewhere.

But, as I said in yesterday’s Omega Letter, if Kerry has any platform that doesn’t begin with an attack on the Bush administration, I can’t find it.

“Anybody But Bush” isn’t the answer. A better candidate than John Kerry is.

But it will be hard to find a Democrat who doesn’t favor abortion, gay rights and removing all mention of God from the public arena. And as a Christian, I could never support any candidate that does.

In any case, I am not a partisan, Republican or Democrat. I am neither left nor right of the truth.

The truth is usually found somewhere in the middle, like going to the Bureau of Labor Statistics and looking at the numbers BEFORE the spin doctors get finished with them.

But millions of Americans are convinced the economy is on the verge of collapse, in spite of a rising Gross Domestic Product, falling unemployment, a rise in personal income, the Dow above ten thousand, and a comfortably profitable corporate balance sheet.

Behold, the power of propaganda!

This entry was posted in Briefings by Pete Garcia. Bookmark the permalink.

About Pete Garcia

Christian, father, husband, veteran, pilot, and sinner saved by grace. I am a firm believer in, and follower of Jesus Christ. I am Pre-Trib, Dispensational, and Non-Denominational (but I lean Southern Baptist).

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