American Perspective

[RunInRed 16,360]

Some medicine for the Debbie Downers ...

Good news! The U.S. economy grew at a rollicking 5 percent rate in the third quarter. Oh, and it added 320,000 jobs in November, the best of its unprecedented 57 straight months of private-sector employment growth. Just in time for Christmas, the Dow just hit an all-time high and the uninsured rate is approaching an all-time low. Consumer confidence is soaring, inflation is low, gas prices are plunging, and the budget deficit is shrinking. You no longer hear much about the Ebola crisis that dominated the headlines in the fall, much less the border crisis that dominated the headlines over the summer. As Fox News host Andrea Tantaros proclaimed earlier this month: "The United States is awesome! We are awesome!"

OK, she was talking about the Senate torture report, not the state of the union, but things in the U.S. do look rather awesome. Mitt Romney promised to bring unemployment down to 6 percent in his first term; it's already down to 5.8 percent, half the struggling eurozone's rate. Newt Gingrich promised $2.50 gas; it's down to $2.38. Crime, abortion, teen pregnancy and oil imports are also way down, while renewable power is way up and the American auto industry is booming again. You don't have to give credit to President Barack Obama for "America's resurgence," as he has started calling it, but there's overwhelming evidence the resurgence is real. The Chicken Littles who predicted a double-dip recession, runaway interest rates, Zimbabwe-style inflation, a Greece-style debt crisis, skyrocketing energy prices, health insurance "death spirals" and other horrors have been reliably wrong.

Come to think of it, the 62 percent of Americans who described the economy as "poor" in a CNN poll a week before the Republican landslide in the midterm elections were also wrong. I guess that sounds elitist. Second-guessing the wisdom of the public may be the last bastion of political correctness; if ordinary people don't feel good about the economy, then the recovery isn't supposed to be real. But aren't the 11 million Americans who have landed new jobs since 2010 and the 10 million Americans who have gotten health insurance since 2013 ordinary Americans? It's true that wage growth has remained slow, but the overall economic trends don't jibe with the public's lousy mood. And the public definitely does get stuff wrong. A Bloomberg poll this month found that 73 percent of Americans think the deficit is getting bigger, while 21 percent think it's getting smaller and 6 percent aren't sure. In fact, the deficit has dwindled from about $1.2 trillion in 2009 to less than $500 billion in 2014. My favorite part is the mere 6 percent who admitted ignorance; 73 percent are definitely sure the shrinking deficit is actually growing.

The point isn't that the midterm election's discontent was illegitimate. The point is that Americans should cheer up! Six years ago, the economy was contracting at an 8 percent annual rate and shedding 800,000 jobs a month. Those were Great Depression-type numbers. The government was pouring billions of dollars into busted banks, and experts like MIT's Simon Johnson were predicting that the bailouts would cost taxpayers as much as $2 trillion. In reality, the bailouts not only quelled the worst financial panic since the Depression, they made money for taxpayers. Nevertheless, last week, after the government sold its stake in Ally Bank, its last major holding in a financial institution, Johnson complained to The New York Times about the "unfortunate and inappropriate message" being sent by people pointing out the bailouts were actually profitable. In this holiday season, can't we be a little bit happy we didn't have to waste the $2 trillion he thought we were going to waste?

This bah-humbug brand of moral superiority has flourished since the crisis: How dare you celebrate this or that piece of economic data when so many Americans are still hurting? It's awkward to argue with that view, since many Americans are indeed still hurting. But the economic data keep showing that fewer Americans are hurting every month. No one is satisfied with 5.8 percent unemployment, but it's way better than the 10 percent we had in 2010 or the 11 percent Europe has today. Declining child poverty and household debt and personal bankruptcies are also worth celebrating. Better is better than worse. Whether or not you think Obamacare had anything to do with the slowdown in medical cost growth, it's a good thing that Medicare's finances have improved dramatically, extending the solvency of its trust fund by an estimated 13 years. It's a good thing that U.S. wind power has tripled and solar power has increased tenfold in five years. And while it's true that the meteoric rise of the stock market since 2009 has produced windfalls for Wall Street, it has also replenished state pension funds and 401(k) retirement plans and labor union coffers. It definitely beats the alternative.

Let's face it: The press has a problem reporting good news. Two Americans died of Ebola and cable TV flipped out; now we're Ebola-free and no one seems to care. The same thing happened with the flood of migrant children across the Mexican border, which was a horrific crisis until it suddenly wasn't. Nobody's going to win a Pulitzer Prize for recognizing that we're smoking less, driving less, wasting less electricity and committing less crime. Police are killing fewer civilians, and fewer police are getting killed, but understandably, after the tragedies in Ferguson and Brooklyn, nobody's thinking about that these days. The media keep us in a perpetual state of panic about spectacular threats to our safety -- Ebola, sharks, terrorism -- but we're much likelier to die in a car accident. Although, it ought to be said, much less likely than we used to be; highway fatalities are down 25 percent in a decade.

The other problem in acknowledging good news, not just for the press but for the public, is that it has come to feel partisan, like an endorsement of whoever occupies the White House. Republican leaders have exacerbated this problem by describing everything Obama has done -- his 2009 stimulus package, his 2010 Wall Street reforms, his 2013 tax hikes on high earners, his various anti-pollution regulations aimed at coal-fired power plants, and most of all Obamacare -- as "job-killing" catastrophes that would obliterate the economy. It's hard to point out that the economy is humming along nicely without making those doom-and-gloom predictions sound ill-advised and over-the-top. Because they were. Liberals who predicted disaster when Obama refused to nationalize the banking system during the financial crisis and when Republicans insisted on the harsh budget cuts in the 2013 "sequester" were wrong, too. Disaster hasn't happened.

As ideologically inconvenient as that may be for chronic complainers on the left and right -- and for pundit types invested in their bad-year-for-Obama narrative -- it's wonderful for the country. You don't have to endorse Obama's economic philosophy to realize that it hasn't wreaked short-term havoc, just as you don't have to endorse the Obama or George W. Bush anti-terror philosophies to acknowledge that America hasn't endured a rash of terror attacks since 2001. Last week, polls finally found a majority of Americans recognizing that the economy is improving, which is to say a majority of Americans are recognizing reality. It's probably time for politicians to discover a new Ebola to scream about.

There is no shortage of candidates in this less-than-perfect union. The U.S. is still plagued by inadequate public schools, crumbling infrastructure, soaring college tuition costs, stark inequality. Many Americans want accountability for reckless bankers, torturers and fatal choke-holders. Washington is still almost as dysfunctional as everyone says it is. Congress this session really was the second least productive ever. And even though Obama is winding down the U.S. involvement in overseas wars, the world remains a scary place. There's still plenty to worry about.

But for now be merry! And may the new year be as awesome as this year.

http://www.politico.com/magazine/story/2014/12/everything-is-awesome-113801.html

[DKW 86 7,411]

This is actually very good news. It isnt perfect yet, but we are finally starting to see real movement in consumer markets.

My own employer is seeing a huge increase in durable goods orders that usually presage an economic upturn. We already have scheduled overtime for 13 weekends next year.

[RunInRed 16,360]

My own employer is seeing a huge increase in durable goods orders that usually presage an economic upturn. We already have scheduled overtime for 13 weekends next year.

Good stuff ... great to hear!

[WarTim 3,456]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

[TexasTiger 12,811]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

Timmie on the Hillary bandwagon!

[TheBlueVue 177]

Thats great news but being the Debbie Downer I am, I have to point out that these preliminary reports are routinely revised and in the end aren't nearly as good as previously believed. Maybe these numbers will hold and its great news if the do but, is anyone really surprised we had this rebound after during the 1st quarter the GDP actually "grew" at a negative rate for the 1st time that I can ever remember. Its called pent up demand and I'd be willing wager a significant sum of anyone's choosing that, once all is said and done, the growth of GDP this year will come in at 3% or less. The cautionary tale here is...ONE good quarter does not a year make.

[TexasTiger 12,811]

Thats great news but being the Debbie Downer I am, I have to point out that these preliminary reports are routinely revised and in the end aren't nearly as good as previously believed. Maybe these numbers will hold and its great news if the do but, is anyone really surprised we had this rebound after during the 1st quarter the GDP actually "grew" at a negative rate for the 1st time that I can ever remember. Its called pent up demand and I'd be willing wager a significant sum of anyone's choosing that, once all is said and done, the growth of GDP this year will come in at 3% or less. The cautionary tale here is...ONE good quarter does not a year make.

In other words, right wingers are still pulling against America as long as Obama is President.

[TheBlueVue 177]

Thats great news but being the Debbie Downer I am, I have to point out that these preliminary reports are routinely revised and in the end aren't nearly as good as previously believed. Maybe these numbers will hold and its great news if the do but, is anyone really surprised we had this rebound after during the 1st quarter the GDP actually "grew" at a negative rate for the 1st time that I can ever remember. Its called pent up demand and I'd be willing wager a significant sum of anyone's choosing that, once all is said and done, the growth of GDP this year will come in at 3% or less. The cautionary tale here is...ONE good quarter does not a year make.

In other words, right wingers are still pulling against America as long as Obama is President.

Always on defense aren't ya Tex? At least you didn't call me a racist which has been one of your favorites. This response is just another feeble unfounded assertion that is your "go to" in every thread. I am strictly pointing out the obvious in the midst of all the mindless cheer leading. Apparently, reading comprehension isn't important when your objective is limited to belittling those with a little different perspective.

[WarTim 3,456]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

Timmie on the Hillary bandwagon! ;)/>

hiTlary ? I pray the dems are stupid enough to put her up...again. Bwahahahaha

[TexasTiger 12,811]

Thats great news but being the Debbie Downer I am, I have to point out that these preliminary reports are routinely revised and in the end aren't nearly as good as previously believed. Maybe these numbers will hold and its great news if the do but, is anyone really surprised we had this rebound after during the 1st quarter the GDP actually "grew" at a negative rate for the 1st time that I can ever remember. Its called pent up demand and I'd be willing wager a significant sum of anyone's choosing that, once all is said and done, the growth of GDP this year will come in at 3% or less. The cautionary tale here is...ONE good quarter does not a year make.

In other words, right wingers are still pulling against America as long as Obama is President.

Always on defense aren't ya Tex? At least you didn't call me a racist which has been one of your favorites. This response is just another feeble unfounded assertion that is your "go to" in every thread. I am strictly pointing out the obvious in the midst of all the mindless cheer leading. Apparently, reading comprehension isn't important when your objective is limited to belittling those with a little different perspective.

You see any admission of positive news as "mindless cheerleading" when a Democrat is in office.

[RunInRed 16,360]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

Timmie on the Hillary bandwagon!

[RunInRed 16,360]

It's not just about one quarter ... we're starting to see some very strong macro trends ...

... 320,000 jobs in November, the best of its unprecedented 57 straight months of private-sector employment growth. Just in time for Christmas, the Dow just hit an all-time high and the uninsured rate is approaching an all-time low. Consumer confidence is soaring, inflation is low, gas prices are plunging, and the budget deficit is shrinking.

...

Mitt Romney promised to bring unemployment down to 6 percent in his first term; it's already down to 5.8 percent, half the struggling eurozone's rate. Newt Gingrich promised $2.50 gas; it's down to $2.38. Crime, abortion, teen pregnancy and oil imports are also way down, while renewable power is way up and the American auto industry is booming again.

As for the doom and gloomers ... remember the "double dip recession" folks? ...

The Chicken Littles who predicted a double-dip recession, runaway interest rates, Zimbabwe-style inflation, a Greece-style debt crisis, skyrocketing energy prices, health insurance "death spirals" and other horrors have been reliably wrong.

[homersapien 11,354]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

Timmie on the Hillary bandwagon!

Yeah. Who da thunk? A Clinton fan!

[homersapien 11,354]

Some medicine for the Debbie Downers ...

"....The other problem in acknowledging good news, not just for the press but for the public, is that it has come to feel partisan, like an endorsement of whoever occupies the White House. Republican leaders have exacerbated this problem by describing everything Obama has done -- his 2009 stimulus package, his 2010 Wall Street reforms, his 2013 tax hikes on high earners, his various anti-pollution regulations aimed at coal-fired power plants, and most of all Obamacare -- as "job-killing" catastrophes that would obliterate the economy. It's hard to point out that the economy is humming along nicely without making those doom-and-gloom predictions sound ill-advised and over-the-top. Because they were. Liberals who predicted disaster when Obama refused to nationalize the banking system during the financial crisis and when Republicans insisted on the harsh budget cuts in the 2013 "sequester" were wrong, too. Disaster hasn't happened....

Naaaaah. Never see that on this forum.

[homersapien 11,354]

Well, I have seen posters on this forum declare quite seriously that Obama hates this country and wants to destroy it.

Just goes to show you, Obama's not even competent enough to do that.

[Texan4Auburn 1,626]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

After we get into a war on 3 fronts with Russia, North Korea, and ISIS if some Americans get there way. Suspect growth will look like this:

[autigeremt 6,569]

If gas prices continue to fall you will continue to see things improve even more. I will give a nod to the president and Congress for some of the slow but eventual turnaround yet the majority of the drivers of the economy end up in the hands of the consumer and the markets. I love how we give people of either party so much fanfare for economic upticks and downturns. Most of it happens outside of the control of DC.

[autigeremt 6,569]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

After we get into a war on 3 fronts with Russia, North Korea, and ISIS if some Americans get there way. Suspect growth will look like this:

No one is going to touch your homeland(s).

[Texan4Auburn 1,626]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

After we get into a war on 3 fronts with Russia, North Korea, and ISIS if some Americans get there way. Suspect growth will look like this:

No one is going to touch your homeland(s).

I just figured if you are gonna Debbie Down.... then Debbie Down.

[autigeremt 6,569]

Imagine what will be accomplished with a change in the WH in 2016. Can't wait for THAT type of growth.

After we get into a war on 3 fronts with Russia, North Korea, and ISIS if some Americans get there way. Suspect growth will look like this:

No one is going to touch your homeland(s).

I just figured if you are gonna Debbie Down.... then Debbie Down.

I'm more of a Little Debbie down but that ends on Monday. #targetgoal50lbs

[RunInRed 16,360]

[DKW 86 7,411]

Rob, all this is great news, but tell the whole story tho. There are 11M Americans that have given up looking for work. Our workforce, in totality, is smaller now than in 2008. Saying that unemployment is actually "down" is to forget about or dismiss that there are Millions of people that have been unemployed so long that they are slipping through the statistics. Make no mistake, we are improving, but we have a very very long way to go till we get back to full employment. We are just now starting to see job growth that is substantially above the number entering the workforce.

[homersapien 11,354]

Who suggested things couldn't be better?

[WarTim 3,456]

Rob, all this is great news, but tell the whole story tho. There are 11M Americans that have given up looking for work. Our workforce, in totality, is smaller now than in 2008. Saying that unemployment is actually "down" is to forget about or dismiss that there are Millions of people that have been unemployed so long that they are slipping through the statistics. Make no mistake, we are improving, but we have a very very long way to go till we get back to full employment. We are just now starting to see job growth that is substantially above the number entering the workforce.

It is amazing the effect the GOP landslide has already had in confidence of the American people. And we are just getting started!!!

[autigeremt 6,569]

It's so wonderful that everyone in America is happy and peaceful.......oh wait. So much for half truths and fantasy (both building blocks for the Democrat and Republican parties).